Marketing With The Masses, The Science Of Word Of Mouth
- What is word of mouth? Word of mouth marketing (WOMM) is the sharing of a brand message from consumer to consumer without financial incentive. Though employing this method as part of a marketing effort is
seemingly unpredictable, many companies are seeking to harness the potential power that lies within social communities.
- Why is it worthwhile? 500.000.000.000. The number of brand impressions each year generated by word of mouth sharing, according to Forrester Research. Top 3 factors that influence whether a product is considered:
1) Stage 1. Initial consideration. Mature markets (advertising, previous usage, word of mouth). Developing markets (advertising, previous usage, word of mouth); 2) Stage 2. active evaluation. Mature markets (Internet
information, shopping, word of mouth). Developing markets (word of mouth, advertising, previous usage); 3) Moment of purchase. Mature markets (Internet information, shopping, word of mouth). Developing markets
(word of mouth, advertising, previous usage).
- How can you make your WOMM efforts successful?
#1 Contact key influencers.
#2 Target relevant social channels.
#3 Communicate clear and shareable channels.
- Where does it start and why?. "All things being equal, you root for your own sex, your own culture, your own locality... And what you want you want to prove is that you are better than the other person. whomever you
root for represents you; when he wins, you win" - Dr. Robert Cialdini, author of Influence. The Psychology of Persuasion.
#1 Dialog resulting from a consumers direct experience using a product or service. The most common and influential form, this accounts for 50-80 percent of all word-of-mouth activity.
#2 Consequential: Discussion as a result of a brand's marketing activities This occurs when a consumer relays the message in traditional advertising, which often carries more weight than the ad itself.
Dialog originating from an influencer chosen to speak for a brand, often a celebrity or top blogger This form is less common and significantly less effective.
- Where is it happening? The largest and most powerful venue for word of mouth sharing is the ever-growing list of social communities online. Constant connectedness and ongoing conversations enable users to spread their
thoughts about the companies, products and services they use everyday This provides an important opportunity for a brand's reputation to be either built or tarnished by consumers. Influencer pyramid: 1) Influencers with a
large audience such as top bloggers with many followers; 2) Account for 80% of all influence impressions about products; 3) The average consumer, who has high levels of trust with friends and family; 3) Social
broadcasters - 1%; 4) Mass influencers - 16%; 5) potential influencers - 83%; 6) Share of impressions (Facebook, MySpace, Twitter, LinkedIn, other social networks);
7) Share of posts (rating/reviews, discussion forums, blog comments, blog posts).
Column Five. Smash Summit.