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
Stage 1.Initial consideration (Advertising - 30%, Previous usage - 26%, Word of mouth - 18%).
Stage 2. Active evaluation (Internet information - 29%, Shopping - 20%, Word of mouth - 19%).
Stage 3. Moment of purchase (Internet information - 65%, Shopping - 20%, Word of mouth - 10%).
Stage 1.Initial consideration (Word of mouth - 18%, Advertising - 17%, Previous usage - 15%).
Stage 2. Active evaluation (Word of mouth - 28%, Advertising - 26%, Previous usage - 13%).
Stage 3. Moment of purchase (Word of mouth - 46%, Advertising - 40%, Previous usage - 9%).
How can you make your WOMM efforts successful?
- #1 Contact key influencers.
- #2 Target relevant social channels.
- #3 Communicate clear and shareable message.
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 to prove is that you are better than the other person. Whomever you root for represents you; and when he wins, you win." - Dr.Robert Cialdini, author of Influence: The Psychology of Persuasion.
- Experimental: 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.
- 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.
- Intentional: 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.
- Influence pyramid (Influences with a large audience such as top bloggers with many followers, account for 80% of all influence impressions about products, the average consumer, who has high levels of trust with friends and family)
Social broadcasters - 1%.
Mass influencers - 16%.
Potential influencers - 83%.
- Share of impressions (Facebook, MySpace, Twitter. LinkedIn, other social network).
- Share of posts (Ratings/reviews, discussion forums, blog comments, blog posts).