According to a recent report in AdWeek, written by Brenna Schaefer, Senior Director, Product Marketing, GlobalWide Media, in today’s ever-changing marketing landscape, consumers rely on trusted family and friends to help them make purchase decisions. In fact, word-of-mouth (WOM) marketing drives $6 trillion in annual consumer spending and accounts for an estimated 13% of consumer sales, according to the Word of Mouth Marketing Association.
Nearly three-quarters of consumers trust the opinions of their social networks (including friends, family, and influencers) to help them make the right decision about a product or service. Here are three ways to get people talking about your brand in 2018, offers the report.
1. Include Mom in the conversation, but also family members, friends, neighbors, colleagues and other everyday influencers, says the report. The vast majority of consumers seek recommendations when making a purchase of any kind, but the impact everyday influencers have on the promotion of brands and products often goes overlooked.
2. Layer on the social data. The Word of Mouth Marketing Association reports that, there are approximately 2.4 billion brand-related conversations in the U.S. every day.
3. Build brand advocacy. According to the Wharton School of Business, customers acquired from WOM have a 16-25% higher lifetime value than those you acquire from other sources, and have a higher likelihood of becoming brand advocates.
For additional information from AdWeek, please visit here.