Of the hours that make up your day as a marketer, what percentage of your time and budget is spent on advertising?
According to eMarketer, US ad spending is forecast to grow 6.6% in 2018, reaching $220.96 billion.
With billions of dollars and limitless time spent planning and optimizing paid media, it should be the top resource your consumers use when making purchasing decisions, right? ? Okay, maybe it's not number one, but it has to be in the top three? Top 5?
No. Not even close.
Which leads me to today's figure. Eight.
Our recent study, “ Talking Matters: The 2018 Word of Mouth Report ,” found that advertising was only the eighth most valuable source of information when we made substantial purchases.
[embed]https://www.youtube.com/watch?v=cNRg1nJXKlc[/embed]
If it's not advertising that influences consumer decisions, what do consumers really believe in?
- Personal experience
- Brand familiarity
- Word of mouth recommendations from friends and family
- Online reviews from friends and family
- Expert reviews
- Discounts or coupons
- News coverage
- brand advertising
Recently, my colleague Zontee Hou Share the psychology of why the higher the stake, the more ants that word of mouth becomes . But how much more? Referrals from friends are highly rated 27 % more than advertised when making a substantial purchase.
Recommendations from friends are worth 27 % more than advertised when making a substantial purchase. Click to Tweet
As you can imagine, these numbers are nuanced depending on the audience and vertical. For example, online word of mouth through social media is most important to consumers when purchasing goods and services in the electronics and home improvement sectors. In contrast, offline referrals are most persuasive when consumers are researching entertainment, children's products, and restaurants.
These numbers bring me to the question I want you to think about: do you prioritize your efforts as a marketer to integrate more targeted opportunities for consumers to share great experiences. their great? We don't just focus on “good” experiences, because “good” is just a prerequisite for doing business. "Good" doesn't make people talk. Customers never say “let me tell you about a completely tailored experience I just had”.
To get people talking and drive word of mouth, you have to give your customers the elements that make up a story. This is enable talk .
To get people talking and drive word of mouth, you have to give your customers the ingredients a story. This is the talking engine. Click to post
In their new book, Chat Triggers: The Complete Guide to Creating Customers with Word of Word Jay Baer, and Daniel Lemin provide a specific framework to help you and your team find the unique chat triggers for your organization.
Here are four characteristics of an effective chat trigger:
- It must stand out: The discriminator must be interesting enough to be memorable. It must be commented worthy. It has to be dynamic for it to be the backbone of a story.
- It should be REALITY: The distinctive mark must be large enough to be easily remembered, but small enough to be trusted. The chat trigger is too loud causing suspicion. You want to find the Goldilocks Region for your point of difference.
- It must be RELEVANT: The discriminator must relate in some way to the overall business, so as not to cause confusion and disharmony for the customer.
- It must be REGENERAL: The distinction must be broad and open to all customers. “Loyalty discount” is not a talkative trick because it is only offered to certain people, special people. It's a customer retention program, not a word of mouth program.
As you prepare for the next season of marketing planning, take a close look at your customer experience. What not only makes someone's experience great, but also makes someone tell a friend how great it is?
To see how important word of mouth is to your industry, download the full set Chatter Matters Report the most recent word of mouth research for marketers.
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