Word-of-Mouth Advertising Still Reigns Supreme
In a world awash with spam, advertisements, and tons of direct mail crap, word-of-mouth advertising still reigns supreme as the factor that influences consumer shopping and buying habits.
If you are a small business owner, here are some amazing facts about word-0f-mouth promotion that you will definitely want to know (thanks to Bazaarvoice for this very cool collection of stuff).
Read on! You’ll be surprised how these facts might alter the way you look at your business, your interaction with customers, and the way your promote.
Facts About Word-of-Mouth Advertising You’ll Want to Know
For instance, here are just a few of the facts you can find on the Bazaarvoice website:
“Person like me” still most trusted source for information about a company and, therefore, products. (Edelman Trust Barometer, November 2007)
Recommendations from family and friends trump all other consumer touchpoints when it comes to influencing purchases, according to ZenithOptimedia. (AdAge, April, 2008)
According to a global Nielsen survey of 26,486 Internet users in 47 markets, consumer recommendations are the most credible form of advertising among 78% of the study’s respondents. (Nielsen, “Word-of-Mouth the Most Powerful Selling Tool”, October 2007)
86% of consumers read online business reviews before making purchasing decisions; 90% of whom say they trust these reviews. (Kudzu.com survey of 600 users, December 2008)
84% of consumers earning more than $150,000 annually visit sites where customers review and rate products and services including restaurants. (The Luxury Institute, April 2007)
83% of online shoppers would make purchases if sites offered increased interactive elements. (Allurent, January 2008)
Consumers were willing to pay between 20 to 99% more for a 5-star rated product than for a 4-star rated product, depending on the product category. (comScore/Kelsey, October 2007)
These are just a FEW of the many facts that Bazaarvoice puts out. Plus they have a killer blog. Check ‘em out … your small business will definitely benefit:
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Photo credit: takomabibelot
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