Talk is (NOT SO) Cheap
According to a survey from the market research firm Opinion Research Corp., an InfoGroup company, as many as 84% of Americans reported that online customer evaluations have an influence on their decision to purchase a product or service.
The influence of word of mouth has existed long before technology and online retail. I recall a college professor of mine remarking that as a rule of thumb we, as future marketers, can expect satisfied customers to share their positive experiences with 2-3 other individuals while dissatisfied customers will share their negative experiences with 8-10 other individuals. At that rate, you can see how it would take quite some time for word of mouth influence to gain enough power and momentum to have any kind of impact on the general public…that couldn’t easily be refuted with a strategic advertising/marketing campaign.
ENTER THE INTERNET…the once meek, mild word of mouth influence is now a powerful force captivating and persuading some 84% of the general consumer population. The Internet boosted the influential power of word of mouth by lending a platform that provided the permanency and the mobility it needed to unite and empower consumers. Suddenly word of mouth is no longer one person sharing insight with just one other person, now it is one person sharing insight with millions of people.
Talk about a game changer! Consumers have found their collective voice and are using it revolutionize the buying process, and we, as producers, service providers, advertisers, marketers, managers and sellers, will adapt and adjust right along with them.
Check out crash course below to learn about some of the ways you can manage your online reputation and use word of mouth influence to your advantage.
- Don’t dismiss or turn a blind eye to the ratings and reviews your consumers are posting about your company, products or services. Of the respondents who participated in the survey completed by the market research firm Opinion Research Corp., half reported relying on some type of online review forum as early as the first stage in the buying cycle, furthermore two thirds of the respondents reported utilize an online review forum at some point during their search to purchase a particular brand of product or service.
- With numbers like that you can’t afford to ignore what is being said about you. Track and monitor the consumer conversations about your brand, company, products, services, etc. Frequent industry forums and message boards, track online rating sites, follow and read influence blogs. You can also monitor online buzz by setting up Google alerts for significant keywords and phrases pertaining to your company. Below is the “how it works” directly from Google
- You enter a query that you're interested in.
- Google Alerts checks regularly to see if there are new results for your query.
- If there are new results, Google Alerts sends them to you in an email.
- Now that you know what your word of mouth reputation is you can make the necessary adjustment. For example, if you quickly respond to and fix any issues unhappy customers have reported experiencing with your company, you can expect 80% of these discontented customers to return to your company as loyal customers if they feel that you have resolved the issue(s) and have treated them fairly, 90% will return if you can do this ASAP.
- Monitor the word of mouth circulating about your competitors. Capitalize on their weak spots and meet or exceed their strengths. For example, if your competitor’s customers repeatedly report disappointment in customer service response time you can target these unsatisfied customers by promoting your top notch customer service. Conversely if your competitor has created great buzz for themselves by offering free shipping you had better find a way to also offer free shipping or create an equally valuable solution.
- If you can’t beat them join them. Identify influential voices within your industry, perhaps a well-known blogger. Consider inviting this blogger to consult with your company on new or struggling products, services, brand image, etc. Creating the opportunity to become involved will peak his or her vested interest in the success of the project and, in due course, ensure positive online promotion, reviews etc. However you must genuinely want and commit to including this person’s help, insight, feedback and recommendations. If you think that they will be impressed simply by your invitation and you do not seriously or respectfully consider their criticisms or advice then you can count on losing their support.
Consumer word of mouth has forced many industries to bring their A game because anything less won’t cut it. Instead of viewing word of mouth influence as another hindrance in the success of your company, use it as a motivator to push you to improve perform, deliver faster, develop first, create better and ultimately advance further.
Find out who Your Second Sales Team is and learn how they can help make or break your WOM buzz by downloading the whitepaper below 
