By Abe Kasbo
A couple of days ago a report issued by Delloite’s Consumer Products group said that consumer online reviews strongly influence purchase decisions. Online consumer reviews are the “pimp my ride” version of “this is not your father’s Oldsmobile,” the highly effective, ever selective, never underestimated power of word of mouth.
So this report confirms what we know about how brands are created and built. By the consumer, and the internet is the ultimate word of mouth play, because it roars. It’s natural that “consumers are turning to online reviews in large numbers, and those reviews are having a considerable impact on purchase decisions,” said the report. It went on to say that 62 percent of consumers read consumer-written product reviews on the Internet, and of these, more than eight in 10 say their purchase decisions have been directly influenced by the reviews, “either influencing them to buy a different product than the one they had originally been thinking about purchasing, or confirming the original purchase intention.”
And just to confirm that is a human behavior issues, much like word of mouth, the report said that “seven in 10 of the consumers who read reviews share them with friends, family or colleagues, thus amplifying their impact.”
Not surprisingly, the survey also “found that reputation and word of mouth are the key factors that influence consumers’ decisions to purchase a new product or brand, many other factors also play a significant role.”
So it’s our job as marketers to provide our consumers not only with the products and services to keep them loyal to our brands, but also to provide them with the outlets and the opportunities to recommend our products and services, both on and offline.
By: Abe Kasbo
Often marketers tend to think about media as an end-goal for campaigns when then ought to be thinking about the market. I often hear, “we’ve gotta be on TV,” or “we’ve got to get on Youtube,” or “our competitors are running are on the radio.” My typical response is almost always, “so what?”
With so many trumpeting the demise of traditional media and touting the new social / Internet marketing Holy Grail, the numbers are telling. While there is a noticeable shift in marketing and advertising dollars from “old-school” to “new-school” media, the fact is large marketers are still masters of the traditional media domain. They are also endowed enough to experiment in and rule new media. Meaning that they have enough money in their coffers to see if something works, without degrading their market position.
Strategy (which incorporates, research, creative, messaging, placement, above the line and below the line tactics, etc) drives successful marketing campaigns, while media are vital spokes in the wheel. Media are essential tools that help you distribute your strategy. So use the tools wisely, but understand their nature as delivery mechanisms, and make the most of them by ensuring that your strategy is solid.
The world is a different place today. A new economy coupled with radically different consumer behavior and new media. As fierce and independent advocates for our clients, we are leading a different kind of change, by delivering business driven marketing communications strategies. We are in the business of generating and executing market-leading ideas that transform businesses. It’s what we do. It’s that easy, and that hard.
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