Two thirds of all economic activity influenced by shared opinions?

A recent article claims that ‘today’s savvy consumers often trust a recommendation more than traditional advertising, marketing materials or other company communications.’ The article quickly moves on to Word of Mouth Marketing which perhaps surprisingly, then again perhaps not, has its own association – the The Word of Mouth Marketing Association or WOMMA for short. Amazing – but it does encapsulate long held views that recommendations about a company’s products or services are a powerful marketing tool and putting effort into delighting customers not only helps prompt a positive recommendation but equally valuably retains loyal customers. A third party endorsement deployed through a marketing vehicle such as a case study is a well-proven and useful means of showing others how the product can be used to the satisfaction of a customer and is well used in b-2b marketing. Products sold through consultant or architect specification often need the endorsement of leaders to persuade others to follow. According to WOMMA, two-thirds of all economic activity in the United States is influenced by shared opinions about a product, brand or service. The article the on goes on, ‘Research shows that recommendations that are ‘bought’ (through incentive programs and other similar marketing initiatives) do not yield the same financial benefits for a company as ‘earned recommendations’ do (which result from truly satisfying customers)’. So despite the new terminology, the story seems to be ensure you have satisfied customers because they can often be your most valuable marketing tool as well.