Recent research has shown that word-of-mouth recommendation – from friends, colleagues or family – is on average more than five times as effective as advertising in persuading people to buy.
Meanwhile, another survey has shown that younger, well-educated consumers (graduates in the 25 to 35 age bracket) tend to form their opinions after getting information from a range of sources. Older consumers are happier to rely on a single source of
information.
Interestingly, these younger consumers are more positive about business than their older counterparts – but they also expect business to be a 'force for good'.
What does all this mean for a company selling widgets in Peterborough?
Well, for a start it means that rather than just throwing money at advertising, the company should be looking at ways of getting its widgets talked about by people who think well of it. Which, of course, means that the widgets must be good.
Recommendations are not won easily and consumers are far more likely to tell their peers about things a company does badly than about things it does well.
Looking for as many ways as possible to communicate with potential customers would also be a good idea because, increasingly, consumers are not relying on a single source of information.
In addition, the company should be communicating not just about its widgets but about its own role and activities in the wider community.
Because its customers will seek information from multiple sources, the company needs to be honest in what it says – 'spin' will be swiftly exposed when consumers look beyond the company's own advertising.
So the keys to success appear to be good products or services, honesty and a well-planned promotional strategy that stretches beyond conventional advertising. No great surprises there, then. So why aren't we all doing it?
The full article contains 304 words and appears in Peterborough ET newspaper.
