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A Gallup poll in 2008 revealed that trust in advertising has hit a new low, with participants indicating that only 10% of advertisers were trustworthy.
A new poll from Duke University and the American Marketing Association seems to back that up, showing that word-of-mouth is more important than ever in the buying process of individual consumers. Friends, family, and colleagues are the greatest influencers.
At first glance, you might think that low price is the first priority in the decision making process of consumers. But look again: by reviewing the combined priorities, you’ll see that “Excellent Service” comes in Number One with 70%, and “Trusting Relationship” is second with 65%.
Where are you putting your marketing dollars? Are you making the necessary shift with an investment in staff training, creation of a core values system, and solid structure that consistently delivers a remarkable experience to the customer? Or are you stuck in the 20th century, believing that marketing equals advertising – pouring every dollar you have into sporadic campaigns?
Word-of-mouth will only continue to rise as the dominant force in consumers’ decisions. What plans do you have to ride this force all the way to the top?
[chart: eMarketer]
Michele Miller is a writer, speaker, and consultant on ways to capture the heart of the female customer. The co-author of The Soccer Mom Myth, she consults with businesses of all sizes across North America
Michele this is great stuff. I have forwarded it to all my clients. I would have misread the data, so I am glad that you pointed out how service and relationships are really top of the heap. Great great stuff (wait I already said that).
Thanks for the comment, Ray! Yeah, it’s another case for reading the numbers in the way that makes the most sense… and impact.
Problem is, growing areas of word-of-mouth such as opinion websites and comments are increasingly being found to be infiltrated with “interested parties” both pro and con. Sadly, as “word-of-mouth” grows in importance so will the incidences of ‘gaming the system’.