This video explains the significant and growing influence of "buzz" and a look at the types of people most likely to sway others' choices.
- Did you know Altoids breath mints have been around for 200 years? The brand caught fire among a larger market only near the end of the 20th century. How did this happen? The revival began when the mint attracted a devoted following amongst smokers and coffee drinkers who hung out in the blossoming Seattle club scene during the 1980s. When Kraft bought the company, it started to promote the candy with subway posters sporting retro imagery and other low-tech media to avoid making the products seem mainstream.
That would turn off the original audience. Young people started to tune into this retro treat and it's popularity skyrocketed. As the Altoids success story illustrates, today grassroots efforts that motivate consumers to spread a brand's message are what make a hit product. Word of mouth or WOM is product information that individuals transmit to other individuals.
Because we get the word from people we know, WOM tends to be more reliable and trustworthy than messages from more formal marketing channels. Despite the huge sums of money marketers pump into lavish adds, WOM is far more powerful. It influences up to 50% of all consumer goods sales.
If you think carefully about the content of your own conversations in the course of a normal day, you will probably agree that much of what you discuss with friends, family members, or coworkers, is product related. When you compliment someone on her dress and ask her where she bought it, recommend a new restaurant to a friend, or complain to your neighbor about the shotty treatment you got at the bank, you engage in WOM.
WOM is especially powerful when the consumer is relatively unfamiliar with the product category. We often encounter these situations in the case of new products. For example, medications to prevent hair loss, or those that are technologically complex, such as smartphones. One way to reduce uncertainty about the wisdom of a purchase is to talk about it.
Talking gives the consumer an opportunity to generate supporting arguments for the purchase and to garner support for this decision from others. You can stimulate WOM by actively managing your social media presence. Encourage influential bloggers to post about your product and recruit consumers as brand ambassadors who will help you to spread the word without having to buy traditional advertising.
Identify and encourage your faithful users to recruit others into the fold. Small incentives such as free products and personal communications can pay huge dividends in terms of expanding your customer base. Here's the downside. We know that WOM is a powerful weapon. Unfortunately, it's a two-edge sword that cuts both ways for marketers.
Informal discussions among consumers can make or break a product or store. And we're more likely to pay attention to negative information than to positive information. And to tell others about our nasty experience. Again, be vigilant and proactive with social media. Create monitors who follow Twitter feeds and other platforms where negative comments may surface.
And deal with these immediately. When consumers complaints are addressed properly, they're actually more loyal to the company than those who don't complain at all. So be sure to get people talking and stay on top of what they're saying.
First, learn the importance of consumer behavior in helping us understand when, why, and how purchasing decisions are made. Michael shares how factors such as color, shape, and sound influence our perception of brands and products. He discusses gender identity and products geared towards different genders, as well as how consumer lifestyles, values, and attitudes affect product preferences. Michael also goes into external influences on consumer behavior, covering how groups make decisions and how ideas spread. Finally, Michael explores the role emotion plays in purchase decisions, and how you can structure messages to maximize persuasion.
- Sensory marketing as a strategic tool
- How gender identity can affect product choice
- Personality and brand image
- Decision-making in groups
- Retailing as theater
- How ideas spread through the market
- Persuasive communications
- Influencing consumer behavior