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Creating Conversation Worthy BUZZ
 

Creating Conversation Worthy BUZZ

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Word of mouth marketing has been part of cultures for centuries. People share with other people and we tend to believe what our friends, family, neighbors, and now, even strangers on line have to say. ...

Word of mouth marketing has been part of cultures for centuries. People share with other people and we tend to believe what our friends, family, neighbors, and now, even strangers on line have to say. The importance of referrals and recommendations is growing year over year. Isn't it time you took word of mouth and the power of the consumer seriously?

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    Creating Conversation Worthy BUZZ Creating Conversation Worthy BUZZ Presentation Transcript

    • PEMCO:Vice Pres & CMOWOMMA:Board Presidentsource | Nielsen study (August 2010)
    • WOMMA advances andadvocates the discipline of credible word of mouth marketing. source | Nielsen study (August 2010)
    • Social Social SocialMedia Engagement Business What comes to mind? source | Nielsen study (August 2010)
    • Social Social SocialMedia Engagement Engagement Business What comes to mind? Hint: One is noun. Shows One is verb. Action One is an adjective. source | Nielsen study (August 2010)
    • Includes all valueexchanges thatenrich relationshipsbetween customersand company.
    • 93% of US consumers have at least one brand-related conversation face-to-face every day.source | Keller Fay & Yahoo! study (June 2010)
    • 45% of US consumers have at least one brand-related conversation voice-to-voice every day.source | Keller Fay & Yahoo! study (June 2010)
    • 22% of US consumers have at least one brand-related conversation online every day.source | Keller Fay & Yahoo! study (June 2010)
    • Social Media Socially EngagedVoice of the Company Voice of the Customer Top-Down Control Bottom-Up MessagingCompany-Generated Consumer-Generated Messages MessagesInfrequently Updated Continuously Updated source | Nielsen study (August 2010)
    • Social Media Socially EngagedVoice of the Company Voice of the Customer Top-Down Control Bottom-Up MessagingCompany-Generated Consumer-Generated Messages MessagesInfrequently Updated Continuously Updated
    • Social Media Socially EngagedVoice of the Company Voice of the Customer Top-Down Control Bottom-Up MessagingCompany-Generated Consumer-Generated Messages MessagesInfrequently Updated Continuously Updated
    • Social Media Socially EngagedVoice of the Company Voice of the Customer Top-Down Control Bottom-Up MessagingCompany-Generated Consumer-Generated Messages MessagesInfrequently Updated Continuously Updated
    • 23% of people’s time spent on the Internet is on Social Media websitessource | Nielsen study (August 2010)
    • 2010 – Fortune 100 Companies… 65% are on Twitter 54% are on Facebook 29% use YouTube 33% maintain a blogsource | Burson-Marsteller & Digital Media Study (February 2010)
    • 2011 – Fortune 100 Companies… 77% are on Twitter 61% are on Facebook 57% use YouTube 36% maintain a blogsource | Burson-Marsteller & Digital Media Study (February 2011)
    • The average number of Twitter accounts Fortune 100 firms maintain is 5.8source | Burson-Marsteller “Global Social Media Check-Up” report (February 2010)
    • Fortune 100 firms are tweeting, on average, 25 to 30 times per weeksource | Burson-Marsteller “Global Social Media Check-Up” report (February 2010)
    • 84% of Fortune 100 businesses with a Facebook page are actively using it (NOTE: Up from 59% in 2010)source | Burson-Marsteller “Global Social Media Check-Up” report (February 2011)
    • Fortune 100 firms average 4 updates per week to their Facebook pagesource | Burson-Marsteller “Global Social Media Check-Up” report (February 2010)
    • “… companies that are both deeply and widely engaged insocial media surpass their peers interms of both revenue and profit performance by a significant difference.”
    • 22,300,000+ Facebook fanssource | Starbucks Facebook Page (May 26, 2010)
    • “It isn’t a marketing initiative. It isn’t a PR initiative. It’s cultivating and creating great consumer value and great customer relationships” Alexandra Wheeler22,313,818 Facebook fans digital strategy director, Starbucks
    • “The key here is that we are connecting directly with our loyal customers who will be driving our future growth.” Howard Schultz 22,313,818 Facebook fans Chairman & CEO, Starbuckssource | Starbucks Q3’09 - Earnings Call Transcript, July 21, 2009
    • Word of Mouth is the primary factor behind 20% to 50% of all purchase decisions.source | “A New Way to Measure Word-of-Mouth Marketing” (McKinsey Quarterly, April 2010)
    • 54% of US adults identified old-fashioned Word of Mouth as most important influencer of purchase decisions.source | “Digital Marketer Report, Experian – 2011
    • Where doesWOM fit in your marketing strategy?
    • Where doesWOM fit in your business strategy?
    • PEMCO’s BHAG:Big Hairy Audacious Goal
    • 76% of consumers believe companies are untruthful in their advertising.source | Bold Mouth’s “Perceptions, Practices, and Ethics” report (2006)
    • Advertised In Realitysource | Bold Mouth’s “Perceptions, Practices, and Ethics” report (2006)
    • 78% of global consumers say they trust recommendations from other consumerssource | Nielsen’s “Trust in Advertising” Report (2007)
    • Referrals as important as price Reason 2001 2002 2005 2007 2008 2009 2010 Price 60% 62% 50% 50% 36% 40% 33% Referral and/or 10% 12% 17% 20% 22% 22% 32% Recommendation Liked the agent 15% 11% 9% 9% 9% 9% 13% Good service 33% 23% 5% 4% 9% 4% 10% Local company <1% <1% <1% <1% 9% 6% 7%source | PEMCO Mutual Insurance Co, “Market Metrics – 2010”
    • The typical American mentions specific brand names 60 times per week in offline & online conversations.source | Keller Fay “ Talk Track” report (2010)
    • 68% of WOM conversations are mostly positive 8% of WOM conversations are mostly negativesource | Keller Fay “ Talk Track” report (2009)
    • Public Displays of Affectionsource | http://www.flickr.com/photos/boudster/3716337113/
    • 22% of US consumers have at least one brand-related conversation online every day. Public Displays of Affectionsource | Keller Fay & Yahoo! study (June 2010)
    • Public Displays of Aggravationsource | http://www.flickr.com/photos/
    • 22% of US consumers haveat least one brand-relatedconversation online every day.Public Displays of Aggravation
    • 67% of companies are using Twitter to respond to people’s tweets (NOTE: Up from 38% in 2010)source | Burson-Marsteller “Global Social Media Check-Up” report (February 2011)
    • Consumers are talking about you… Decide to listen Decide to be affected Decide to respond Decide to be engaged
    • Listening is marketing’sgreatest opportunity.
    • Listening is your company’sgreatest opportunity.
    • Use theavailable searchfunctions
    • 22% of US consumers haveat least one brand-relatedconversation online every day.Public Displays of Affection
    • 22% of US consumers haveat least one brand-relatedconversation online every day.Public Displays of Affection
    • 22% of US consumers haveat least one brand-relatedconversation online every day.Public Displays of Aggravation
    • Customerreviews andstories affect operations. • Start every meeting with a customer story!
    • “When consumers write reviews online ... the average grade is 4.3 stars out of 5.”source | Wall Street Journal article (Oct. 5, 2009)
    • Create a place towelcomefeedback
    • Create a place towelcomefeedback
    • When Layne’s son was hit by a drunk driver, dealing withtheir insurance company was a major headache. It was in starkcontrast to the service he’d always received at PEMCO. Layneknows good service when he sees it – and PEMCO’s been stellar.
    • When Paul learned that his dream home had been burglarized andstripped of $10,000 of new hardware, he didn’t know where to turn.Though an unfortunate setback to the project, PEMCO helped makea quick decision and the project moved forward on time.
    • Respond with timely appreciation, empathy,sincerity and authenticity.
    • “When you hit a wrong note, it’s the next note that makes it good or bad.”source | Slide used with permission of John Moore, BrandAutopsy
    • Two great ways to respond to even the most challenging assertions.
    • Thank You andWe’re Sorry
    • Sorry! 24 hours 47 minutes Feb 22nd - 3:18 toFeb 23rd - 4:05 p.m.
    • Use humorthat gives, not takes!
    • Use humorthat gives, not takes!
    • ListenEngageat every + touch Enable Participate Partnership point Encourage
    • Keep theAdvocacy EngineIn motion
    • Don’t let your first day of social be “not so good”source | Scott Adams Dilbert Cartoons @dilbert.com | 09-13-10
    • Word of mouth marketing basics… Know your talkers Give them something about to talk Make it easy to share And always remember…
    • Let’s ConnectTwitter: @NW_Mktg_GuyFacebook: Rod BrooksLinked In: Rod BrooksBlog: www.rodbrooks.com