Myra Norton, Community Analytics
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Word of mouth recommendation has more than twice the influence on business executives' purchase decisions compared to advertising, direct mail, or press coverage. While an IT professional may impact $500,000 in IT spending at their own company, their influence can impact over $200 million in IT spending across more than 40 organizations through personal recommendations. Empirical data shows that C-level executives rely on advice from individuals outside their company, sometimes in less senior positions, for evaluating enterprise technologies. More than 75% of critical influencer relationships for decision makers are local, despite increased global connectivity, as executives prefer relying on advisors they can interact with in person.
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Myra Norton, Community Analytics
- 1. Influence Networks: Measuring the Impact Presented By: Myra Norton
- 2. What is Buzz and Why Do We Want It? The dominant influence on business executive decision- making is WOM recommendation Top Influences on Work-Related Purchases by Business Executives ( y (2007) ) United States United Kingdom Colleagues’ / friends’ WOM 53% 65% Sales representatives 39% 35% Meetings / events / conferences 38% 40% Internet 37% 40% Tradeshows / exhibits 37% 36% Direct mail / e-mail 32% 21% Print advertising 32% 25% TV advertising 26% 14% Press coverage 23% 24% Radio advertising 22% 12% 2X the influence WOM has versus advertising, direct mail or press coverage on executive purchase decisions Base 288 interviews in US /406 interviews in UK ; Source Keller Fay Group Survey for Jack Morton Worldwide, March – April 2007 1 Community Analytics® CONFIDENTIAL © Community Analytics 2008. All rights reserved.
- 3. Buzz to Revenue $76 million in $500,000 IT Budgets IT Budget ! The impact of this one IT Professional is much greater than the $500,000 IT budget she impacts within her company. ! In addition to influencing IT spending within her own firm, her influence impacts more than $200 p $ million in IT spending at more than $200 million in 40 organizations. IT Budgets 2 Community Analytics® CONFIDENTIAL © Community Analytics 2008. All rights reserved. Community Analytics® CONFIDENTIAL © Community Analytics 2008. All rights reserved.
- 4. Top Purchase Influencer Word of mouth Word-of-mouth recommendation is the top purchase influencer for business decision-makers. Source: Keller Fay Group and Jack Morton Worldwide, 2007 3 Community Analytics® CONFIDENTIAL © Community Analytics 2008. All rights reserved.
- 5. Predictions are Risky More than 80% of Trusted Advisor Advocates identified by the target audience themselves are either completely unknown or not currently b i t tl being targeted b th t d by the client, according to multiple studies across categories, products, etc. Source: Community Analytics 2007 4 Community Analytics® CONFIDENTIAL © Community Analytics 2008. All rights reserved.
- 6. Empirical Data is Accurate and Insightful C-Level executives rely on individuals outside of their companies and in less senior positions f advice when l i iti for d i h evaluating enterprise level technologies. Source: Community Analytics 2007 5 Community Analytics® CONFIDENTIAL © Community Analytics 2008. All rights reserved.
- 7. Influence is Local More than 75% of these critical relationships are local. In spite of the evolution of the “flat world, world ” decision makers are more likely to rely on Trusted Advisors they can interact with in person on a somewhat regular basis. Source: Community Analytics 2007 6 Community Analytics® CONFIDENTIAL © Community Analytics 2008. All rights reserved.