How do people learn about new products? Guess what? Word of Mouth still reigns supreme!
In a new great chart from Marketing Charts, the reasons why someone would buy a new product come out. A few notes: there are different countries in the mix here and age demographics are not shared. That being said we can learn a lot from these trends. Here are a few notes:
â€¢Word of Mouth is the best way to gain new customers.Â While listeningÂ to ‘experts’ talk about a product dropped 11%, friends and family told me about it it only dropped 4%. A rejection of ‘experts’ is something that is growing strong in our generation due to the flood of facts we deal with everyday. For more issues and products its easy to google something and find an opposing fact (or pseudo-fact). This survey shows a drop in word of mouth but I think they are drawing a line between word of mouth and social media which as I explain in the next paragraph is not really that different.
â€¢ Social Media is growing and its really word of mouth for the next generation.Â Someone once said, “If billboards are fireworks, social media is a bonfire.” Fireworks are short bursts of entertainment and could describe many forms of advertising but social media is designed to allow a conversation to happen about your product or service.Â Social Media will increasingly be a tool that is used to sway’s peoples minds about a product because it is the word of mouth in the tech world we live in today. [bctt tweet=”Social Media will increasingly be a tool that is used to sway’s people because it is the word of mouth in the tech world. “]
â€¢TV Ads are prominent but faced a huge drop and I suspect this will only continue. Traditional media is going to continue to suffer from a drop in power due to demographic changes and the adoption of technology. TV is going to become less and less powerful unless they do something about it’s viewership and data.Â Â Here are some of my other thoughts about traditional media.
All of this is great data for us to help improve our sales! Lets put it to use!