Consumer Conversations: A Powerful Tool for Brand Success
Engagement Labs
Next Week’s Sales are Driven by This Week’s Conversations About Your Brand
In today's digital age, marketers and business leaders are facing new challenges as they navigate a constantly evolving landscape. With the rise of new tools like ChatGPT and the increasing importance of digital and advertising, it's more important than ever to understand the power of consumer conversations.
According to a recent study by Engagement Labs, brands that can engage with their audience and deliver a positive brand experience have the best chance of succeeding in today's competitive market. Trader Joe's and American Family Insurance have consistently demonstrated this ability, earning the titles of Most Loved Brands in America in offline and online respectively.
However, it's not just social media conversations that matter. Real-life conversations are just as important, if not more so, in driving consumer behavior. Face-to-face and voice-to-voice conversations drive half of the impact of consumer conversations on purchases, while social media influences the other half. This means that marketers must invest in unique marketing strategies for both online and offline conversations.
The amplifying effect of word of mouth cannot be underestimated, with a quarter of the impact of advertising on sales passing through consumer conversations. Advertisers must plan for the amplification of advertising through word of mouth to get the most out of their marketing budgets.
Ignoring the impact of word of mouth and undervaluing social influence can have adverse consequences for brands. It's important for marketers to prioritize customer service and experience, encourage positive conversations, and incentivize happy customers to share their experiences with friends and family.
Please read our full blog article at https://blog.engagementlabs.com/consumer-conversations-and-social-influence-for-brand-success