Day 13, unlucky for some in terms of the number and unlucky for me in that I have missed some days now in getting an article finished and published. Well its not luck is kidding myself a bit about consistency. This forming new habits business isn`t easy. But then what is, that is worth attaining?
Even if its a bit crap, get it out there…
This is advice from some people who have been through the process I am embarking on. They say people will forget the rubbish and remember the good. I think in my mind I don`t necessarily agree with this, as I always remember a marketing stat on word of mouth WOM.
“A person with a bad experience will tell 10 people, whereas the person with the good experience will tell 1 person”
My formal marketing education was while back and now researching this stat in our data driven world, it seems it is:
Bad Experience will tell 9 - 15 people.
Good Experience will tell 4 - 6 people.
And it goes further, as this is an average in terms of people telling 9 - 15. 13 % will tell 20, and then the people told of the bad experience, will each tell 5 more people, and so on. If there has been one consistency over the past 50 years or so, it is the never ending quest for data. However in looking at the advice, my thought process may be wrong as people sharing the good has increased.
So I`m just getting this out there…
But I am adding a 13 more stats about WOM for consistency (thanks to Georgi Todorov / Semrush Blog) …
On average, word-of-mouth drives $6 trillion in annual global spending and is responsible for 13% of all sales.
Millennials were 38% more likely to discover brands through recommendations from friends and family.
23% of people talk about their favorite products with friends and family every day.
Out of the top five popular ways to recommend a business, word-of-mouth comes first, followed by Facebook, Google, and Twitter. (Web3 has work to do here)
26% of people will completely avoid a brand if their friend or family tells a negative story about their experience.
21% of people will lose trust in a brand, whether they’ve been a customer or not, because of bad word-of-mouth
90% of people are much more likely to trust a recommended brand (even from strangers).
Word-of-mouth is even more effective than paid ads, resulting in five times more sales.
28% of people say that word-of-mouth increases brand affinity (a customer’s common values with a brand).
64% of marketers agree that word-of-mouth is the most effective form of marketing.
Over half of craft beer drinkers in the U.K. said they would buy a beer they’ve never tried if friends recommended it
Customer loyalty, in most cases, is worth ten times more than a single purchase
On average, customers who have their problems resolved by a business will tell four to six people about their positive experience
Thank you for your time…