Markets are Conversations – What drives Word-of-Mouth Marketing Today?
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Markets are Conversations – What drives Word-of-Mouth Marketing Today?
- 1. BSI MarketsareConversations – Whatdrives Word-of-Mouth Marketing Today? Luxembourg, 1. July 2010
- 2. WHY IS WOM SO CRUCIAL?
- 6. Transaction Marketing WOM Relationship Marketing C C C B B C 1960 1990 2003 SocialProductbenefit + Emotional Productbenefit + FunctionalProductbenefit Emotional Productbenefit + FunctionalProducbenefit FunctionalProductbenefit
- 7. SO WHAT IS WOM?
- 8. NO!
- 9. NO!
- 10. NO!
- 11. THIS IS WOM!!!
- 12. WOM 1969
- 13. WHAT ARE THE DRIVING FORCES?
- 15. WHO IS THIS?
- 16. Connector? Maven? Opinion Leader? Trendsetter? Hub? Influential? Alpha? Bee? Sneezer? Heavy Loyal? Lead-User?
- 17. NO WAY!
- 18. LIGHT LOYAL:LUCY! Quelle: Brand Science Institute 2008: Exploring The Effects of Weak-Ties on Brand Community Performance
- 19. TIE STRENGTH TIE DENSITY „sparse“ network „dense“ network
- 20. WHAT MOTIVATES LUCY TO TALK ABOUT BRANDS/PRODUCTS/SERVICES?
- 21. Interaction Target Groups Marketing Management WOM Motives Purposive Waste of money Altruism Best of luck Self-Discovery Low product/brand involvement Enjoy Talking (self-assurance) Difficult to control and stimulate SocialEnhancement(emotional/cognitiveincongruence) Potentially powerful Entertainment (information incongruence) Hard to conceptualize
- 22. = TREND SPREADER
- 23. KEY APPROACHES
- 24. 1.
- 26. WHAT COMPELS US TO TALK ABOUT AN EXPERIENCE? DISRUPTED EQUILIBRIUM
- 27. WHAT COMPELS US TO TALK ABOUT AN EXPERIENCE? DISRUPTED EQUILIBRIUM
- 28. 2.
- 29. CONCEPTUAL BLEND TWO FAMILIAR = UNFAMILIAR = DISRUPTIVE
- 30. LET LUCY LOOK BETTER – DISRUPTION/BLENDS ARE KEY TO SOCIAL ENHANCEMENT
- 31. TRY TO MEASURE WOM
- 32. SELF-REPORT 1-DAY PROXIMITY 15% of all conversations involve brands and products 40% of all conversations are about media Source: MIT Media Lab
- 33. INNER OUTER Quelle: Northeastern University
- 34. 18x 2.7x ?? G0 G1 G2 G3+ Quelle: Northeastern University
- 35. WOM CHALLENGES
- 36. WHO IS RESPONSIBLE FOR WOM?
- 37. FEAR OF THE UNKNOWN
- 38. KEY LEARNINGS
- 39. UNDERSTAND THE MARKETING-PARADIGM CHANGE FIND THE RIGHT PERSON(S) TO MANAGE WOM IN-HOUSE GET TOP-LEVEL SUPPORT FOR WOM INITIATIVES OBSERVE AND LISTEN TO YOUR CONSUMERS AND THEIR NETWORKS FIRST UNDERSTAND WHAT SCHEMAS ARE AT PLAY DISRUPT SCHEMAS MILDLY/OR FIND BLENDS THAT MAKE SENSE TEST AND VERIFY DISRUPTED SCHEMAS/BLENDS UNTIL YOU REACHED THE TIPPING POINT CONNECT WITH TREND SPREADERS TO ROLL-OUT YOUR DISRUPTED/CONCEPTS AND BLENDS MEASURE THE SUCCESS OF YOUR WOM INITIATIVE