Smart brands work with trend setters and opinion leaders to position their brand to become part of the conversation in the marketplace.
While 70% of people trust what they hear from peers, only 15% trust advertisers. In fact Harvard Business Review cites, the net promoter score, that is the word of mouth measure, is the biggest predictor of growth. London School of Economics research indicates on average, a 7% rise in the net promoter score equates to a 1% growth in sales.
It is because word of mouth is so critical that Hearts and Minds recommends brands develop the stories they want to go viral. If you are wondering where to start, why not create stories about how your brand brings the brand’s promise and the brand’s values, to life.
Try for for instance, stories which tell how your brand is innovative, caring and green. Increase credibility by sourcing real life customer stories, stories told by your customers are more credible than advertising. When these stories are supported by stories from opinion leaders and trend setters, credibility rises again.
Hearts and Minds research shows, one of the key sales reasons customers object to a sale, is they believe ” this won’t work for me”. Peer word of mouth is one of the most effective ways to move a customer through this objection. While it is not ethical to “put words in their mouth” your brand can fuel a raging debate in which brand stories can take a lead role.
Hearts and Minds