“Those businesses that relegate themselves to the diminishing world of goods and services will be rendered irrelevant. To avoid this fate, you must learn to stage a rich, compelling experience.”
Pine & Gilmore, The Experience Economy
Focused on attracting new customers from key international markets?
In a recent study conducted by market research firm the Keller Fay Group and sponsored by experiential marketing agency Jack Morton Worldwide, “WORD OF MOUTH [is] THE #1 INFLUENCE ON BUSINESS BUYING DECISIONS; FACE-TO-FACE KEY FACTOR.”
In this study, the Keller Fay Group stated:
“Word of mouth is the #1 influence on business purchase decisions and is best leveraged through face-to-face marketing efforts, according to a new study of US and UK executives.
Word of mouth—one person sharing marketing-relevant information with another person—is far more influential for business executives than other communication channels. Fifty percent of business executives report they are highly likely to buy a product or service based on word of mouth; 49% pass on what they’ve heard to others. Executives report that word of mouth has more than twice the influence of advertising, direct mail or press coverage on purchase decisions.”
Additionally the study revealed “The vast majority of executive word of mouth occurs “offline,” with over 75% happening in-person. Online and digital media account for only a small portion of executive word of mouth, with email comprising three percent, and IM/text messaging and blogs/on-line chat accounting for about one percent each. Face-to-face interaction predominates both at the office and at home–and defies conventional wisdom that word of mouth is largely electronic.”
To read the full report, please click here: Keller Fay Group.
