When it comes to making purchase decisions, BtoB business executives are most influenced by word of mouth, according to a research report that was released last month. Those word-of-mouth recommendations happen face to face far more often than online, according to the survey, conducted by market research firm The Keller Fay Group and sponsored by experiential marketing agency Jack Morton Worldwide The report shows that executives credit word of mouth with more than twice the influence of advertising. The research also suggests that business executives are extremely influential individuals because they are more likely to discuss and recommend brands than the general public.
Other findings:
* 50% of executives say they are highly likely to buy a product or service based on word of mouth.
* 49% pass the information they hear along to others.
* 75% say word of mouth occurs face-to-face, and 60% of word of mouth conversations include advice to buy, try, or consider a brand.
* 86% make recommendations based on personal experience.
So what does this mean to your small business? Customer service is more paramount than ever and you should have an active referral program in place. Make it easy for your customers to tell their peers how great your products or services are!