As businesses, we all get why social media matters – social media accelerates and amplifies word-of-mouth effects.
And that matters because word-of-mouth matters.
A high profile cross-industry analysis by consulting firm Bain confirmed what many businesses already knew – that the most recommended business in any competitive set grows far faster (two and half times as fast on average) than its competitors.
The word of mouth effect is why the question “How likely is it that you’d recommend us?” has been, and still is, dubbed the Ultimate Question – because the answer is consistently linked to relative business performance. Increase word-of-mouth by just 12%, and you’ll double your growth says Bain.
Apple figures that for every $1 an Apple fan spends on its products, that fan brings in a further $.79 of business through word-of-mouth recommendations.
So we get why social media matters – social media unleashes word-of-mouth allowing customers to recommend more, to more people and more easily. Social media super-charges the word-of-mouth effect. And our Graphite platform puts that super-charged word-of-mouth effect on steroids, by making it easier than ever for customers and fans to recommend – using a curated set of words designed to influence.
Our latest Graphite client, Dogeared Jewels and Gifts, the hip Californian jewelry designer has seen ‘Life beyond the Like’ and invites customers to love, want – and innovatively – tell the world they are “wearing” a particular item of Dogeared Jewelry.
This is super-smart on the part of Dogeared because word of mouth includes not just what people say,but emulation and imitation based on what they do – like wearing an item of jewelry. And as any adept of the science of imitation and copycat behavior – memetics – will tell you, people are far more likely to take a cue from what people do than from what they say. Behavior trumps belief everytime. What you wear says more about you than what you like. Which is why “wearing” buttons speak louder than “like” buttons.
So kudos to Degeared for innovating; expect others to imitate.