Marketers already understand the value of building relationships with top spenders, but the power of the consumer runs far beyond his or her own wallet.
In fact, a recent study found that Millennials (people between the ages of 18 and 32) are more influenced by word-of-mouth than their advertising-reliant Baby Boomer (ages 49 to 67) counterparts. To reach this tech-savvy, yet advertising-averse generation, progressive marketers will make 2014 the year of a renewed focus on word-of-mouth marketing (WOMM).
Consumers are becoming immune to the online rants of self-proclaimed industry/product experts, thanks to the saturation of social media with marketing messages. The power of offline, interpersonal relationships and influence once again reigns supreme. Simply put, people are more likely to buy what their friends buy–and those friends with real sales influence typically aren’t the 500-plus Twitter followers filling their online worlds or even the biggest spenders in your customer pool.