The insights into the influence of recommendations as compared to advertising should be of particular interest to any marketer looking to optimize their marketing dollars and deliver the right messages to the right consumer at the right time.
Cincinnati, OH (PRWEB) September 20, 2012
Most marketers have heard about the power of word-of-mouth marketing and how consumer recommendations can have an enormous influence on the ways in which one can attract and grow their consumer base. Recent research shows that over 90% of recommendations that lead to purchase are in-person face-to-face referrals, and over 40% of purchases are influenced by recommendations as compared to the next most influential source – past experience - at 32%- and in store information – at 19% (The Power of Consumer-to-Consumer Recommendations, July 2012, RewardStream and The Keller Fay Group). The question remains: what are marketers actually doing to tap into this shift in consumer behavior?
Alexandra Best, vice president of marketing with RewardStream, comments: “Recent research really highlights that different dynamics are at play with respect to recommendations between consumers and their social networks depending on the purchase category. A recommendation from a friend has a different impact on the decision to move to a new mobile phone provider than, say, choosing a financial institution for a new mortgage. The insights into the influence of recommendations & referrals as compared to advertising on purchase decisions should be of particular interest to any marketer looking to optimize their marketing dollars and deliver the right messages to the right consumer at the right time.”
Bryan Mavrow, senior vice-president, marketing at First West Credit Union will be sharing his consumer recommendation story in a webinar on Tuesday September 25 2012. He says, “Our brand promise is keeping it simple for our Envision Financial and Valley First members, whether it’s through our product offerings or in the service we provide,” shares. “We recognize that our members lead very busy lives and we want to be able to provide them with products and services that make banking simple for them. This Referral Perks program, along with our new no-fee, Simply Free Account™, as well as the online banking enhancements and mobile apps we’ve recently added to our product offerings do just that.”
RewardStream will present a webinar, “The Power of C2C Recommendations: Leveraging Timely Referrals to Drive ROI” on Tuesday, September 25th, 2012 at 1 PM EDT. Hosted by Loyalty 360- the Loyalty Marketer’s Association, this webinar will cover the power of consumer-to-consumer recommendations and how marketers can leverage timely referrals to drive ROI.
RewardStream and Bryan Mavrow of First West Credit Union will share:
- The latest research on consumer recommendations and how they influence the ways you attract, engage and retain valuable customers
- How member referrals will help a growing family of credit unions in British Columbia, Canada, ”perk up” credit union membership, with Bryan Mavrow, SVP Marketing at First West Credit Union
Please join Loyalty 360 and RewardStream for this insightful webinar. For more information and to register, please go to:
RewardStream is a leading provider of recommendation marketing, loyalty and engagement solutions that help brands and companies build deeper - and more profitable - long term relationships with their customers. Since 1999 RewardStream has worked with clients in a myriad of industries including financial services, telecommunications, e-tail/retail and CPG, and deployed programs in dozens of languages and countries worldwide. RewardStream combines a passion for marketing technology with creative thinking to deliver unconventional programs that speak to each client’s unique marketing objectives. To learn more, visit http://www.rewardstream.com
Loyalty 360 is an unbiased, market driven, voice of the customer focused clearinghouse and think-tank that is committed to bringing loyalty to the forefront as a critical marketing strategy. A trusted source for cutting-edge research, best practices, and networking opportunities, Loyalty 360 gives members the expert insights and guidance they need to better understand loyalty and develop programs that effectively engage their customers and employees and build stronger relationships with them.
513-800-0360 x 113