So. My thoughts on this topic were inspired by a trendwatching’s briefing called “The F-Factor.” Their briefing (another excellent one by the way) discusses how the impact of influencers’ on purchasing has increased because of the web (and the dynamics associated with the web). By the way. Trendwatching has another excellent briefing called Crowd Clout from about 2007 or so which makes essentially the same point. I am going to try and put my spin on their insights by talking a little about the past (the evolution of this whole influencer explosion) and the future (how it is creating a new economic model). Let me begin by saying despite the advent of “social media & social marketing” that consumer decision-making has always been personal and social. The truth is that consumer decision-making has always been about seeking feedback, leaning on what friends say and seeking ‘influencers’ thoughts … all of which influence the ultimate purpose. This was true even before the media (or people seeking to create some ‘buzz’) added the word “social” to the marketing world. Yes. Even the marketing dinosaurs knew decision making ultimately had a significant social aspect. What do I mean? People talked amongst themselves. People talked to their neighbors about home services. People talked to relatives or friends about more personal decisions. People reached out to trusted advisers (doctors for medical, veterinarians for pet stuff, dermatologists for skin stuff … well … you get the picture). People talked and discussed. In fact The Economist just did a great article on how Martin Luther built the entire Protestant faith off of ‘buzz.’ (boy … that is social media working at levels they could typically only dream of these days) The difficulty we face in the current “what is buzzworthy” world we live in today is that it wasn’t called social back then therefore we seem to struggle in finding ‘successful past case studies’ (or at least ones that someone will pay attention to). In the “old” days … people simply sought out ‘experts’ (I use the term loosely … let’s assume the definition here is “someone who probably knows more than I do and can inform my decision making process”) to make a better decision. Before social media you could always count on the following two factoids with regard to who influenced a purchase the most. “Who do you speak with about making a purchase?” 1. Family. 1a. Friends. (you could flipflop or call it a tie pretty much all the time) But something HAS changed. The internet has changed our worldview on friends (and influencers). “Our definition of friends has changed because of Facebook, and Twitter, where quantity as opposed to quality is now almost a mantra”. Rick Murray, President, Digital Edelman Digitas Well. I don’t know that I totally agree with Rick from Digitas. Oddly while social networks do increase quantity research has shown three key things (to indicate that quality is tagging along with the quantity characteristic): 1. A Pew Internet research study shows that internet has actually strengthened and expanded existing social roles of churches and fraternal organizations. Therefore the quantity has simply strengthened existing quality. 2. the same research showed that more frequent communications via text actually ENCOURAGES the desire to spend more face-to face time 3. the research also shows that texting requires more careful crafting than a telephone or face-to-face communications and 3 out of 10 teens say “that they are more honest with friends when they talk online” therefore quality is the underlying foundation among all this “random quantity” discussion. Next. And while we often talk about how internet is influencing people we need to be careful with the ‘influencing’ word. Research shows that the web can assist in education but ultimately the final influencer remains one and the same as the past. The most tangible example I have at my fingertips of this notion is the most recent 2011 NPD Group Aftermarket Consumer Outlook Study: Q: “Where would you go to learn how to do repairs on your vehicle?” – Friend/Family 57% = – Vehicle Repair Manual 46% = – Mechanic 42% = – Internet 42% = – Store Personnel 16% (yikes) Basically a Mechanic is AS influential as the Internet in this decision. One word thought here. Wow. So. The main point here is that a consumer now has access and is aware of more people (true friends as well as web based friends) and can have more frequent communication due to the digital revolution. Yet. Social media is simply the fact that the traditional benefits of an acquaintance network (personal or professional) and friendships can be more expansively realized than before. The other truth is that products today are at the mercy of crowds of friends. Crowds providing unsolicited feedback and influencing hordes of consumers making decisions on a daily basis. Yes. This is the “F-Factor:” It is the expanding scenario of consumers increasingly tapping into their networks of friends, fans, and followers to discover, discuss and purchase goods and services, in ever-more sophisticated ways. (source: trendwatching.com) The F-Factor is a real part of people’s lives because it provides real value. Value in that it offers a purchase decision making opportunity that is more efficient, more relevant, and more interesting and provides more “depth/breadth” than before. In the past consumers either had to spend endless time and effort on trying to discover the best of the best, or had to rely on sources that were distant, unknown or untrusted, and therefore potentially unreliable or irrelevant. Now the six degrees of [...]
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