As Social Voice (online and offline word of mouth) becomes increasingly influential, brands and marketers are recognizing the need to capitalize on its growing value in the consumer decision-making process. This paper examines the roles that Social Voice plays along the consumer decision journey, including its impact on brand health, consumer online search activity, and revenue generation in the context of marketing optimization.
By quantifying the positive relationship between marketing spend and Social Voice and observing the concomitant impact on sales, this study aims to highlight the significance of Social Voice in the consumer decision journey, and to provide marketers with specific guidance on effective management of Social Voice to optimize marketing investments.
What Did We Find?
The models that MarketShare developed identified and quantified the impact of Social Voice along the consumer decision journey. More specifically, we observed a statistically significant impact of marketing on Social Voice, of Social Voice on online search, and of Social Voice on business results across these diverse industries.
We found that marketing was amplified through Social Voice for the brands that were analyzed, where both marketing and Social Voice are present.
Social Voice is an amplifier of marketing spending: Our analysis revealed that a 10% increase in marketing spend would result in a 0.2% to 2.5% increase in Social Voice across both Offline WOM and Online Social Media for these brands. Furthermore, in these cases, the relative increase in Online Social Media mentions resulting from marketing is roughly double that of the increase in Offline WOM.
The study observed the impact of a 10% increase in marketing spend on Offline WOM ranged from 0.2% to 1.0%. The use of TV, OOH, Online Display, Paid Search, Magazines, Newspapers, and Radio were all found to have a positive impact on offline WOM activity
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