Apart from driving $6 trillion in annual global consumer spending, word of mouth also leads to 13% of all sales.
A majority (92%) of consumers believe suggestions from their friends, family more than advertising. On the other hand, 75% of customers do not believe advertisements. As far as brand loyalty is concerned, customers acquired through word of mouth promotion spend 200% more than the average consumers do.
Around 28% of consumers even feel word of mouth is the most important factor in strengthening brand affinity. Similarly, 60% of millennials are more likely to take advice from YouTube influencers, than traditional media personalities.
Not only have 80% of consumers purchased something via influencer recommendations, 41% discover new products through influencers every week. Millennials are 38% more likely to discover brands through recommendations from friends and family.
[7 minute read]