In the hours that make up your day as a marketer, what percentage of your time and budget goes to advertising?
According to eMarketer, US ad spending was forecasted to grow 6.6% in 2018, reaching $220.96 billion.
With billions of dollars and infinite hours spent on planning and optimizing paid media, it must be the top resource your consumers use when making purchase decisions, right? Okay, maybe it’s not number one, but it has to be in the top three? Top five?
No. Not even close.
This leads me to today’s number of the day. Eight.
Our recent study, “Chatter Matters: The 2018 Word of Mouth Report,” found that advertising is only the eighth most valued source of information when we make substantial purchases.
If it’s not advertising that affects consumer decisions, what do consumers actually trust?
Personal experience
Brand familiarity
A word of mouth recommendation from friends and family
Online review from friends and family
Expert reviews
A discount or coupon
News coverage
Brand advertising
Recently, my colleague Zontee Hou shared the psychology about why the higher the stakes, the more important word of mouth becomes. But how much more? Recommendations from friends are valued 27% mo… Read More