Factoid Friday – Word Of Mouth Matters

Word of mouth is no longer just an intimate act: Consumers post product reviews online and disseminate opinions through social networks. McKinsey research indicates that in developed markets, word of mouth has its biggest impact when consumers decide which products to consider and when they’re actively evaluating products — at those moments, 18% and 19%, respectively, see it as the single most important factor influencing them. In developing markets, WOM is most significant at the moment of purchase (46%). In both kinds of markets, word of mouth is the only factor that ranks among the top three at every stage.

Source: McKinsey Quarterly via HBR Daily Stat

Word of mouth is generated by the level of service and level of satisfaction with your products. If you are in a developing market then how do you you are providing the best level of service and product quality? Do you get feed back from your customers to? Do you design process around the customer or do you just design processes based on what you think is best to run that operation? Please leave your comments.

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