I recently ran across a positively terrific article on WOM penned by McKinsey's Jacques Bughin, Jonathan Doogan and Ole Jørgen Vetvik. Well worth the
read, the authors delineate 3 different types of WOM, propose a new way for
measuring it, and explain how the IMPACT of WOM is critical, not just the volume thereof. (I, too, am a BIG advocate of impact/quality over volume/quantity.)
While the article centers on consumer WOM, what struck a chord with this marketer is how the article's findings illuminate several implications for B2Bs (not just B2Cs). Best of all, the piece confirms many of the "buzz essentials" I regularly review with my own clients and colleagues—and it's always nice to have more ammo for my arguments!
So I'm going to work at giving YOU more ammo by highlighting some of the article's findings and tying them to their B2B implications. And then I'll close on a set of suggested action points.
But three things before we get started. First, for those new to WOM, the term stands for "word-of-mouth" and is also commonly referred to as “buzz”, as you'll notice that I use both terms interchangeably. Second, even though offline WOM is as
old as the hills, online WOM is quite new due to the advent of
social-media technologies. Why? Because now, anyone with a computer and Internet
access can share their ideas, opinions, preferences, recommendations and
experiences and have their buzz amplified far and wide, and stored forever for future views by the search engines. I personally call this exchange of information, and its profound effects upon the B2B purchasing process, "The Share Economy".
And third, I want to reiterate the most important—and consequently, the most confused!—principle about buzz: Marketers, your goal is not buzz. Your goal is Brand ROI. Buzz certainly helps you to achieve your goal. But it’s not THE goal. Why? Because a goal is an end point, whereas buzz is a connecting point.
As long-term readers might recall (see post here), I posit that it’s best to view buzz as a 'bridge'. It’s not your ultimate destination, but it enables you to get from point A (goal) to point B (Brand ROI). Thus, every time I talk about WOM and buzz—whether through this piece, in speeches or through strategies—I'm viewing it with a sharp eye on increasing Brand ROI. Because what B2Bs MOST want from WOM is to create customers that—through their "buzz"—create MORE customers.
On that directive, let’s get started as B2B Buzz is a big topic to cover...
