“The power of the consumer’s voice has never been stronger,” said David Daniels, Vice President and Research Director at JupiterResearch. “It is impacting consumer behavior and how companies operate. Smart marketers are not just reviewing consumer-created content, they are studying it and using it to develop strategies to grow their business.”
Interesting stats include…
* 77% of online shoppers use consumer generated product reviews and those that find them useful are more likely to be loyal to recommended stores.
* Consumers who post feedback on forums – positive or negative – spend 22% more online than others.
* Companies are getting wise to the impact of CGM too. 90% of large companies believe that consumer recommendations are important in influencing other consumers’ purchase decisions.
Link credit goes to Jeremiah.