Consumer Generated Media exerting a growing influence
Markets are conversations. Cluetrain predicted this back in 1999 and a recent U.S. study confirms that it has indeed come to pass.
Two-thirds of all consumer goods sales are now directly influenced by word-of-mouth, and the Web is becoming more and more central to these discussions.
When The Wall Street Journal explicitly referred to "consumer-generated media" last week in a Marketplace cover story on marketers who tap blogs for consumer insights, it became clear CGM is advancing to an important, long-overdue tipping point of marketer understanding, says Pete Blackshaw, originator of the term.
Consumers create and share content. It’s the fastest growing source of content on the Web. According to Pew, almost half of all web users have created online content and it’s a fact that these online conversations have enormous influence.
Keeping track of what’s said in these word of mouse forums – blogs, RSS feeds, message boards and review/rating sites – offer insights no amount of market research could ever provide.
They’re out there and they’re talking to each other. If you’re not ready to join that conversation at least make an effort to listen to what they’re saying.
