MKTG 345 Lecture Notes - Lecture 6: Social Proof, Social Currency, Active Minds
Document Summary
Opinion leader: a person who is frequently able to influence others" attitudes or behaviors. If you need to reach 2 million people then you just need to reach the right 2000 in the right way and they will help you reach 2 million . One influential persons word of mouth tends to affect the buying attitude of two other people on an average. Incase of online, this figures goes up to 8 people on an average. In a study of 7000 consumers in 7 eu countries, 60% were influenced to use a new brand family and friends. Expensive, risky and infrequently purchased products ex laptops, cars, houses, financial investments, health care. Product suggest user status or taste ex restaurants, travel destinations/hotels, lifestyle products, golf accessories. Social capital: accumulated resources whose value flows to people as a result of their access to others. Strong and weak ties emotional support is one form of social capital.
