One, word-of-mouth is highly influential in the buying process, cited by 74% of consumers.
Second, recommendations from friends and family still reign supreme, but 88% of people now place equal stock in online reviews written by other consumers.
Third, the majority of customers (72%) who read positive reviews are more likely to do business with that company; however, it takes an average of 2-6 reviews for 56% of customers to reach that point.
More than half of all purchases prompted by a social media share or favourite happen within a week of the initial share or favourite.
And Brands that elicit stronger feelings from consumers generate three times as much word-of-mouth as those that don’t.
More than half of those surveyed would recommend a business to others if they were given some sort of financial reward, public recognition, or entry into a special loyalty programme.
This is the foundation upon which the monetary incentive framework of the GrowthHachingIdea rides.
Source: https://www.getambassador.com/blog/word-of-mouth-marketing-statistics