Word of mouth is a powerful persuasion tool, whether you’re deciding what movie to see, what sneakers to wear, or what car to buy. And social media has compounded its reach and effectiveness. Powerful statistics like this leave little debate about the power of the social word:
- 60% of millennials rate products and services online, compared to 46% of non-millennials. (Source: BCG) [tweet this]
- 51% of millennials say consumer opinions found on a company’s website have a greater impact on purchase decisions than recommendations from family and friends. (Source: Brazaar Voice) [tweet this]
- 64% of millennials vs. 53% of boomers think companies should offer more ways to share their opinions online in the future – and they’ll continue to participate. (Source: Brazaar Voice) [tweet this]
But differentiating between a casual “Like” and a real endorsement is the social media practitioner’s greatest challenge. Because, of course, a “Like” or retweet doesn’t mean someone actually bought a product from that company. Similarly, peer reviews like Yelp! aren’t necessarily authentic.
Influence marketing specialists Social Rebate was launched to address this.
The company enables businesses to boost online sales and decrease net advertising costs by leveraging genuine customer engagement. Customers earn cash back by sharing the “products they loved so much they bought” via today’s leading social channels. One company using Social Rebate, The Petway (delivering healthy pet food), has seen impressive ROI. Here are the raw numbers:
- Total Sales – $43,810.31
- Sales Attributable to Social Rebate – $2,353.88
- Total Rebate Amount Paid by The Petway- $495.84
- ROI – 474.73%
- Social Rebate attributable growth – 5.37%
- 30.49% of Social Rebates converted to a sale