Consumer Reviews + Social Networks + Baby Boomers = Gold Mine

B.L.
Ochman posed an interesting question last week on the power of consumer
reviews. “Why are companies so scared of consumers?” she asked. “Why do
so many view consumer review sites, social networks, blogs, and other online
communities as a threat?” She notes that many communities are user-regulated,
so that if someone did post a negative review, it wouldn’t freak out a
potential consumer if it was canceled out by a larger number or better-written
positive review. I agree. If I see a bad restaurant review on Yelp, for
instance, I’m not going to just click away; I’ll read on to see if perhaps it
was a fluke or if the rest of the content is of such as low-quality that it detracts
from the credibility of the reviewer.

Moreover, consumers demand
information and will not trust a brand or product unless they have what they
feel is the full picture. The e-Marketer
article, before concluding that consumer product reviews tend to boost, not
hurt, sales, argues that there are essential “trust-building” aspects of a
commerce website: easy site navigation, good search tools, and complete product
information. With these foundations in place, a business is setting itself up
for a solid e-marketing platform. Consumer reviews, then, should be considered
as supplementary, not central to the overall e-commerce effort.

The latest trend
this holiday season, in addition to cause-related marketing (go CSR! Green!
will it ever stop!) has been in social-network shopping. The American Marketing
Association reported
that “consumers [are] seeking out a chance to use social networking sites as a
way to chat and share opinions on holiday gifts.” Forty-four percent of
consumers say that the best way to connect them with new products or services
is through online channels.

Now let’s
put two and two, or rather, two and fifty-eight together, to reach the 60
million U.S.
baby boomers that will use the Internet next year. Think, people. Although baby
boomers’ Web-surfing habits are “more firmly rooted in
traditional media” you cannot hide behind the excuse of not being
able to teach old dogs new tricks. I know plenty of old dogs who experience a
renaissance in their late 60’s (in human years that would be around age 9) and
might be open to the use of social media. It makes sense – baby boomers have
the potential to be true influencers. They are older and wiser, their favorite
consumer goods are items in which people are very open to receiving advice:
travel, financial services, health and fitness and luxury goods. Who doesn’t
want to hear what their friends’ recommend as an amazing travel destination,
high-return investment, senior-friendly gym or yoga studio, or a “so worth it”
piece of jewelry or real estate? And why, since they are on the Internet, have
the time to be social, and love to give advice, would they not utilize social
networks to do so? C’monnn, baby boomers. Catch up.

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