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Buzz Marketing


What is Buzz Marketing?


Buzz marketing, is also known as word-of-mouth markeitng, emphasizes consumers passing along information about a product. Marketing buzz or simply buzz is a term used in word-of-mouth marketing. The interaction of consumers and users of a product or service serve to amplify the original marketing message. Word of mouth is a reference to the passing of information from person to person. Originally the term referred specifically to oral communication. external image buzz-marketing-nationwide.jpgBuzz or
word of mouth can be generated by:
  • Consumers who truely like a brand and tell others.
  • Consumers who like a brand and are sponsored by a company to tell others.
  • Company or agency employees posing as customers of the company, telling others about the brand.



Why is Buzz Marketing Valuable to Marketing?


Buzz marketing, which encompasses a variety of subcategories, including; blog, viral, grassroots, cause influencers and social media marketing, as well as ambassador programs, work with consumer-generated media and more, it can be highly valued by product marketers. The reason being, the personal nature of the communications between individuals, it is believed that product information communicated in this way has an added layer of credibility. Research points to individuals being more inclined to believe word of mouth marketing more than formal forms of promotion methods; the receiver of word-of-mouth referrals tends to believe that the communicator is speaking honestly and is unlikely to have an ulterior motive (i.e. they are not receiving an incentive for their referrals).

To promote and manage buzz marketing communications, marketers use publicity techniques as well as viral marketing methods to achieve desired behavioral response. Influencer marketing is increasingly used to seed WOMM by targeting key individuals that have authority and a high number of personal connections. Marketers place significant value on positive word-of-mouth, which is traditionally achieved by creating products, services and customer experiences that generate conversation-worthy "buzz" naturally on its own.



Buzz Markeitng Stages:

  1. Inoculation- This corrosponds to the product being introduced.
  2. Incubation- The product is being used by a few innovators or tredsetters.
  3. Infection- Widespread use of the product.






Examples of Buzz Marketing:
Examples of products with strong marketing buzz upon introduction were Harry Potter, the Volkswagen New Beetle, Pokémon, Beanie Babies, and the Blair Witch Project.

external image pokemon-party.jpg




What Buzz Affects


Slightly more than two-thirds of the U.S. economy has been influenced by buzz.

13% Largely Driven by Buzz
Toys, sporting goods, motion pictures, broadcasting, amusement and recreation services, fashion

54% Partially Driven by Buzz
Finance (investment products), hotels and lodging, electronics, printing and publishing, tobacco, automotive, pharmaceuticals and health care, transportation, agriculture, food and drink

33% Largely Immune to Buzz
Oil, gas, chemicals, railroads, insurance, utilities
*McKinsey & Company estimate for 1994 U.S. economy (total equals $6 trillion)


The 5 Myths of Buzz
The Myth
The Reality
1. Only outrageous or edgy products are buzz-worthy.
The most unlikely products, like prescription drugs, can generate tremendous buzz.
2. Buzz just happens.
Buzz is increasingly the result of shrewd marketing tactics in which companies seed a vanguard group, ration supplies, use celebrities to generate buzz, leverage the power of lists, and initiate grassroots marketing.
3. The best buzz-starters are your best customers.
Often, a counterculture has a greater ability to start buzz.
4. To profit from buzz, you must act first and fast.
Copycat companies can reap substantial profits if they know when to jump in — and when not to.
5. The media and advertising are needed to create buzz.
When used either too early or too much, the media and advertising can squelch buzz before it ignites.

external image online-consumer-voices.gif
Buzz markeitng works for two primary reasons. First, people trust someone else's option more than paid advertising. Second, people like to give their opinions. They like to share their thoughts because as human beings there is an innate desire for social interaction and a concern about the welfare of others.




















For More Information on Buzz Marketing :
http://hbswk.hbs.edu/archive/1956.html#what
http://www.buzzmarketing.com/

http://www.bzzagent.com/

http://blog.buzzoodle.com/index.php/2009/05/27/buzz-marketing-campaigns/



References:

1.Thomas Jr, Greg (2006-07-11). "Building the buzz in the hive mind". Journal of Consumer Behaviour 4 (1): 64–72. http://www3.interscience.wiley.com/journal/112587927/abstract?CRETRY=1&SRETRY=0. Retrieved 2009-06-08.
2.Renée Dye (2001-01-29). ""the Buzz on Buzz"". Harvard Business Review. http://hbswk.hbs.edu/archive/1956.html.
3. Word of mouth advertising: Marketing-made-simple.com
4. Kenneth E. Clow and Donald Baack, (2010) "Intergrated Advertising, Promotion, and Marketing Communications", Fourth Edition, Prentice Hall Upper Saddle River