Is the product or service you’re selling worthwhile?
You are aware of this. But how can you persuade your target audience that it is worthwhile? Marketing serves this goal. It is up to you to demonstrate the value of your product.
There are several ways to demonstrate the quality of a product. Do you recall the old taste testing between Coke and Pepsi? This is one proof example.
However, in today’s world of social media marketing, social proof is by far the most popular and powerful type of proof.
What is social proof and why is it important? What’s the big deal? And, more crucially, how can you use it to get an advantage over your competition and capture the lion’s share of your target market?
What is Social Proof and How Can It Help You?
To begin, let’s define social evidence. It’s what happens when individuals praise a product, service, company, or other item.
There are various types of social proof. Online reviews, online ratings, social media mentions, professional credentials, and recommendations are just a few examples.
People are impacted by the actions of others, according to social proof theory. Social proof is evidence of something’s utility or legitimacy, regardless of what it is.
Social proof is beneficial for a variety of psychological reasons.
1. Transparency is highly valued. One of the advantages of social proof is that it is generated by customers of the firm’s products or services, rather than by the company itself. Part of the reason people trust it is because of this.
2. People also require a sense of belonging. The Bandwagon Effect is a psychological phenomenon in which people are more likely to support a cause or a product if others are doing so as well.
3. FOMO (fear of missing out) is a real and significant psychological phenomenon. We want to do something because everyone else appears to be doing it.
4. Humans are hard-wired to connect with other people through tales. It’s no surprise that we gravitate to consumer reviews and testimonials because they’re short stories.
To cut a long tale short, we want to feel at ease when we utilize the products and services we do. Before we invest money on something, we can use social proof to evaluate it without risk.
The Importance of Social Proof
Because social proof works, it is important. In fact, because it does the job for you, it’s really effective. People may not believe you when you say your products or services are excellent, but they will believe what others say about them.
According to research, approximately 86 percent of all consumers check internet reviews before purchasing a product, with 95 percent of consumers aged 18 to 34 doing so. Before making a purchase, customers read on average ten reviews.
It’s also worth noting that more people are becoming aware of the importance of online reviews. According to the same study, 40% of customers only read reviews that are less than two weeks old in 2018. This compares to only 18% in 2017.
Here are some more important details…
80% of consumers aged 18 to 34 have written at least one online review; 91 percent of people in that age group trust online reviews as much as a personal recommendation; 89 percent of consumers read businesses’ responses to reviews; 57 percent of consumers will rule out any business that does not have a high rating (4 out of 5 stars or above); 80% of consumers look a business up on the internet; 80% of consumers look a business up on the internet; 80% of consumers look a business up on the internet;
What are the takeaways? Social proof is, without a doubt, crucial in marketing. We also know that because young people are the ones who write and read reviews, it’s likely to become more important. This is how marketing will develop in the future.
Social Proof in Marketing: What You Should Know
What are some marketing strategies that you can utilize to incorporate social proof? To get you started, here are some ideas and examples.
Reviews should be encouraged (and responded to).
The most common form of social proof is still testimonials. As a business owner, you can encourage reviews by: putting a link to your Yelp or Google My Business page on your website; asking your social media followers for reviews; responding to reviews quickly and professionally; adding a rating scale to your website or allowing people to post product reviews there; adding a rating scale to your website or allowing people to post product reviews there.
You might want to display some of your internet reviews on your website. Your Yelp rating can also be shown in your store.
Obtain a Seal of Approval from a Profession
Consumers don’t always provide social proof. It can come from a professional certification or recognition of the value of your goods.
This type of social proof has a long history. Good Housekeeping magazine used to give products its stamp of approval. Today, you can obtain a professional seal of approval by obtaining a professional certification or establishing contacts with reporters to obtain press mentions.
Use the Collective Intelligence
FOMO is something you’re already aware of. Taking a page from Netflix’s playbook can help you leverage social proof. Popular TV shows and films are highlighted for streaming by the streaming behemoth. They understand that when people are discussing something, those who haven’t seen it yet will not want to miss out.
You can do this by emphasizing your best-selling products or services on your website or social media accounts.
Marketing With Influencers
Finally, influencer marketing can help you gain the social proof you need to increase sales. Influencer marketing entails obtaining recommendations and endorsements from influential people, usually through social media.
It’s important to remember that an influencer does not have to be famous. Influencer marketing is out of reach for most small businesses. What you can do is discover people in your area or sector who have authority and power and get them to talk about your business.
Although social proof is not new, its value is expanding. Because online reviews are so easily accessible – and because consumers can easily research businesses – no local business can afford to ignore social evidence.