We used to call it 'Word of Mouth'- now its something called 'F-Factor'

Source: www.trendwatching.com

For a long time we have known that the people you know influence what you like, and what you buy.

History
Years ago when I started out in marketing and publicity, we would work on ways to increase and accelerate word-of-mouth. I remember providing postcards and free postage to theatre goers to increase the circulation of positive word of mouth.

I'm not sure the principle has changed much - just the method and the frequency.

The F-Factor
In their latest trend briefing: 'The F-Factor', trendwatching has a very good summary of how social networking (Friends, Fans & Followers) is affecting consumers, particularly consumption online.

Curated Opinion
The internet is full of opinion about almost anything. What has been missing is the notion of 'curated opinion' - that is a way of evaluating the opinions offered. For example, if you have never stayed in a 5 star hotel, then any 5 star hotel is going to be 'fantastic', 'the best' or 'awesome'. But if you stay in good hotels consistently, then, what you think of as a great hotel will be different.

We tend to share opinions with our friends, as well as other things like political and social outlook, so they are our trusted 'curators'.  Social media use this to accelerate the communication of opinion, and to make it more visible.

Factoids
Read the article - it has some good synthesis, as well as interesting factoids.

I also like one of the phrases they use 'consumption is social'

Source: www.trendwatching.com