AdAge (thanks to WOMMA for source) has a summary of the ZenthOpimedia survey on the most effective source of information to consumers. TV has the highest recall. Friends & Family is the most influential.
The question has to be asked 'What is a friend?' Can a Social Media (cyber) friend be as influential as a 'physical' friend? We know the effect of TV stars endorsement. If Delia (Smith - the cook. See her web site) recommends a product its sales will increase. Richard and Judy had a TV Book Club (online version) and a recommendation from them can drive an author to the top of sales list. Can that be replicated in either an online community with no media stars or by the cyberspace equivalents of Delia or Richard and Judy?
There has been a lot of research into 'flocking' or crowd behaviour. The latest is from Leeds. Their research showed that a small percentage of people can influence large groups. Like a herd of sheep we will follow. Whilst the research was looking at crowd behaviour in physical situations (follow my leader) it does have application in the cyberworld.
Now how many social media friends do I have? How many do I follow? How many of those are themselves influential?
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