Capitalizing on Conversational Capital
Don’t sleep on this way-worthy white paper about Conversational Capital from Diesel Marketing. In just a few pages, this Montreal-based marketing firm shares thought-provoking insight into the art of Word-of-Mouth marketing.
Diesel contends that in the experience economy, storytelling or the way people can talk about their experiences is as important for consumers as the actual consumption experiences themselves.We call this conversational capital because this form of storytelling is a powerful currency that transforms the economic relationship between brand experiences and their consumers. In this new type of transaction, by successfully delivering outstanding and meaningful consumer experiences, marketers provide their clients with some valuable conversational currency that helps them effectively define themselves in their social interactions. In return, consumers who talk positively about certain products increase the value of brand experiences by becoming efficient, inexpensive and credible advocates.
The novelty of the concept of conversational capital is not the acknowledgement that bragging rights play a key role in consumer behaviour. Rather, it is the recognition that 1) “bragging rights” have a real economic value for consumers as well as providers of goods and services and that 2), these “bragging rights” can be engineered.
Conversational capital arises when organisations manage to deliver products/services experiences that are remarkable and meaningful enough to prompt consumers to want to talk about them.
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