Accenture 2010 Global Consumer Survey: “Social media...dramatically accelerating the exchange of customer opinions.”

Accenture recently released its 2010 Global Consumer Survey which highlights that word of mouth is still the basis for consumers’ decisions and it has gone viral!”Word of mouth extends to postings on social media sites”, and it ”remains, the source of information respondents use most (76 percent) and consider most important (56 percent) when deciding whether to do business with a service provider. ” The report also mentions the fact that consumers have lost trust in the companies that they do business with and they are communicating this online.

In a recent survey by YouGov: “41% of people will make a complaint by phone, 63% by email, and 20% take to social media sites to have a good old moan to friends and family.”

Graham Charlton, Editor at Econsultancy.com recently posted on this finding (See his blog) saying ”This means more negative comments about companies and highlights the needfor customer service improvements, as well as policies to monitor and respond to complaints on social media channels.”

Accenture concludes their report by saying: “ Social media is the catalyst for convergence of digital and mobile and is dramatically accelerating the exchange of customer opinions. Word of mouth is a critical factor impacting consumer decisions, which includes exchanges through social media.

In addition to switching, dissatisfied customers have the equivalent of a megaphone through social media and digital channels to communicate their frustration to others. Companies need to make conscious decisions about their social media strategiesand practices, as ignoring it is not an option.