I like looking for studies, surveys, and other information to back up the claims I make here.  You've probably noticed by now that I'll talk about something one day and then post information later that backs up what I've said in the past.  I think it's pointless to make claims and suggestions without having any kind of proof to back it up.  The ability to support ideas and opinions is what separates good advice from the rest.

I've said in the past that social interaction is a big part of the future of online marketing.  People like to see what others have said and they like to look at feedback.  Think about your own experiences online.  When you're shopping at your favorite website, don't you look for reviews from other customers?  You notice the ratings that other people have given products and services.  We notice those things because most of us would prefer to know a little something about the things we're spending money on before we fork over any cash.

ClickZ published some fascinating data  this morning that not only backs up what I've said about consumer generated media (CGM), but also makes the point even better than any words I could ever type.  The data, compiled from a survey conducted by research firm Compete, shows that consumer generated media (like reviews) has a serious influence on purchasing decisions.

Specifically, the study found:

• 51% of respondents used CGM to narrow a decision, 23% used it to confirm a decision, and 15% used it to decide on a favorite product
• 23% said review websites influenced them and 12% said consumer reviews made an impact on their purchasing decisions
• 33% said company websites were influential (that would be your website… the one your products are showcased on)
• 71% said CGM is credible information vs. 35% who said information coming directly from the manufacturer was credible
• In particular, $2 billion in travel purchases were influced by consumer generated media
• About 60% of respondents said they were likely to visit sites on which consumer reviews where available
• Of the people who were influenced by CGM, about twice as many were likely to leave their own review compared to respondents who said they were not influenced by CGM

The full ClickZ report has a lot more information so I'd suggest you read the entire article.  This only goes to show that when I've mentioned the importance of customer feedback and social interaction, I wasn't just professing my opinion.  Yes, I think it's important.  But the data in this study shows that there are cold, hard facts to back that opinion up.

What does it mean for you?  It means that if you haven't implemented feedback mechanisms into your website, you're missing potential sales.  It means that a large chunk of consumers are going to pass your site by if there are not reviews from other consumers on your site.  It means that consumers value the opinions of their peers over yours.

I'm not suggesting that you stop trying to sell your own products.  A third of the people in this survey said the website responsible for the product or service was a source of influence.  But another 60% said they would rather buy your product from another source if that source had customer reviews on it.  Keep customers at your website by offering both types of information:  your own marketing and consumer generated marketing.