Word of Mouth Worth $1 Billion
Posted on November 27, 2007
What’s consumer word-of-mouth advocacy worth to marketers? Try $1 billion.
That’s how much marketers spent on WOM — as it’s known to its practitioners — in 2006, according to an independent research report on the field that will be unveiled during a session at the annual Word Of Mouth Marketing Association conference in Las Vegas. The analysis, believed to be first in-depth look at word of mouth, reports that spending on the emerging discipline has increased from $76 million in 2001 to $981 million in 2006 and is expected to grow to approximately $3.7 billion by 2011.
“It’s starting to be recognized as an established industry,” said Leo Kivijarv, Ph.D., VP-research of PQ Media, which performed the analysis.
November 27, 2007
Looking at the rapid build up of podcasts where a podcaster can create a very intimate connection with a very defined niche’. These folks can have an incredible amount of influence on their listeners due to the bi-directional communication being encouraged. One might look at the Amazon Kindle. The tech podcasts are abuzz with bad reviews of the product. Interestingly enough they have sold a few (sold out at present), but I doubt many of the listeners of these very popular podcasts rushed the door to get one. These podcasters are shaping public opinion and massaging consumer behavior.