According to a recent PQ Media research report, many major brands are increasing their word-of-mouth marketing campaigns despite the worst recession in decades.
Last year, companies increased their word of mouth advertising efforts by more than 14 percent, to more than $1.54 billion. Furthermore, according to the report, spending on WOM campaigns is expected to reach as much as $3 billion by the year 2013.
PQ Media defines WOM marketing as “an alternative marketing strategy supported by research and technology, which encourages consumers to dialogue about products and services through various online and offline tactics, often facilitated by brand ambassadors.”
“The most invluential marketer in a consumer’s life is someone they know and trust, such as a family member, friend or colleague,” according to Patrick Quinn, president & CEO of PQ Media.
Developing WOM communities both online and offline is part of an emerging trend. What are you doing to participate in this trend? I’d love to hear your feedback on this important and growing element in business.