MediaPost reported Tuesday that there are 3.5 billion brand-related conversations per day in the US.
Spending on word-of-mouth (WoM) marketing jumped 35.9 percent in 2006 to $981.0 million and is expected to top $1 billion in 2007, making it one of the fastest growing alternative media segments.
Driving the growth is the continued consumer shift to alternative media and the marketer's need for increased brand engagement and ROI. These are some of the findings of the first in-depth analysis of the emerging word-of-mouth (WoM) marketing industry by PQ Media.
PQ Media defines Word-of-Mouth (WoM) marketing as an alternative marketing strategy supported by research and technology that encourages consumers to dialogue about products and services.
Word-of-Mouth (WoM) Marketing is the fastest-growing segment of the $254 billion marketing services sector of the media industry, which includes among others, branded entertainment, direct marketing and public relations.
Think about it: 3.5 billion brand-related conversations daily. Many of these conversations will take place tomorrow at the turkey table. We're just in the baby stages of conversational/WOM marketing and will see dramatic changes in the near future how to connect with people. The opportunities are endless.
One of my hope is that Black Friday will be a laughable chapter of American business history when I sit at the Thanksgiving table of my kid in 20 years. (And Cyber Monday won't even be a footnote.) As an immigrant, that ritual of getting up at the crack of dawn to get a good deal is just strange and very foreign to me. And I hope that the new world of marketing will allow these people to stay in bed, enjoy breakfast with their family and get some needed family/friend time.