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A recent study by the Word of Mouth Marketing Association has produced some interesting and insightful figures relating to the power of Word Of Mouth marketing. The study focused on offline WOM conversations as well as social media. Some of the key points that resulted from the study are as follows:
– WOM drives 13% of consumer sales in the US, which amounts to $6 trillion annually
– WOM boosts effect of paid media by 15%
– Offline WOM accounts for two thirds of sales impact, with online social media accounting for one third
– An offline WOM impression drives 5 times the sales impact of paid media alone, and up to 100 times for higher-consideration categories
– WOM’s impact happens close to time of purchase, often within two weeks
Even though we know that consumer recommendation has a powerful impact on sales, it has been hard to quantify thus far, with much of offline WOM data difficult or impossible to record. Bearing the above figures in mind only further emphasises the need to target marketing campaigns at influencers, i.e. those who are most likely to drive WOM marketing and amplify your paid media efforts.
Idiro’s award-winning SNA Plus predictive analytics platform can help you identify influencers within your customer base enabling you to better-target your campaigns and increase your ROI. For more information, please visit our Case Studies page, or contact us at: experts@idiro.com