WOMMA/Summit - Day 2: PQ Media Releases Word-of-Mouth Marketing Forecast 2007-2011; First-Ever Analytics on the Size, Structure & Growth of WoM Marketing
In this session, Patrick Quinn, President/CEO, PQ Media introduced PQ Media's proprietary econometric methodology known as Medianomics (TM) and gave today's first look at the Word-of-Mouth Marketing Forecast 2007-2011.
The report can be obtained here for purchase.
* WOM marketing is defined differently by people, but PQ Media defines it as "an alternative marketing strategy supported by research and technology that encourages consumers to dialogue about products and services"
* Consumers are shifting from traditional to alternative media, which is a reason WOM is growing so strongly
* Spending on WOM marketing jumped 35.9% in 2006 to $981 million and looks to reach $1 billion in 2007
* 1/3 of all media usage is multi-tasking
* Key is that consumers trust WOM more than anything, but trust is sensitive and needs to be nurtured
* Most of WOM is off-line, so measurement needs to go there as well
* Brand marketers for the most part are going to agencies to run the campaigns and metrics
In a rapid-fire presentation, Quinn provided both an overview and details on WOM marketing ... but to get the full impact of his information, either purchase the report or sign up to receive the executive summary (see link provided above).