Word-of-Mouth Marketing Maintains Rapid Growth Rate
Traditional forms of marketing may be struggling this year, but spending on the word-of-mouth (WoM) channel should grow 10.2% in 2009. That’s the prediction from PQ Media. According to PQ Media, WoM “includes two major sectors – content & service providers and ancillary products”.
Here’s how PQ Media breaks out the 2008 spending on specific segments:
- Strategy/consulting $832 million
- Agencies $197 million
- Online communities $119 million
- Content and services $109 million
Total spending, per PQ Media, reached $1.54 billion in 2008 and should double by 2013. The value of this form of marketing is that it merges the way consumers increasingly spend more time online while they also seek out advice and share tips with friends and family members. This trend presents an opportunity that few marketers can afford to ignore.[Source: PQ Release, July 2009]