Spending on word-of-mouth (WoM) marketing slowed in 2008, nevertheless increasing 14.2%, to $1.54 billion, despite the worst economic recession in 70 years, according to PQ Media's recently released Word-of-Mouth Marketing Forecast 2009-2013 report.
Though year-over-year growth is expected to slow in 2009, WoM spending is on pace to increase another 10.2% this year, placing WoM among the fastest-growing advertising and marketing segments, says the report.
Changing consumer behaviors and advancing technology, and their residual effects on the advertising and marketing sectors, will continue to fuel growth in WoM marketing, according to PQ Media, which forecasts that spending from 2008 to 2013 will increase at a compound annual growth rate (CAGR) of 14.5%.
The firm defines WoM marketing as an alternative marketing strategy that uses both online and offline tactics to encourage consumers to talk about products and services. WoM marketing is supported by research and tools, and often it is facilitated by brand ambassadors.
Take the first step (it's free).
You may also like:
- Why 'Influence Marketing' Is Bigger Than Influencers: Jason Falls on Marketing Smarts [Podcast]
- A B2B Case Study in Influencer Marketing: Adobe's Rani Mani on Marketing Smarts [Podcast]
- Join the Marketing Rebellion or Get Left Behind: Author Mark Schaefer on Marketing Smarts
- Word-of-Mouth: Why Chatter Matters for Your Brand [Infographic]
- Give Them Something to Talk About: 'Talk Triggers' Authors Jay Baer and Daniel Lemin on Marketing Smarts [Podcast]