Is your brand worth talking about?
According to a report by alternative media researcher, PQ Media, word-of-mouth, also referred to as buzz or viral marketing, was the “fastest-growing slice of the $254 billion marketing industry [in 2006] and is expected to account for more than $1 billion of ad spending in 2007.” By 2011, word-of-mouth ad spending is expected to triple to $3.7 billion.
Although word-of-mouth is the oldest form of advertising, in an era where user content drives blogs and social networking sites such as MySpace, LinkedIn, and Facebook, word-of-mouth is mandatory arsenal for developing brand awareness.
Inexpensive as it is credible, The Toronto Globe writer, Sinclair Stewart, warns that word-of-mouth can also be a “two-edged sword.” Swinging in the opposite direction, the word-of-mouth pendulum can be detrimental if consumer feedback is negative.
Making brand news good news for consumers to chat about is strategy worth implementing.