Social media spending in the US will increase from $716 million this year to more than $3.1 billion in 2014 – that’s a compound annual growth rate (CAGR) of 34% – according to a forecast from Forrester Research released last week. Other findings include: At 27%, mobile marketing will be the second-fastest-growing budget item At 17% CAGR…
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Word of mouth research: A fan is worth $2,634 in the computer hardware industry
People who are highly likely to recommend a company and/or its products are worth $2,634 in the computer hardware industry according to a Satmetrix Systems study, Net Promoter Economics: The Impact of Word of Mouth. The study is based on Satmetrix’s Net Promoter WOM Economic Framework, which determines total customer value based on buyer and referral…
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Word of mouth research: WOM is the biggest influencer in apparel and electronics purchases
When buying apparel and electronics, consumers look primarily to their peers for information about products, retailers, and past shopping experiences. That’s according to a study by the Retail Advertising and Marketing Association and BIGresearch. Findings from the study include: At 44.4%, WOM is the number one influencer in electronics purchases At 34.4%, WOM is the…
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From the archives: Word of mouth from strangers can be more influential than opinions from close friends
Recommendations from people we barely know can be more influential than opinions from our close friends, according to a study by Jacob Goldenberg (Hebrew University of Jerusalem), Barak Libai (Technion-Israel Institute of Technology), and Eitan Muller (Tel Aviv University). The study focused on comparing the personal communication between closer and stronger communications that are within…
Word of mouth research: Social sites are key resources for consumers
Social media sites are the number one online source for information on a company, brand, or product according to a 2008 study by OTX and DEI Worldwide. Further, nearly half (49%) of these consumers made a purchase decision based on what they gathered. Other findings: 71% of respondents found recommendations from online consumers helpful 67%…
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From the book: BtoB word of mouth — you’re already doing it (and so are your customers)
This week we’re taking a look at BtoB word of mouth marketing inspired by the new chapter in the revised edition of Andy Sernovitz’ best-seller, Word of Mouth Marketing: How Smart Companies Get People Talking. You’re already doing it Most BtoB marketers who are struggling to figure out how word of mouth can work for…
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