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07.09.08:
A half dollar for your thoughts? |
Ever wondered what a word-of-mouth conversation is really worth? Well according to Brandweek , a Boston-based agency has found the answer. About 50¢. BzzAgent based their study on a conversation from one of its 425,000 agents on behalf of a brand. They then measured the success of its campaign by dividing its sales by total conversations, finally giving a tangible figure to this difficult-to-measure form of viral marketing.
But, many believe it can be trickier than it seems to measure the
success of word-of-mouth, especially for local and regional campaigns.
With advertising and other factors influencing sales, the word-of-mouth
figure will vary by campaign and conversation. As an alternative,
marketers can also look to Net Promoter, a system created by Satmetrix,
to measure a word-of-mouth program’s success based on whether a
consumer would recommend the product to a friend.
Edelman released its annual Trust Barometer earlier this year,
which also focuses on the value of word-of-mouth and peer referrals.
The study revealed that over 85% of respondents surveyed will pass
along to others information about their experiences with a company.
Young adults especially trust in the opinions of others similar to
them, more so than industry experts or specialists. These
twenty-somethings trust businesses more than their older counterparts
in many areas of the world, most likely from their high use of
mainstream media.
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