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PQ Media: WOM spend to reach $3 billion
Over the next four years, marketers are expected to expand their word of mouth (WOM) advertising spend. According to a new forecast from PQ Media, the WOM spend will slow by 10% in 2009 but by 2013 will still reach $3 billion.
In 2008 brands spend just over 14% of their ad budgets on WOM ($1.54 billion). Despite the slowdown in 2009, WOM advertising remains a big part of advertisers online approach. Over the next four years WOM spending growth is expected to be one of the fastest growing in the online categories, reaching $3 billion by 2013.
"The most influential marketer in a consumer's life is someone they know and trust, such as a family member, friend or colleague," said Patrick Quinn, President and CEO of PQ Media. "This report shows that brands value and invest in word-in-mouth. Our research indicates that brands are allocating more of their budgets to long-term word-of-mouth campaigns, executing effective online and offline activities that resonate with consumers and their core groups."
In 2008 brand packaged goods marketers (food and drink brands) accounted for about 40% of the WOM spend, but over the next few years even more brand categories will latch on to the WOM craze, hoping to create a loyal online - and offline - following of buyers.
"All of our members - the major brands, agencies and technology companies - have felt this new surge now in word of mouth marketing. Recession or not, our research and our experience clearly tell us that marketers see word of mouth marketing and social media marketing as essential," said John Bell, President of the board at WOMMA. "Done well and ethically, the trust, credibility and impact it builds is unsurpassed."
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