$1B and Growing
A highlight of the recent WOMMA Summit was PQ Media’s report on the now $1B+ word of mouth marketing industry. No surprise that the industry is booming, so what’s next?
The answer from the WOMMA attendees was clear: Better measurement. Better predictability. Better industry benchmarks. PQ said that 83% of the market comes from services, and 17% from technology and tools – look for the latter to grow as brands increasingly demand ways to automate and manage WOMM results.
You’ll also see new models around influence behavior, with ways to identify self-motivated “genuine” influencers versus those that have sold their soul to the highest bidder to spread the word. It’s no doubt hard to find those needles in a haystack – but leading marketers will have strategies and tools for this since they know the lifetime value of a genuine influencer is greater than anything the largest direct consumer can offer!