Putting your money where your word-of-mouth is

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While many advertising channels have experienced their spending slow, in 2008, word-of-mouth advertising grew 14.2 percent. Spending behind this word-of-mouth marketing hit $1.54 billion last year, according to PQ Media. (The largest amount of marketing dollars—$832 million—was put toward word-of-mouth strategy and consulting.)

Word-of-mouth tactics include buzz, influencer, community and viral marketing. Marketers used Twitter, Facebook and MySpace to research consumers, and spending increased 26 percent in those channels.

“Brands value and invest in w-o-m,” said Patrick Quinn, CEO of PQ Media, in a statement. “Our research indicates that brands are allocating more of their budgets to long-term w-o-m campaigns, executing effective online and offline activities that resonate with consumers and their core groups. Despite impressive growth in the industry, w-o-m remains just a fraction of the overall advertising and marketing landscape. But, double-digit growth in this economic environment is a strong sign of an increasingly prevalent roles in the future.”

PQ Media is forecasting the w-o-m spending will increase another 10.2 percent this year despite the recession.

Check out this article written by Kenneth Hein for more information.

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