According to a recent article in "Advertising Age" Magazine, a recent analysis was done by PQ Media stating that marketers spent $1 billion on Word-of-Mouth Advertising in 2006. 2006? That was last year!
The article later goes on to state that a recent Nielsen Global survey of over 26,000 people showed that 78% of the participants relied more upon "recommendations from consumers". This number was 15% higher than newspapers; the second most trusted source.
What does this mean? Aside from the obvious fact that the advertising/marketing industry is moving away from traditional forms of advertising, it also means that the companies it serves is doing the same. Are you one of them?
Most experts agree that the current business-scape is changing rapidly, leading to corporate anxiety for some and amazing opportunities for others. At TNNW, we will continue to keep you posted on the latest developments in the emerging Relationship Economy.
As always, I look forward to networking with you...
Building relationships with your consumers, and turning them into customer evangelists is the best form of marketing there is.
ReplyDeleteBuild the relationship with them by using CRM/ one-to-one methods...and give them some sort of incentive for referring their contacts to your business!
You won't be sorry!
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