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Small businesses setting standards for WoM |
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Small businesses are beating their bigger rivals when it comes to harnessing the huge power provided by word of mouth (WoM) advertising.
A study by JupiterResearch found that 66 per cent of small companies monitor WoM on an ongoing basis, compared to only 33 per cent of large companies. "More than 90 percent of large companies believe that consumer recommendations are important in influencing other consumers' purchase decisions," said Emily Riley, lead author of the report. "Yet many large companies are not focusing efforts on managing the conversation among consumers." There is huge potential growth on offer for companies that manage to harness word of mouth (WoM) marketing, as the internet has helped consumers communicate like never before. "Online consumer dialogue has become both widespread and efficient, allowing consumers to wield enormous power over the buying decisions of their peers," said David Schatsky, president of JupiterKagan. "Companies of all sizes should leverage the tools available today to enhance their ability to monitor and control consumer product discussions that can directly impact their business."
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