Word-of-mouth (WOM) marketing has a lot more power on a consumer purchase decision than many brands realize. Resulting in six trillion dollars, WOM captured one-eighth of total consumer spending. Word of Mouth Marketing Association conducted a study which found out the number of consumer sales on average from word-of-mouth interactions. Categories included telecommunications, food, beverage, software, personal services and television- all included online and offline consumer conversations and recommendations.
WOM held 13% of consumer sales, and almost 20% of higher price-point sales. Of this 13%, offline accounted for two thirds of sales (around 4 trillion) and online impact was one third (around 2 trillion). This shows that face-to-face or social media interaction from someone who has experienced the product or service does infact make an impact on the purchasing decision of the buyer. In addition to this, it resulted in a faster purchase decision often within 2 weeks than traditional media. Never underestimate the value of a loyal customer!
Check out the original infographic here.
