Word of Mouth Revolution
Link: How to Manage and Measure the Word of Mouth Revolution | MarketingProfs.com.
This is a truly meaty article.... A key point:
Marketing today is in a state of turmoil. Industry leaders say traditional marketing campaigns, based on mass media advertising, are not working anymore. And the facts back them up. A 2004 study into advertising effectiveness by Deutsche Bank in the US consumer packaged goods sector found that only 18% of television advertising campaigns generate a positive return on annual investment, while the Harvard Business Review reports that for every dollar invested into traditional advertising for consumer packaged goods, the short-term return on investment is just 54 cents.4
Marketing in the business-to-business sector fares no better: An astonishing 84% of B2B marketing campaigns actually result in a fall in market share and brand equity.5
Thus, marketers must embrace the new marketing paradigm: connected marketing, which leverages viral, buzz, blog, and influencer marketing to reach clients and generate growth.
However, engaging in connected marketing requires a holistic, company-wide approach, dedicated to meeting and exceeding the expectations of customers (and above all, the influencers).
Like churn reduction, there's no silver bullet. There's not one single campaign that will generate all the buzz that's needed to achieve revenue goals. There's lots of trial and error. And it will be the most innovative, ear-to-the-ground, self-effacing marketers who will succeed - with or without a B school degree.
I plan to be one of them.
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