word of mouth

Word of mouth marketing (WOM) may be the most effective marketing out there today, given the wide availability and accessibility of people’s opinions coupled with the continuing public distrust of company sales pitches. But WOM doesn’t just happen – nor does conventional marketing wisdom apply. WOM marketing is unlike any other kind of marketing out there and poses unique requirements as well as capabilities.

The ability to interrogate and make decisions based on consumer data from social media is a key 2013 priority for European bankers according to a survey from the European Financial Management Association (Efma) and the Fair Isaac Corporation (Fico). The survey of credit risk professionals from 27 European countries found that analysing these data to better understand consumer needs was a priority for 54% of respondents.

Ever more executives want to create marketing magic by turning their consumers into "brand promoters". But with all the customer advocacy programmes flying around, many of them seem to miss the elephant in the room: their own employees might not be "that" inclined to recommendation themselves.

I'll admit to feeling a large dose of nostalgia when I think back to Sunday evenings spent listening to the Top 40 Chart Show on the radio, with fingers poised on the 'play' and 'record' button of my ancient tape recorder waiting for the DJ to stop talking over the track intro so I could get a clean recording of it (I'm really showing my age here).