Large- and Mid-Sized Companies Lag in Mastering Word-of-Mouth Marketing Strategies, Reports JupiterResearch
Monday, 12 June 2006
JupiterResearch reports that large- and mid-sized companies can gain greater control of the powerful effects of Word of Mouth (WoM) marketing by leveraging techniques that small companies use. Detailed in a new report, "Managing Word of Mouth Online," JupiterResearch provides recommendations for large- and mid-sized companies on how to better influence what consumers recommend to peers.
More than 90 percent of large companies believe that consumer recommendations are important in influencing other consumers' purchase decisions," said Emily Riley, analyst at JupiterResearch and lead author of the report. "Yet many large companies are not focusing efforts on managing the conversation among consumers."
Sixty six percent of small companies monitor WoM on an ongoing basis, compared to only 33 percent of large companies. Large companies are also more likely to assign WoM management to PR and marketing groups or third-party agencies, a practice that can insulate employees from consumer sentiments.
"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."
The complete findings of this report are immediately available to JupiterResearch clients online at www.jupiterresearch.com.