According to a new landmark study, including word of mouth data from Keller Fay Group and social media data from Converseon, consumer conversations (online and offline) account for a very significant 13% of consumer sales across a diverse range of categories. Applied to the universe of consumer spending, that translates into $6 trillion in economic value. In certain higher consideration categories, the sales impact of word of mouth is closer to 20% of sales.
Further, the study finds offline word of mouth accounts for the two-thirds of the sales impact of WOM, while online social media accounts for one-third.
These and other new and important findings about the impact of word of mouth were released at last week’s Word of Mouth Marketing Association (WOMMA) Summit. The research was organized by WOMMA, and supported by agency and brand sponsors, including AT&T, Discovery Communications, Intuit, PepsiCo, and Weight Watchers.