Media effectiveness rankings per Entrepreneur
This plot was shown as a table of numbers in the February issue of Entrepreneur magazine. To me it's easier to interpret as a bar graph, despite the large number of bars. The interpretation is obvious -- and I think it's the one Entrepreneur would like you to have -- their readers overwhelmingly prefer word-of-mouth marketing to the much, much more expensive strategies of radio/TV and the Yellow Pages.
I would like to believe in the effectiveness of word-of-mouth marketing myself. But I happen to know that not all entrepreneurs read Entrepreneur, so the survey, taken by Affinity Internet, is flawed. The survey was taken by an Internet service provider, which means answers to the basic question are built in.
Bottom line: don't make major business decisions on the basis of the magazine's data table. (And don't make those decisions on the basis of a blog posting either. LOL)
Update:
Two-thirds of all economic activity in the US is influenced by shared opinions about a product, brand or service. But word of mouth as a marketing discipline is only just coming into its own, and the data indicate its best years are yet to come....per the Word-of-Mouth Marketing Association.
Labels: consulting
posted by Ron @ 5:20 PM
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