WOMM is concerned with creating a positive buzz around an organization' offering to be turned into monetary profits later. One can follow this process of 'getting people talk about the product or service' by banking upon a reliable set of indicators. For instance, the categories that can be used are- Reach Perspective, Internal Operations and Outcomes Perspective, Workforce Alignment and Evaluation and Capability Perspective. The KPIs for increasing the access or reach of the offering include- 'Number of marketing techniques utilized', 'number of networks the organization is part of' and 'number of areas looked after'. Internal Operations and Outcomes can be assessed using the metrics such as- customers' touch points status; WOMM's contribution in the marketing mix; ROI jump due to WOMM and paying compensation of fine fraction. Workforce Alignment is possible with 'employee training'; 'research team competence'; 'participation fraction' and 'number of ideation sessions'.Lastly, Evaluation and Capability Perspective can be attained via parameters like 'number of WOM units'; 'number of brand recommendation'; 'strong recommendation gauging' and 'perception and depth gauging'.
Read Why do business professionals choose ready-to-use KPIs? to find out the answers to these questions:
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Word of mouth marketing can be taken as one of the most trusted means of marketing. This is because the listener gets to know the actual experience of the user. The authenticity of the information delivered intensifies even more as the person who divulges information is not in any way 'influenced' by the concerned company. This renders it the 'much needed' true and honest touch.
Consequently, WOMM has been utilized by a number of organizations to gain the positive popularity.
However, just like in any other process, an evaluation study of how successful the efforts have been is required. This can be done by using BSC (Balanced Scorecard) for the purpose; being the analysis of word of mouth advertising in this case.
By collecting useful and relevant parameters to gauge the effectiveness of Marketing via word of mouth, one can have access to the 'finding more routes to make it even more useful'.
This strategy of marketing through word of mouth has always existed but owing to the 'crude and raw approach' adopted, it is often neglected by marketers. Moreover, managing the marketing by word of mouth is a difficult task, thereby creating hurdles in its usage. The problems can however be taken care of to some extent by having BSC in hand.
This is the actual scorecard with Word of Mouth Marketing Measures and performance indicators. The performance indicators include: reach perspective, number of marketing techniques utilized, penetration level, number of networks the organization is part of, number of areas looked after, internal operations and outcomes perspective, customers touch points status, womms contribution in the marketing mix, roi jump due to womm, paying compensation or fine fraction, workforce alignment perspective, employees training, research team competence, participation fraction, number of ideation sessions, evaluation and capability perspective, number of wom units, number of brand recommendations, strong recommendation gauging, perception and depth gauging.
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