The WOM forecast is a key tool for companies that want to align their communication strategy in a targeted and sustainable way. It makes it possible to predict future developments in the area of recommendation communication and to react to them in a targeted manner. Many companies use the WOM forecast to gain impetus for their brand strategy and to better understand the impact of their measures. The WOM forecast is based on analysing past communication patterns and uses various models to derive future trends.
What is a WOM forecast?
A WOM forecast is a systematic estimate of how recommendations and opinions about a product, service or brand will develop in the future. It is based on the evaluation of historical data and the analysis of current trends. The WOM forecast helps companies to better assess the impact of their communication measures and to manage them in a targeted manner. It is particularly valuable for companies that rely on organic reach and authentic recommendations.
WOM forecast in practice
In practice, companies use the WOM forecast to optimise their communication strategy. For example, a company can use the WOM forecast to determine how the reach of a new campaign will develop. The impact of influencer marketing or recommendation programmes can also be predicted using the WOM forecast. This allows companies to take targeted measures to increase the impact of their communication.
Examples from the industry
An example from the food industry shows how a company uses WOM forecasting to evaluate the impact of a new product line. By analysing past recommendations and evaluating current trends, the company was able to predict the future reach of the new product line and take targeted measures to increase its impact.
Another example from the fashion industry shows how a company uses the WOM forecast to evaluate the impact of an influencer campaign. By analysing past recommendations and evaluating current trends, the company was able to predict the future reach of the campaign and take targeted measures to increase its impact.
A third example from the technology sector shows how a company uses WOM forecasting to evaluate the impact of a referral programme. By analysing past referrals and evaluating current trends, the company was able to predict the future reach of the programme and take targeted measures to increase its impact.
How does the WOM forecast work?
The WOM forecast works by analysing past communication patterns and evaluating current trends. Companies use various models to predict future developments. These include quantitative and qualitative methods. Quantitative methods are based on mathematical models and the analysis of historical data. Qualitative methods are based on experience, knowledge and intuition.
Quantitative methods
Quantitative methods use mathematical models to predict future developments. These include trend extrapolation, indicator forecasting and exponential smoothing. These methods are based on the evaluation of historical data and the analysis of current trends.
Qualitative methods
Qualitative methods are based on experience, knowledge and intuition. They are used when quantitative data is lacking. These include the Delphi technique, expert surveys and the scenario technique. These methods utilise the experience and knowledge of experts to predict future developments.
WOM forecast and iROI coaching
iROI-Coaching supports companies in projects relating to WOM forecasting. We support you in aligning your communication strategy in a targeted and sustainable way. Clients often report that the WOM forecast provides them with impetus for their brand strategy and a better understanding of the impact of their measures. We support you in analysing past communication patterns and evaluating current trends. This allows you to take targeted measures to increase the impact of your communication.
BEST PRACTICE with a customer (name hidden due to NDA contract): A company in the beauty industry wanted to evaluate the impact of a new product line. Together, we created the WOM forecast and predicted the future reach of the new product line. Based on this forecast, we were able to take targeted measures to increase the impact of the communication. The company was thus able to significantly increase the reach of the new product line and strengthen brand awareness.
My analysis
The WOM forecast is a valuable tool for companies that want to align their communication strategy in a targeted and sustainable way. It makes it possible to predict future developments in the area of recommendation communication and to react to them in a targeted manner. Companies can thus take targeted measures to increase the impact of their communication. The WOM forecast is based on analysing past communication patterns and uses various models to derive future trends. iROI-Coaching supports companies in projects relating to the WOM forecast and helps them to align their communication strategy in a targeted and sustainable manner.
Further links from the text above:
Forecast - Definition in the Gabler Business Dictionary
Word-of-mouth marketing: How to develop a successful WOM strategy for customer referrals
Monthly vs. weekly forecasts - differences and application
What does WoM (Word of Mouth) mean - eyedee advertising agency
What is Word of Mouth? Definition and meaning
Word-of-mouth marketing (WOM): definition & examples
Word of mouth marketing explained simply: definition, role
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