“Word of mouth agencies and clients need to start talking money”

April 30, 2010 at 12:21 pm | Posted in Events, Measurement, Research | 1 Comment
Tags: barak libai, CRM, Measurement, roi, social media, social networks, WOM, word of mouth

This week, Professor Barak Libai gave WOM UK members a glimpse into the future of WOM measurement and ROI as he presented his latest research and thinking on the value of consumer conversation.

We were delighted that Professor Libai, Marketing Professor at Recanati Graduate School of Business, Tel Aviv University, and award-winning researcher on the economics of WOM, narrowly escaped ashgate to present to the brands, agencies, fellow academics and students who piled into Grey’s London offices.

He began with establishing the importance of CRM in the past 20 years, and the need to start seeing the value of WOM in CRM terms, focusing on both customer lifetime value (CLV) and social value, and the lifetime and social values of people’s wider networks.

While Professor Libai admitted that there are still big holes in our knowledge of exactly how value creation is achieved through WOM – “we don’t necessarily know how, but we know that before and after, something happened that led to sales” – he also emphasised that the volume of data we now have access to is enormous, and is leading to a revolution in quantifying individual and social contributions.

His own work in simulating social networks to investigate how and why brands WOM spreads, using models from biology and anthropology, prompted questions from a crowd eager to know how accurate these trials could be, and how soon we might see more scientific approaches to measurement.

Professor Libai’s own international perspective also led to a discussion about rates of uptake in different countries, and the session ended with a quick delve into the tricky area of measuring offline WOM before everyone got stuck into the free wine and some relaxed networking.

With Dr Robert East in the audience bringing his perspective to bear on the research, and a real variety of attendees, this was the sort of event we love – challenging, thoughtful and with a real community feel. Big thanks to sponsors Royal Mail and Grey.

Next up, on the 27th May, Richard Anson, Founder and CEO of Reevoo, talks about the value for brands of independent review sites online – make sure you pre-register now.

WOM UK April Thought Leadership event: Professor Barak Libai on ‘Assessing the value of customers’ word of mouth’

April 9, 2010 at 1:05 pm | Posted in Events, Measurement, Research, Uncategorized | Leave a Comment
Tags: barak libai, event, Measurement, Research, roi, social media, WOM

Book now for the first of our great free spring events on Tuesday 27th April, which brings renowned WOM researcher and speaker Professor Barak Libai all the way from Tel Aviv to London to give his latest insights to WOM UK.

The event is being held at Grey, The Johnson Building, 77 Hatton Garden, London EC1N 8JS from 4.30pm, with the presentation at 5-6 and relaxed discussion, drinks and networking extending until 8pm. It’s essential to pre-register with Julian to reserve your place (WOM UK members get priority).

Assessing the ROI that results from customers’ word of mouth is a key challenge many marketers face today, especially given the plethora of word of mouth programs and social media investments by firms. However, most measures used are simplistic and do not necessarily capture the complex way in which social interactions turn into monetary gains. In ‘Assessing the value of customers’ word of mouth’, Prof. Libai will present the basic approaches to value customers’ word of mouth, highlight some major limitations, and discuss new approaches for understanding the “social value” of customers.

Professor Barak Libai , currently on the marketing faculty of  the Recanati Graduate School of Business, Tel Aviv University, was also Visiting Professor at the MIT Sloan School of Management from 2006-2008, and has a Ph.D. in Marketing from The University of North Carolina at Chapel Hill.  Prof. Libai’s research deals with the economic value of customers’ word of mouth, and relevant questions he examines include how different is customer  lifetime value when word of mouth is taken into account; what is the ROI of word of mouth programs; and how advertising effectiveness measurement should take social effects into account.  His research on the economic consequences of customers’ word of mouth has won prizes from The Marketing Science Institute, The American Marketing Association, the International Journal of Research in Marketing, Journal of Service Research, and ESOMAR.

This is bound to be a lively evening of thought leadership and networking, and we look forward to seeing you over a few beers. Big nod to Grey and Royal Mail for generously sponsoring the event.

WOM UK events: Barak Libai, Mark Earls, Rory Sutherland and more…

April 6, 2010 at 11:37 am | Posted in Events | Leave a Comment
Tags: wom uk, word of mouth, Events, rory sutherland, mark earls, paul marsden, barak libai, david brennan, richard anson

We hope you all had a great Easter and are planning on keeping your WOM education and networking up this spring by coming along to some of the fantastic events we have lined up.

Helmed by the world’s best consumer psychologists, academics, authors and practitioners on WOM, both morning and evening sessions are FREE to all:

  • 5-8pm 27th April: Prof Barak Libai, from the Marketing Faculty of Tel Aviv University, shows how to assess the value of customers’ word of mouth
  • 27th May: Richard Anson, Founder and CEO of Reevoo, talks about the value for brands of independent review sites online
  • 10th June: Mark Earls, author of Herd, talks about how to change mass behaviour by harnessing our true nature
  • 24th June: David Brennan, Research and Strategy Director of Thinkbox, discusses how TV can be integrated with WOM
  • 2nd September: Dr Paul Marsden, of Viralculture, discusses the latest WOM consumer psychology
  • 16th September: Dr Rory Sutherland, Vice Chairman of Ogilvy Group UK, explains how to build in talkability to NPD

Put these events in your diary now, email [email protected] to register (first come first served), and keep an eye on here for more details as they emerge.

We’re thrilled to have secured such an eminent and eclectic lineup and look forward to seeing you there – and if you enjoy the events, please think about becoming a WOM UK member – the only way we can continue to provide the best, free, social-spirited WOM programme in the UK.

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