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... US Firm Studies Words' Worth
In the US, word of mouth (WoM) measurement and analytics firm ChatThreads has launched Conversation Value, a new tool that quantifies the revenue impact of every conversation about a client's product or service.
According to the company, its new system incorporates a customer's WoM behavior into a lifetime value model, revealing the 'true value' of a conversation.
Developed in collaboration with Dr Barak Libai, a Marketing Professor at Tel Aviv's Faculty of Management and a Visiting Professor at Massachusetts Institute of Technology, the model incorporates conversational purchase and recommendation behavior through the ChatThreads' G2X Analytics Platform.
The dollar value indicates the projected estimate of company profit that can be attributed to a particular marketing initiative each time a consumer has a conversation about the brand, product, or service.
'The new tool will give marketers a meaningful optimization metric,' said Laurie Cohn, ChatThreads' President. 'For example, if the Conversation Value is $1.20, how can this be improved in subsequent campaigns? Is it above or below category benchmarks? Optimizing a campaign's Conversation Value will directly benefit company revenues.'
ChatThreads was founded by Dr Walter Carl at Northeastern University (Boston, USA) to fill the need for an industry standard WoM measurement approach that tracks conversational reach, impact, and how brand-related content is relayed from person to person.
Web site: www.chatthreadscorp.com .
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