One interpretation could be that Jesus is telling us we need to convert people to the gospel. The fruit of the Word of God would then be that we convert people the the gospel of Jesus Christ. In other words, the fruit of the Word of God is that we proselyte.
Here are my scriptures that seem to back this up:
For this is life eternal,
John 17:18 As you sent me into the world, I have sent them into the world. (Proselyting)
John 17:8 For I gave them the words you gave me and they accepted them. They knew with certainty that I came from you, and they believed that you sent me. (we see here again that by the word, people are converted to Jesus Christ)
John 3:17 For God did not send his Son into the world to condemn the world, but to save the world through him.
( here we see the very purpose of Jesus Christ. To bring salvation to mankind) There again is proselyting.
Now don't get this mixed up with the fruit of the Spirit. That is different. The fruit of the spirit is the Holy Ghost acting through you. But the fruit of the Word of God is a different subject in my opinion because the Spirit acts through you to understand the Word of God. The Word of God is knowledge of God that we follow in obedience, the Spirit of God is what we obtain through that obedience to the Word of God.
If this confuses you let me give an example.
Jesus said: I am the way the truth and the light, no one comes to the father but by me.
Jesus makes it clear that he is very concerned for the salvation and atonement of mankind. Much less is made known by Jesus about the Holy Ghost, but that is because the disciples had not experienced the day of Pentecost yet. (that was the day they received the Holy Ghost and were able to speak different languages so they could spread the Word of God.)
Conclusion: I believe the fruit of the Word of God is to bring souls on to Christ. And if we do not bring souls unto Christ I believe we are like the unprofitable servant that hid his money in the ground and when his master came back to him, his master rebuked him for not gaining any thing and he went to hell.
This is proven when he states:
Matthew 25:14-30
“He replied, ‘I tell you that to everyone who has, more will be given, but as for the one who has nothing, even what they have will be taken away. and throw that worthless servant outside, into the darkness, where there will be weeping and gnashing of teeth.’
Compare also to what Jesus says here, when asked why Jesus uses parables to teach the people:
He replied, “You are permitted to understand the secrets of the Kingdom of Heaven, but others are not.
12To those who listen to my teaching, more understanding will be given, and they will have an abundance of knowledge. But for those who are not listening, even what little understanding they have will be taken away from them.
So we see the true meaning of the parable of the talents is not money or talent, but to have the Word of God and understand it. And I believe to teach it that others might believe.
SSO I think you have the same IDEA, I just went into a bit more detail. But, yes, same concept.