When trying to get our names out there for our businesses many will typically think of SEO, Social Media and Paid Ads. This is a logical conclusion and one that often is effective. However, something else that should not be overlooked is Word of Mouth Marketing. Of course, this is pretty much as the name suggests – Getting the name of your business out there with the help of happy customers that have used your services in the past.
Building a reputation that is attractive to customers where they chase after you instead of the other way round. This is the ultimate way of growing your business. Whether it be that these customers leave positive reviews or pass your details on in person. The power of word of mouth is huge and it’s definitely something to think about with your day to day operations.
Mainly, this might seem like something that is not in your hands but this is exactly what we will be looking at for this post. So please keep on reading to see how you can take full advantage of customer recommendations and referrals.
Word of Mouth Marketing in 2022 (TOC)
Table of Contents
The Power Of Word Of Mouth
So, put yourself in this situation, let’s say you wanted to buy a product – what would be the one thing that would help seal the deal? Who would you trust more – something that you read online or a friend who has used the product before?
Really, if it came down to it who would you trust more a stranger or a family member?
It’s obvious, right? Surely, you would trust someone you know more than somebody you don’t. This kind of goes without saying but the same goes for business. In the online era, the average customer is far more likely to trust product reviews than adverts. This is the essence of word of mouth marketing.
Otherwise known as Referral marketing this can help you improve your brand trust and thus gain repeat customers.
Undoubtedly, by utilizing this as a business practice this is one of the ways you can gain an unfair advantage over your competition. But how can you make this happen? building a steady stream of referrals that want to use your business?
Please keep reading the next section to find out how…
What Is Word of Mouth Marketing?
If you’ve read this much of today’s post you likely have some idea of what referral marketing is already, but what does this term really mean?
Well, word of mouth marketing utilizes an existing network of customers to offer recommendations to other new customers through referrals. If you like this is a strategy that involves your existing customers doing the marketing for you.
Mostly, the key is to give them the best experience of using your services as you possibly can and hope that they tell others about their pleasant experience of your business.
Here’s Why It Works
Now, first things first before you learn how to integrate word of mouth marketing into your business, you must first understand why it’s IMPORTANT…
There are many reasons of course why this is but one interesting stastic is that word-of-mouth is 5 times more effective than paid ads. [R]
This is one interesting piece of data but did you know as well that customers are likely to spend more if they hear about you from word of mouth? and not just this but they are also twice as likely to refer your business (if it’s good) than if they were acquired via other channels.
Also, by comparison customers acquired through other channels, those from referrals are 30% more likely to convert.
So, this is what you must know – customers that receive a great experience with a service or product are more likely to share their experience with others.
In fact, some 50% of potential customers will choose to make a purchase based on word of mouth. Thus compared to other sources of information.
Here Are 6 Main Factors of any Word-of-Mouth Marketing
These are as follows;
- Generally, people share what comes to the top of their minds first.
- People also share what makes them feel and look good
- Often, people will also copy what they see others around them doing
- Mostly, people will share things that matter the most to them
- Lastly, people don’t share information. They share stories.
So, when we consider all this here is what we must understand about Word of Mouth Marketing (WOMM).
The Unfair Advantage
Imagine this – two different businesses that sell the same product(s).
Now let’s assume that both businesses are similar in every way apart from one. This being that one of these businesses does well with Word of Mouth Marketing (WOMM).
Which one do you think will get more customers?
Of course the answer is clear – the business that utilizes word of mouth the best will likely have the best success.
When one considers that Customers are actively looking for recommendations before making a purchase. It is easy to understand that a good word from other customers can assist with their decision making when deciding on what to buy.
Read through the 6 pointers above and here everything you need to know to stay one step ahead of the competition.
Bonus: Try This!
Whether you are new to running an online business or not – if you feel that the competition is too fierce, one thing you can try to garner attention is through giveaways – things like Ebooks, free courses etc.
As simply put who doesn’t love free stuff, right?
It might cost you initially, but for the opportunity this presents to build trust and to get your name out there this is definitely worth it. Even another idea is to offer discounts on your products just to help build your reputation.
Ultimately, It creates a win-win situation. It allows you to gain a decent following and a customerbase that will gladly pay attention when you try to market your newer products to them in the future.
Key Message To Takeaway
In conclusion, word of mouth marketing is a great way to build your brand and expand your reach.
Whether you use it as an incentive for current customers or promote it aggressively through social media channels, there are many ways that this strategy can help grow your business.
As we’ve learned in this article, adding a word of mouth strategy will increase sales
So if you haven’t already implemented these ideas into your company’s marketing plan – now should be the time…
Not sure how to go about this? We can help!
Just reach out to us at chivs86@ibusinesstoday.com
Many thanks for reading
#ToYourSuccess
Alex B. Chivers
ibusinesstoday.com
Side note: If you like this article. I have written most of it myself but 650 words of it including the title, sub-headings I got as a part of a content subscription service called viralitycontent.com. If you need an injection of extra content to boost your website traffic definitely check them out. All big Niches covered!
