Existing Clients are Your Best Advocates
Word of Mouth Marketing (WOMM) is considered one of the most valuable and effective marketing strategies businesses can use. WOMM is exactly what it sounds like: marketing done by word of mouth. It’s a form of promotion where satisfied customers tell others about their experiences with a business, whether on their own or enlisted by the company itself.
WOMM isn’t a new concept, but with the advent of social media, it’s now easier than ever for brands to connect with consumers and cultivate this strategy. A person’s recommendation of a brand can reach an enormous amount of potential customers in your demographic with a single share.
According to a study from McKinsey & Company, 20% to 50% of all purchasing decisions are influenced by word of mouth. In addition to this, 92% of consumers believe in suggestions from family and friends rather than other types of paid advertisements.
So how can you take full advantage of your WOMM potential? Here are some tips to follow:
- Create a Unique Experience for Customers
Nothing entices a customer to promote your brand more than a great experience. The secret here is bundling a one-of-a-kind product with excellent service and unique marketing ideas. By focusing on providing a quality experience, your business can transform customers into active ambassadors of your product.
Studies show that revenues increase when businesses focus on improving customer experience. Fun fact: studies also show that costs associated with customer experience can be reduced when given greater attention.
- Provide Incentive through a Referral Program
By providing an incentive, businesses make it worthwhile for customers to share recommendations with other people. A good referral program should benefit not only your customer but also the friend willing to join. Perhaps you give a discount on your services if someone refers their friend, or maybe you’ll give them a free gift.
According to Referral Candy, 83% of satisfied customers want to recommend the products and services that they receive but only 29% actually do it. Creating a referral program and offering incentives further increases the chance that people will talk about your brand. Not sure how to start? Here’s a basic guide for asking for referrals.
- Engage with Industry Influencers and Ambassadors
Companies are investing in influencer marketing more and more lately. This is mainly because it gives them the ability to easily build credibility and connect with the existing network of the ambassador. Influencers are people who have large followings on social media and can influence others to try products or services. Ambassadors are also influencers, but it’s likely they have longer-term relationships with brands.
Studies have shown that consumers prefer brand influencers who show authentic stories. If you’ve decided to explore influencer marketing, it’s important to choose someone that people trust. Develop a good relationship with them and allow them to tell their stories in a way that feels organic to them.
- Offer a Platform for Customers to Leave Reviews
Around 62% of customers look for reviews and ratings before making any purchases according to Impact. Good reviews of products or services can also lead to 18% increase in sales. By allowing clients or customers to easily leave a review, you’re encouraging them to voice their opinions and build conversation about your brand with other people.
Word of Mouth Marketing is a powerful technique that businesses can use to increase visibility and profit, but turning customers into active ambassadors is not an easy process. By using the tips above, you can get a head start in building your WOMM strategy. Remember: at the end of the day, it’s most important to provide a great customer experience from the get-go.