The success of your business can be attributed to marketing tactics. Print media, commercial ads, and now social media marketing have dominated the advertising industry.
One method we can’t discount is WOM (word-of-mouth) marketing. WOM is a largely cost-free, very effective, and old-school way to spread the word that is still effective to this day.
What exactly is it, and what advantages does it provide? Let’s find out!
What are Customer Endorsements Via WOM?
WOM marketing is essentially the exposure for your company spread through conversation.
It can have beneficial and disadvantaged effects. A way to guarantee what’s being said is in your favor is to improve customer service and the quality of your products.
Word-of-mouth marketing doesn’t always have to be organic, even if that’s the way people traditionally view it. You can trigger WOM in favor of your company by creating incentives and events for publicity, whether in-person or digitally.
What are the Benefits of Customer Recommendations Through WOM?
1. Trusted Recommendations
One of the primary reasons word-of-mouth marketing works so well is because people are more likely to trust a close source, such as a family member or friend, than what they read online.
It’s also much more likely that the close source has tried your product or service to provide an authentic review. Sometimes the customer endorsements online can be from fake accounts, and customers are acutely aware of this.
2. It Won’t Cost An Arm and A Leg
As said, word-of-mouth marketing is largely free. You can rely on organic communication that will reflect the quality of your products and services. However, there is still a chance for negative comments. A way you can nudge WOM in a positive direction is with publicity engagements.
Host live webinars, do monthly giveaways, plan exclusive launch parties – these are more cost-effective ways to generate beneficial WOM advertising compared to constant advertising overheads.
3. You Reach the Right Audience
Targeted advertising is crucial when it comes to effectiveness. Word-of-mouth marketing can narrow down the demographic to the right group for the most fruitful results.
The friend or family member won’t suggest a product the potential lead won’t need or like, which automatically makes the recommendation more effective.
4. See Short-Term Exponential Growth
When you have successfully created a buzz around your business, you will open the doors for amazing scalability. You may see proposed partnerships, a boost in sales, sponsorships, and offers you may not otherwise see.
While these opportunities are mostly short-term and require cultivation to last, they do have the potential to become long-term successes.
Are There Downsides to Word-of-Mouth Marketing?
There are downsides to everything, and people are unpredictable variables in any equation.
You cannot control what others say about you or your business, so even if you try your very best, you may still get a few negative customer endorsements. As easy as it is to get good press, it can be just as easy to gain negative customer recommendations.