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The Eternal Value of Word-of-Mouth Marketing
Every year, marketers have an increasing number of tools at their disposal. The list of options is nearly infinite: social media, content marketing, influencer marketing, and many more. All of these strategies are valuable, and the best marketing plans are multifaceted. In your rush to stay on top of the latest trends, however, don’t forget the eternal power of the oldest type of marketing: word-of-mouth marketing. The Value of Word-of-Mouth Marketing Why does word-of-mouth marketing continue to work so well? The answer is pretty simple: People believe their friends and family. In fact, a Nielsen study found that consumers put more stock in referrals from trusted sources than any other type of marketing. Across all regions of the world, “recommendations from people I know” ranked highest in terms of trusted marketing. The trend is the same across all age groups, including the millennials whom companies covet most. The days of being the only tailor in town are long gone. Consumers have plenty of options to find what they are looking for. These days, if you want to attract new customers, you need your current ones to be avid fans of your company. People share the brands they like on Facebook, and when they find something they love, it’s only natural they’d want to share it with their friends. If you aren’t taking advantage of this sharing, you’re missing a key page from your marketing playbook. And word-of-mouth marketing isn’t just talk — it can be broken down further into organic and paid word-of-mouth marketing. Organic Word-of-Mouth Marketing Organic word-of-mouth marketing is when happy customers naturally want to share a great new product or service with their friends and family, so they tell them about your fantastic brand. This type of marketing occurs
unprompted and is never a result of a monetary incentive — just a job well done! This type of natural word-of-mouth marketing can happen either in person or online through reviews, social media shoutouts, and text messaging. Paid Word-of-Mouth Marketing This type of word-of-mouth marketing is the opposite of organic in that a company generates it on purpose. It can be done by paying an influencer to share your product on their social media page or by offering customers a coupon, discount, or free item to bring in new customers to your company. This causes people to talk about your brand not so much for a job well done, but because you’re offering some sort of perk other businesses aren’t, which is attractive to current and potential customers. The Business Perks of Word-of-Mouth Marketing In the most straightforward sense, word-of-mouth marketing is great for any company because if it’s generated organically, it’s free. By doing what you do best, happy customers will recruit their friends and family to your business, which is always better for your bottom line. But besides its affordability, word-of-mouth marketing comes with other perks that will benefit your business.
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