Why Word Of Mouth (WOM) Marketing Is Your BEST BET To Succeed // What is word of mouth (WOM) marketing? Only the best advertising strategy you could possibly have. The importance of word of mouth cannot be understated. Because by facilitating word of mouth growth early on in your business, you’ll quickly understand the importance of wom and how wom marketing for startups can create a huge early advantage in your sales. So if you’re looking to understand why is word of mouth so important, and other word of mouth marketing for startups strategies, then I’ll tell you what word of mouth is and get you on the path to using it successfully. Let’s go!
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Here’s an outline of what we talked about today:
– What is WOM
— people telling other people about you
— If you’re making an impact, you’re probably building WOM
— WOM is what builds businesses
—- 92% of consumers believe suggestions from friends and family more than advertising
—- 74% of consumers identify word of mouth as a key influencer in their purchasing decisions.
—- 10% increase in word-of-mouth (off and online) can turn into a sales lift between 0.2 – 1.5%.
-Things that you might not have realized are WOM:
— Viral marketing
— Goal is to make content so interesting, it gets shared around without extra work from you
—- internet, in many ways just a faster way to communicate between people
—- and what is viral marketing if not word of mouth, but faster and to more people at once?
—- This is an example of one person talking about how great you/your product is.
—– Often comes via Yelp, Google Maps, Trustpilot, LinkedIn, etc
—– This is WOM – the experience of one person presented to others
— Influencer marketing
—– Influencer posts about your product/service to their followers, and those followers, in turn, get more interested in your offer
— Social media marketing
—- By continuing to talk about your product/service online, you grow your own brand
—- More people follow, more people exposed to brand, and more CONSISTENT interest in you/your brand
– WOM vs. Paid Ads
— Two extremes in advertising. In one, paying for traffic, and in the other getting it organically. Each has strength and weakness.
— You pay for privilege of reaching to ppl on these platforms
— Organic, however, will typically take a long time to get to a similar reach
— paid ads are easy to spot – No loyalty
— organic promotion comes after months/years of building relationships w/ people
— Can get comments/shares on ads themselves.
— means you can manage that content and put your best face forward
— However, whether you’re using paid ads or not, reviews/discussion will happen
— the question is – will they be good reviews or bad ones?
—- important to remember that WOM has a huge effect on your brand exposure one way or the other
-How to build it
— Be the best
— Be consistent
— Build a brand
— Stand for something
— Be customer-centric
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