Did you know that 92% of people trust word of mouth?
If your best friend were to tell you that he bought a product online, which was the best investment he has made, wouldn’t you also check the brand? Similarly, if you read a bad review online, you would hesitate to buy it right?
This is how Word of Mouth Marketing works, it affects your buying behaviour and also has an impact on consumer psychology. Nobody likes wasting their money. Hence, they look for different options to pick from.
Companies benefit from word of mouth and incorporate it into their marketing practices to increase the goodwill of their brands. Marketing executives believe it to be the most effective form of marketing strategy.
Let’s look into the depth; What is Word of Mouth Marketing?
It is how anyone talks about your product, service, brand or company, similar to recommendations. It is also how your company takes action to promote it through people not related to the business.
These people do not work for you but are regular consumers of your products and your satisfied customers, who promote your business on your behalf. The perk is that it is cost-free.
Since consumers are not directly working for you, they benefit the company by promoting the products on their accounts which does not involve your investment. They do it genuinely based on their preference for your products and services.
Why Word of Mouth is The Most Effective?
Since word of mouth usually comes from a close member i.e. family, friends, or colleagues, people tend to trust them more than reading about it online. It is also free of cost, and you do not have to invest millions in advertising yourself to reach a larger consumer group or target a new segment, as it automatically gets done with word of mouth.
Examples of Word of Mouth Marketing
The first type is called Amplified WOM Marketing, followed by a marketing campaign encouraged by your business. In this type, companies will offer some incentives for motivation.
- Affiliate programs
- Influencer campaigns
- Referral programs
- Brand ambassador programs
- Other campaigns
The second type of WOM Marketing is called Organic. It occurs when someone generally promotes your brand without affiliation with your business. For example:
- Customer Reviews
- Social Media Sharing
- Sharing of a product through any conversation platform
No matter which method you would choose for WOM Marketing, the essential elements will be applied: sharing content, appealing to your audience, and getting a response by creating a trigger.
Word of mouth marketing can benefit your business much more than any other way and you can generate a bigger audience. Use multiple methods of WOM and integrate the strategies in your business to succeed in achieving your goal.