Word of mouth marketing is one of the most effective but challenging marketing strategies for a small business; however, if all the techniques are applied correctly, it could be very beneficial for the firm and the only problem you will find is to avoid overtrading risks. It basically refers to the efforts that a business makes to use its customers as the most powerful marketing tool for the company; it sounds simple but in order to produce the desired effect on people, they must be extremely satisfied with the products or services the business is offering; the idea is to create a theme of conversation or a reason for consumers to talk about the specific product to their friends, colleagues and family; the challenge for a small business is to facilitate the means for that conversation to occur.
Word of Mouth Marketing
In general terms, consumers like to talk about specific brands; this is why we normally ask people we know before making a purchase decision; we always try to find out from other people’s experience if they have used the product and if they are happy to recommend it; however, this only works for specific categories of products or services; you wouldn’t ask a colleague about the effectiveness of a deodorant but other products such as the latest gadget is normally a hot topic. The beauty of this new product marketing tool is that it happens spontaneously but it only becomes “word of mouth marketing” when a company tries to participate in that dynamic.
This form of marketing allows consumers to learn about products and services before they make the “buying decision”; this is an inexpensive (actually, you won’t spend any money at all) but effective way for the company to promote their products in a “believable way”; after all, the consumers who have tried and like the products are the ones recommending them; they have no commercial interest; and the best part, it is people they know and trust. It sounds great but in order to even aspire to participate in this kind of conversational marketing, the first thing to do is to provide quality products and services that will serve as the basis of any positive conversation “or word of mouth”
Customer Word of Mouth
The word of mouth marketing has been with us for many years now; in fact, before the introduction of TV and Internet, the only way to actually promote a product or service and make a profit was by people recommending them; the world of the internet has completely changed the way things work including marketing and now Web Marketing is the new marketing tool to develop; however word of mouth continues to be the cheapest option for the success of a company in this competitive and aggressive commercial environment we are living at the moment.
Viral Word of Mouth
In order for your products or services to go viral on the word of mouth world, there are a few things you need to consider:
1. Interesting factor:
The only way for people to talk about your company’s products and services is to produce something interesting – It must have the wow factor; and it doesn’t have to be the product; it could be the advertising campaign or a local celebrity using it.
2. Make it simple:
There is a problem with the "word of mouth marketing": consumers don’t have any financial interest; therefore, they will only do it if they really like the product or if you make things easy for them to share; have you considered social media? Web business success is growing dramatically.
3. Satisfy consumer’s needs
The most satisfied your consumers are, the more likely it is for them to act as ambassadors of your business; keep them happy by providing exactly what they want; it is easy now to have an interactive conversation to identify their needs and demands.
4. Build a reputable brand
You must earn the trust and respect of your customers and potential clients. This is the key of success; if people don’t trust your brand they won’t buy your products; it doesn’t matter how good they are. Good ethical standard is ideal for the long-term survival of the company.