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Establishing Your Business Through Word Of Mouth Marketing
Marketing and advertising are crucial to business growth. Implementing the right marketing and advertising strategy for your business means maximising the promotion of your service or product and increasing sales. Attracting and engaging your target audience in a competitive marketplace should be one of the top priorities of any business owner.
Whether you are an experienced business owner or aspiring entrepreneur, you have probably already understood that your reputation is highly important to your success. Essentially, marketing and advertising are important in motivating your potential customers to choose your business despite existing competition. Establishing and building relationships with your customers will, therefore, help your business succeed.
One of the leading marketing strategies that most business owners use is Word of Mouth Marketing (WOMM). Specifically, you can see this type of marketing at work in networking events. At these meetings, business owners make new connections and exchange referrals, spreading word about their business and product or service.
What is Word ...
... of Mouth Marketing?
WOMM is a convenient and easy marketing strategy. The idea behind this concept is simple: we tend to trust the recommendations of people we know. In today’s fast-paced marketing world heavily focused on connectivity, social media and digital marketing, a simple recommendation can have a great impact.
In other words, WOMM can be used to build trust between your business and your potential customer, in order to encourage them to choose your business. According to new research, the vast majority of people trust recommendations from the friends and family over any other type of advertising. Therefore, WOMM can be a great way to help your business gain visibility and grow your client base. In this article, we have summarised some key facts you should know about WOMM to help your business succeed:
1. It is a free form of advertising
One of the most important benefits of WOMM is that it can provide your business free advertisement or promotion. Compared to costly ad campaigns on digital media, a referral is free. However, in order to motivate your customers or fellow members of your business community to give you referrals, you must also provide top-quality product or service, as well as excellent customer service. This is because the primary driving factor for someone leaving a positive review for your product or business is an experience which by far exceeded their expectations.
2. It will help your business gain customer loyalty
WOMM can go a long way in breaking down trust barriers, since buyers tend to trust the referral when it is made by someone they know. Moreover, research suggests that customers who buy products or services based on a referral are more likely to purchase more than individuals who discover your business through traditional marketing methods. Moreover, customers who were referred use the products or services offered by your business for longer than individuals who had discovered your company through other means.
3. It promotes visibility
WOMM can help you build brand visibility by creating a positive buzz around your products and services. Brand awareness leads to brand trust and gives your specific brand a personality when your target audience gives positive feedback and recommendations. In turn, higher brand awareness and visibility can increase the value of your product or service.
4. You must exceed your clients’ expectations
According to research studies, WOMM has two important components: social currency and triggers. Social currency is your presence and influence on social networks and in your community, and the way your business is shared by customers. On the other hand, a trigger is something that motivates your customer to talk about your business and recommend it to others. One of the most effective triggers for WOMM is giving your client an experience beyond of what was expected. This means that your product or service must be unique and of top quality.
Word of mouth marketing can be a great way to developing your business and promoting its growth. One of the best ways to make use of word of mouth marketing is by joining a networking community and regularly attending networking events, which can help you generate referrals and find new clients. BxNetworking is Australia’s fastest growing business networking community, helping business owners make valuable connections and exchange referrals. Expand your business with our networking events and become a member today!
Welcome to BxNetworking! We are a growing business networking community and provide Business and Education Events in Australia. Book a meeting or become a member today! - www.bxbusinessnetworking.com.au
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