If you think that technology has kicked the good old word-of-mouth marketing (WOMM) into obsolescence, then you have another think coming. You see, that strategy is still potent in today’s business world. Do you know why? That’s simply because figures (stats) don’t lie. Just before dissecting some relevant stats, we will try not to put the cart before the horse by explaining what the strategy entails.
For those who probably didn’t know, word-of-mouth marketing is a method of promoting a product or service through organic discussions about the brand, organization, event, or resources. Well, the brains behind it spark an engaging discussion about a brand in the hopes of snagging people’s attention and encouraging them to patronize it. No doubt, many businesses spend billions of dollars advertising their products to new audiences without taking advantage of the WOMM opportunities. Before going any further, let’s look at some fascinating statistics.
Some Relevant Statistics
Despite the inroads of technology on advertising, these figures strongly suggest that WOMM is still useful.
- Did you know that about 15%-35% of business owners do not have a website? Funnily enough, they are still raking in too-good-to-true profits.
- Did you know that 2 out of 10 business owners do not have their business cards? Guess what: They are still doing great.
- Are you aware that 92% of consumers believe suggestions from family, friends, and colleagues? Trust is not just another word; it can indeed move mountains.
- Moreover, 74% of customers believe that WOMM is a crucial influencer in their purchase decisions. Sure, you read that right!
- Last but not least, 64% of company’s executives believe that it is the strategy is the most effective marketing method. Do not waste your time because you cannot teach an old dog some new tricks!
Now we are not saying that all these business owners are successful in their life. Some of them are just doing business as a hobby and not as a profession. Nevertheless, many of them are real business owners running real businesses. We started asking these business owners, “How?” “How do they accomplish these feats without any advertisement?”
Getting Down to the Nitty-gritty
The usual answers come as follows –
- “I have been doing this for a long time. So, people know me.”
- “My work tells everything about me. I do not have to ask for work. My customers often refer me to their friends and family.”
- “I am happy with what I am getting and do not want to expand further. I am getting enough.”
Would it be even better if the website had a phone number and email address right at the customer’s fingertip? Now, the customers don’t even have to type in the number if it is on the website. All they need is a smartphone and the website address. Once they go on the website, click on the number, and the number is dialed. Please make no mistake about it; we are going back to that age-long ad strategy. Yes, that is still one of the best ways of advertising your business.
Future of Word-of-mouth Marketing
What does the future hold for this strategy? Let’s explore it together!
As technology continues to deepen social connectivity, it breaks communication barriers, allowing brands to promote their products effectively. When online posts are made in groups, many users see the posts at the drop of a hat. Before long, it travels miles across countries and continents. For instance, in January 2017, American movie studio Paramount Pictures shared its blockbuster, Rings, on Facebook. The flick garnered over 200 million views in 24 hours. Indeed, that is no isolated instance, as many videos have broken similar records. It means that brands continuously build on their online following to win customer loyalty and trust.
When the company launches its new product, the followers patronize it at once. Oftentimes, those who have tried the new product encourage group members who have not to give it a shot. That way, WOMM keeps taking away your ad burdens. In truth, the technique has worked in the past and will continue to hold sway. The fact of the matter is, the adverting strategy will continue to be potent because it seamlessly works with today’s tech-based business ecosystem. As an entrepreneur, you should not relegate WOMM to the background because it builds positive feelings about your brand (credibility), does not require too much (effort, time, and resources), and makes your product more acceptable. In the end, it will increase your revenue. Without mincing words, its future is as bright as the sun, so it is still your game-changer.
Illustrations by Freepik Stories