Word of mouth marketing has always been recognised as the most powerful form of marketing. It has the power to do amazing things and is the platform most business grew out of. It is still these businesses greatest resource.
Yet, ironically, it the one marketing strategy that many marketers do not try to implement. This is the most costly marketing mistake in todays marketing world, given that it is so important.
Word of Mouth is Your Most Profitable Strategy.
Word of mouth marketing will make you more money than any other marketing approach, strategy or tactic. Here are just some of your key benefits:
- Lower customer acquisition costs
- Increased customer retention
- Free advertising
- Targeted, personal messages that convert
- Free sales force that is unbiased
- Lower service costs
- Greater brand equity
- Greater product acceptance
The list goes on. Yet marketers seem to feel that they cannot do anything to make word of mouth marketing work for them and leaver it up to chance.
The Great Marketing Hope
In the past most marketers would plan a campaign and hope like hell that good word of mouth would come out of it. The prevailing belief was that word of mouth marketing was not a strategy that could be created, managed and monitored.
It was hard to control. And this is the most expensive mistake marketers can make today. Not that you can control it, but rather that you can create a word of mouth campaign.
Word of Mouth is Now Your Biggest Media Channel
Word of mouth marketing has evolved thanks to the digital world. You now have a new way of engaging word of mouth marketing. And thanks to this platform, it is now your biggest media channel.
You can read more about how Word of Mouth Marketing is Your Biggest Media.
About Michael Cowen
