29 Jun
Word Of Mouth
Word of Mouth Marketing is something that can’t easily be tracked but is something that every brand wants. The reason Word of Mouth Marketing is so important is because it encourages people to try your product. The “friends, acquaintances, co-workers, and online communities” take the advice to heart because they trust them. They know if their friend recommends the product that they will be more likely to enjoy the product. So, you need to ask the question, “How can I earn their trust?”
According to a recent Mintel study cited by eMarketer, people who recommended a product did so because of Price, Quality and Convenience. In the current economic market, it’s not shocking that people are recommending based on price. Everyone is looking for a bargain and women (in general) love to share a good deal. However, it’s only a good deal if we like the quality. If it falls apart and we paid $5 for the item, it’s not a great deal. If we pay $5 for it and we get tons of use out of it, then it’s a deal.
No company wants to compete on price alone because it is a slippery slope. So let’s look at Price’s alter ego Value. Value is something everyone is using as a “sell” at the moment. So, the question becomes, “How do we increase benefit without decreasing price?”
The answer can only be found by taking a good hard look at your company. What would your consumers consider added value to your product? Can you be consistent with your added value? Could that value eventually help you gain marketshare? Increase prices?
Focusing on Value and Customer Satisfaction can change everything, if you’re ready to think outside the proverbial box. Are you ready to earn their trust?
