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The best way to grow ANY business is to let your customers grow it for you. That's where word of mouth: customers try to tell others (potential customers) about your products and services.
Since ancient times, this has been an effective and cost-effective form of customer acquisition. Today, however, even though (and perhaps because of the fact) we are surrounded by advertising choices, we design marketing programs that mostly speak to customers reflexively, rather than by reflex. for customers to talk to each other.
At Convince & Convert, we believe every company in the world can benefit from a better word of mouth strategy . But some companies need deeper word of mouth. Are you among them?
Here's our quick checklist to help determine if you really need a mouth-boosting word:
1. Your customer conversion costs are increasing
One of my favorite sayings isn't entirely true, but it's true enough. It's from Robert Stephens, founder of GeekSquad:
Advertising is a tax, paid by insignificant people.
If you have to buy every click, every lead, and every sale, you're simply working too hard to get new customers.
Advertising is a tax, paid by insignificant people. Click Go To Tweet
2. Your Sales Team Must Tell Your Full Story, Every Time
This group is more B2B than B2C. If a potential customer shows up and doesn't know ANYTHING about your company or service, it's because no one told them about you first; they just parachuted into your channel, probably from Google. Unless you have an incredible sales team, those cold leads are the hardest to close and the most expensive.
3. You have low branded search traffic
Speaking of Google, if very few people are searching for your company name or product/service, it usually means (unless you're a newbie) that you don't have enough awareness and need for your brand. brand. That can at least be partially addressed with a strong word-of-mouth strategy.
4. Your budget allocation is wrong
A report from Adobe states that about 80% of the average B2B company's revenue comes from customers, in some form. However, those companies spend about 2% of their total budget on customer experience and customer service – the things that generate word of mouth and referrals.
If your marketing and operations budget for customer acquisition is significantly larger than your budget for CX and retention, you may need better word of mouth.
80% of # average B2B companies & # 039; revenue comes from existing customers. Click to Tweet
5. You're Losing Your Price Deal
If your potential customers are looking at you against your competitors and are consistently going for the lowest prices, you're not offering them anything that psychologically or emotionally justifies economics. This is one of the great benefits of word of mouth strategy: real people making recommendations that help others buy.
Take a look at Peloton, the hugely popular and hugely popular online classes/exercise bike system. Peloton's word of mouth was so powerful it was almost cult. But passionate fans are the strength of the brand. Out of context and without that word of mouth, it would be difficult to justify the expensive bike + ongoing fees.
6. You Don't Have A Consistent Differentiator Who Rises On Social Media or Reviews
One thing we know to be true is that competencies often don't generate conversation. Customers expect you to be competent, so meeting that expectation isn't particularly hard to say. What drives word of mouth is that the elements of your experience OUTSIDE are the norm; What customers don't expect.
When you have such a thing (we call it
chat triggers and have a whole system of strategies to generate them for our clients), it shows up consistently on social media and online reviews .
For example:
Have you ever read something and you read it 6 or 7 times and you revealed that you I read the same page over and over and didn't understand a thing. And then you realize the Cheesecake Factory menu and your whole table pissed you off
– Bert Macklin (@NighthawkSmash) December 25, 2018
7. You have poor social media engagement
There could be other reasons why your social media is mediocre or worse. But one consistent element of companies with strong word-of-mouth is their organic social engagement. CUSTOMERS WANT WOMEN Interactive with the business, and they WANT to tell the story to their friends.
8. You have high employee turnover
Like social participation , there may be other culprits here. However, we've found that companies with strong word of mouth have a culture that aligns with the customer experience and makes it easy to talk about. It's no coincidence that those businesses also work hard to create an outstanding experience for their people. Ultimately, this is all about the value of company leadership.
Because if your employees aren't your biggest advocates, you have much bigger problems than words. word of mouth.
Strong word of mouth is possible without a great corporate culture, but a lot less likely.
There you have it: our checklist for Do you need word of mouth in your business? . If we can help you, ask us to give you a free call to discuss.
And, we have two Webinars next week (free) on the subject. Adjust!
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