Word of Mouth Marketing is unquestionably one of the most powerful and successful forms of marketing on the planet.Beginning centuries ago, before any real quantifiable form of advertising was in place, consumers relied on their peers – family and friends – to provide them with insight as to what businesses or products were the best. Many informative hours have been spent “over the fence” learning what services, businesses and products were the most desirable. Conversely, these same methods were used to determine which to avoid as well.
Consumers today however, are working overtime to avoid traditional forms of marketing. Television, radio, newspapers, magazines, and the like are experiencing are experiencing vastly dwindling revenues because consumers are experiencing “information overload.” Another reason for consumers’ disenchantment with traditional media, is a rapidly-growing distrust of traditional media with the perception that most advertising is “boardroom marketing.” A growing number of consumers feel that corporate marketers are “buying” their trust rather than “earning” it. Word of Mouth Marketing is different and desirable because it conveys a sense of locality (in terms of how the message is perceived by the recipient), as well as implied sense of trust. For years, various studies have strengthened the belief that the recommendation of a peer is a major factor in many purchase decisions. One research study in the United Kingdom suggested that Word of Mouth Marketing is 1,000 times more powerful than a standard ad impression.
Simply put, Word of Mouth Marketing involves more of a “dialogue” than previously dominant forms of traditional advertising. Figure this – using an excepted model of comparison, a traditional TV spot is 30 seconds. The average Word of Mouth communication is shown to be eight minutes! That’s a whopping 16 times the amount of exposure offered (per recipient) by Word of Mouth Marketing versus traditional advertising! What’s more, studies are proving that the Word of Mouth Marketing dialogue has much more value (or weight) than traditional advertising impressions. In other words, no matter how clever, funny or dramatic the ad, we all inherently know that the value of a recommendation from one individual to another trumps it every time. So, what’s the answer for a small or local business that wants to create opportunities for Word of Mouth Marketing and maximize any benefits that are created through consumer dialogues? Ideally, the small business owner should have some desire to generate his/her own “buzz.” But for every small business owner, that’s simply not the case. It should then become their mission to find a local marketing professional who understands the impact of Word of Mouth Marketing, and work with him/her to create a cost-effective and workable strategy.