If you’ve built a successful business, chances are many of your leads come from the referrals of satisfied clients or customers. Some businesses have done very well with little or no advertising.
Every now and then I’ll hear a business owner express doubts about investing in social media, or even marketing altogether because most of their business comes from word-of-mouth. There is then a resistance to putting money toward marketing, which is totally understandable. “If it ain’t broke, don’t fix it.”
However, the success that comes from word-of-mouth can also lull you into a false sense of complacency and prevent you from growth, which leads to stagnation and long-term business failure. And even if the customer-base is loyal enough to keep the company in business, the business risks leaving a lot of money on the table by refusing to market. Good can always become great and great can always become better.
The most important thing for today’s business owner to understand about social media is that social media marketing is word-of-mouth marketing. Social media simply magnifies and amplifies your word-of-mouth, harnessing its full potential.
Traditional advertising attempts to pitch products and services to the audience. It’s a one-way, broadcast style of communication. Social media, by contrast, allows a brand the opportunity to meaningfully engage in two-way communication with its audience. Social media helps you not only attract new clients and customers but also stay in touch with current ones.
By consistently providing value on social platforms where your audience is already spending their time and attention, you can make a genuine connection with them, converting prospects into fans, fans into customers, and customers into loyalists.
Word-of-mouth has long been the strongest form of marketing. Most people will be far more inclined to try a product or a service that has been vetted and recommended by a trusted source, such as a friend or a third-party expert over an advertisement.
When a brand speaks highly of itself, you think: “Duh, of course, they say that.” When a friend of yours has had a good experience with a brand and tells you about it or when an individual whom you trust, such as an influencer, recommends it, you’ll be much more likely to choose that brand over a competitor.
According to the Nielsen Global Trust in Advertising Report published in 2015, 83 percent of online respondents in 60 countries say they trust the recommendations of friends and family over advertisements. And, according to data from Musefind, an influencer marketing platform, published in 2016, 92% of consumers trust an influencer more than an advertisement or a traditional celebrity endorsement.
Creating a community on social media may not provide immediate or directly traceable ROI in the short-term, but over the long-term, it will get your brand in front of more people and build brand equity, which you can leverage in powerful ways, reducing your new customer acquisition costs and receiving more repeat business.
Social media allows you to see your friends’ likes and interests as well as which brands they follow. Friends see posts from brands that their friends of engaged with, allowing branded content to spread virally throughout the Internet. Friends who see that their friends like, follow, and trust a brand, will be more positively inclined to try the product or service for themselves.
Social media is not a replacement for word-of-mouth. Social media has simply restored word-of-mouth to its rightful and lofty place in the marketing universe. With over 47% of customers using AdBlock technology and tuning out or fast-forwarding advertisements, word-of-mouth has become more important than ever before.
Social media channels are places where brands can seamlessly mix into the conversation. Remembering that social media marketing is a conversation is key. The number one mistake most brands make on social media is treating these new channels as one-way broadcasting platforms where they attempt to push out their marketing messages, much in the same way they do on TV, radio, or in print.
Social media is where people go to converse, catch up, get information, or find entertainment. Users don’t want to be interrupted with ads and sales pitches. By creating content that blends in natively to each channel and respects the nuances of each platform and provides value to the audience, brands will delight current customers and fans who will engage with the content and spread it to others.
Furthermore, people are going to talk about your business regardless of whether or not you have a strong social media presence. Social media is a valuable team player that helps your business win on both offense and defense. By having an engaged fan-base on social media, you’ll spend less time and energy on reputation management, deflecting negative comments or poor reviews. Instead, you’ll have an army of loyal and passionate brand advocates who will step in, engage, and help spread your message for you.
Responding to both negative and positive comments on social media makes your audience members feel valued. It feels special to be recognized, especially when so many businesses seem to take customers for granted and are slow to respond to questions and comments. Engaging with your audience makes your brand more human, relatable, and trustworthy. Additionally, most millennials, in particular, value transparency and are wary of brands that do not put themselves out there on social media and authentically engage.
So, if you were hesitant to invest more into social media, now you understand that social media will provide an added boost to your word-of-mouth and allow your business to grow and reach new milestones.
And, don’t get hung up on worrying about what kind of content to create and share on social media. With each piece of content, simply keep in mind how you can provide more value to your audience. This approach to content will help you create an inspired, engaged community of people who share your values, passions, and vision. Of course, if you’re still having trouble, feel free to reach out to me in the comments below.
Did you experience positive word-of-mouth as a result of your social media marketing efforts? If so, how did you do it? What could you have done differently?