'Word-of-Mouth is the most effective form of marketing available today'
Co-founder and Head of Strategy at Have You Heard Ryan McFadyen says Word-of-Mouth is the most effective form of marketing available today.
The Covid-19 pandemic and the impact on the world economy have seen media budgets slashed.
Brand-building activity is on hold, says McFadyen, while performance channels receive greater spend. At the same time, brands must find new creative solutions to achieve distinctiveness in the post-pandemic marketplace, he adds.
Consumers are exposed to 1900 marketing messages a day and ad blockers are among the most downloaded apps... 25.8% of the global population utilises them.Ryan McFadyen, Head of Global Strategy at HaveYouHeard
McFadyen says recent research in 2020 studies shows that:
1. Word-of-Mouth brings in 5 times more sales than paid media
2. Customers acquired through word-of-mouth spend 200% more than the average customer
3. 85% of small businesses are discovered by customers due to word-of-mouth recommendations
He says one must commit to building word-of-mouth into every aspect of the business.
There are 5 simple steps that, if executed well, will help you to naturally build word-of-
mouth, says McFadyen:
1. Build 'remarkability' into your business.
2. Make it easy to share - Human beings are natural storytellers. They want to share your story – but they don’t want to have to work too hard to do so.
3. Build relevance - The question is not ‘Why is your consumer relevant to your story?’ but ‘Why is your brand relevant to their story?”
4. Say thank you - True word-of-mouth cannot be incentivised. People won’t risk their reputation for a simple incentive. However, thanking an advocate for their support of your brand will ignite their passion even further yielding significantly more value to your business
5. Embrace communities
Communities consist of like-minded people living in close vicinity of each other. This means that, if you build advocacy with one person within that community, you could do the same with other members of the community and, as you convert more members of that community, you create a snowball effect. This is the true nature of virality. And why should our listeners consider the approach? Well, statistics show that 1 in 3 recommendations converts to sales.Ryan McFadyen, Head of Global Strategy at HaveYouHeard
Listen to the insightful interview with Ryan McFadyen in the audio below:
Source : https://previews.123rf.com/images/rawpixel/rawpixel1812/rawpixel181200684/112893734-students-giving-each-other-a-high-five.jpg
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