If you want to take your direct selling network marketing game to the next level or want to become one of the top direct selling company in Asia, then it is important that you understand what Word of Mouth Marketing is and how you can use it to maximum advantage.
What is Word of Mouth Marketing?
In the past, one of the most preferred and assured ways of getting your products name or quality to a wider audience was through word of mouth, or when your customers tell their friends or family about their experience with your company.
But like any other aspect of marketing and sales, even word of mouth marketing has been influenced by the introduction and advancements in social media. Today, word of mouth marketing or word of mouth advertising is one of the most effective and efficient means of improving your direct selling network marketing company’s sales and performance.
While traditionally, word of mouth marketing was spread when a person recommended a product or service to their friends or family, today, it includes targeted efforts and naturally occurring instances when a satisfied customer shares their experience about their brand with others.
Importance of Word of Mouth Marketing
Ask anyone who is the part of a successful direct selling marketing business in India and they will tell you that word of mouth marketing is one of the most important factors that contributed to their success. In today’s hyper-connected world, one positive review or feedback can go a great distance in improving your customer base and profits.
Many academic and industry-funded studies have looked into the effects of good word of mouth marketing in the direct selling network marketing industry. According to a study by Neilsen, more than 90% of people trust recommendations made by friends or family when it comes to choosing a brand or product. After friends and family members, it is the online reviews and feedback written by other customers that can impact your company’s standing with your customers. More than 88% of people trust online reviews made by other customers, and 74% of the people admit that word of mouth marketing is one of the key influencers when it comes to making decisions about purchase a product.
However, the same studies have also found out that only 30% of companies or businesses invest in collecting such reviews and feedbacks from their customers.
Advantages of Word of Mouth Marketing
Word of Mouth marketing has a few advantages when it comes to improving your profit and sales when compared to other means of marketing.
Improves profit without spending extra on ads: Many brands today concentrate exclusively on word of mouth marketing to improve their sales and save money on advertising and marketing. Top direct selling companies in India like Qnet are pioneers when it comes to successfully utilizing Word of Mouth Marketing to reach their audience.
Helps in building a community around the company: Word of Mouth marketing has the added benefit of helping your product or company to build a community of loyal and dedicated customers than just buy and bolt customers. When you engage your customer better or constantly keep them satisfied with your products, there is more chance of them buying from you in the future and introducing your products to their friends and family.
More funding and more freedom: Customer Acquisition Cost to Lifetime Value is one of the biggest factors that decide your business’ future and can be leveraged to bring in more funding from angel investors.
As you can see, Word of Mouth Marketing has a varied range of benefits and uses when it comes to running a direct selling network marketing company. There are many ways that you can improve your chances of retaining customers and convincing them to spread a good word about your product or company. But that is for a future article.