Companies today are run more on personal experiences than expertise in particular areas. Hence, marketers today take the word of mouth marketing strategy much more seriously than they did decades ago.
Although there are no hard and fast rules to word of mouth marketing strategy there are a few strategies which have proved to be winners for many of what we now know to be the giant companies of today. It is important to understand why word of mouth marketing has become so widespread recently. To begin with, it is the cheapest form of advertising a company can afford especially when using the internet as a tool for spreading the word. If using credible sources it can build on strong sales base, especially for smaller companies. However, smaller companies should be careful on using this strategy as it could also result in negative word of mouth marketing if not applied correctly.
The following are some important factors one should take into account when devising a word of mouth marketing strategy
Source credibility – can be simply understood as perceptions of expertise and trustworthiness. It gives consumers the belief that the relevant communicator is competent and willing to provide necessary information to evaluate competing products adequately. Hence, the first step marketers of small companies need to do is build on the source credibility. Building on ones credibility can be enhanced if the sources qualifications are perceived as relevant to the product being endorsed. For example, attaching your product as a sample with another company’s product which has relevance will not only give the consumer an opportunity to experience the product but its attachment to another well known brand will increase its credibility.
Capitalizing on relative advantage is another important factor to take into account when building a strategy for word of mouth marketing.
Consumers often look for particular attributes in a product when making purchasing decisions. These attributes could be as simple as the fragrance of a deodorant or the quality of paper used for business cards.
Unfortunately, in reality marketers do not always know which attributes are most important ones for their consumers when making a purchasing decision. It is however possible to learn of which attribute is the most striking for consumers in your own brand. It is then up to the marketer to use that particular attribute to convince the consumer this attribute is the most important attribute. It is the importance of narrowing on these attributes and influencing consumers that wins them over to spread the word of your brand.
Targeting the right consumers – opinion leaders - Everyday we find ourselves giving and receiving opinions on many different occasions. However, as the number of opinions keeps increasing we tend to flush away the irrelevant ones and retain ones which are more credible and applicable. It is sometimes difficult to understand why we retain some opinions of some people and why not of others. In marketing terms it is fairly easy to comprehend this behavior and as most people will understand it is called seeking opinion leaders.
Opinion leaders are seen as knowledgeable about a given product and whose opinions are highly regarded; therefore, tend to influence the choices of others. As marketers it is generally difficult to identify specific opinion leaders; however marketers do know of their general characteristics and should target them in media promotional strategies.
Influential opinion leaders work a long way in a brands development and growth.
The giants of the industries focus on creating what we know as a marketing buzz. It is the smaller companies that need to focus on an effective buzz which leads to business growth.
About Author
Improve your Sales, Business Cards, Leaflets
Article Source: http://www.1888articles.com/author-cme-1378.html
Although there are no hard and fast rules to word of mouth marketing strategy there are a few strategies which have proved to be winners for many of what we now know to be the giant companies of today. It is important to understand why word of mouth marketing has become so widespread recently. To begin with, it is the cheapest form of advertising a company can afford especially when using the internet as a tool for spreading the word. If using credible sources it can build on strong sales base, especially for smaller companies. However, smaller companies should be careful on using this strategy as it could also result in negative word of mouth marketing if not applied correctly.
The following are some important factors one should take into account when devising a word of mouth marketing strategy
Source credibility – can be simply understood as perceptions of expertise and trustworthiness. It gives consumers the belief that the relevant communicator is competent and willing to provide necessary information to evaluate competing products adequately. Hence, the first step marketers of small companies need to do is build on the source credibility. Building on ones credibility can be enhanced if the sources qualifications are perceived as relevant to the product being endorsed. For example, attaching your product as a sample with another company’s product which has relevance will not only give the consumer an opportunity to experience the product but its attachment to another well known brand will increase its credibility.
Capitalizing on relative advantage is another important factor to take into account when building a strategy for word of mouth marketing.
Consumers often look for particular attributes in a product when making purchasing decisions. These attributes could be as simple as the fragrance of a deodorant or the quality of paper used for business cards.
Unfortunately, in reality marketers do not always know which attributes are most important ones for their consumers when making a purchasing decision. It is however possible to learn of which attribute is the most striking for consumers in your own brand. It is then up to the marketer to use that particular attribute to convince the consumer this attribute is the most important attribute. It is the importance of narrowing on these attributes and influencing consumers that wins them over to spread the word of your brand.
Targeting the right consumers – opinion leaders - Everyday we find ourselves giving and receiving opinions on many different occasions. However, as the number of opinions keeps increasing we tend to flush away the irrelevant ones and retain ones which are more credible and applicable. It is sometimes difficult to understand why we retain some opinions of some people and why not of others. In marketing terms it is fairly easy to comprehend this behavior and as most people will understand it is called seeking opinion leaders.
Opinion leaders are seen as knowledgeable about a given product and whose opinions are highly regarded; therefore, tend to influence the choices of others. As marketers it is generally difficult to identify specific opinion leaders; however marketers do know of their general characteristics and should target them in media promotional strategies.
Influential opinion leaders work a long way in a brands development and growth.
The giants of the industries focus on creating what we know as a marketing buzz. It is the smaller companies that need to focus on an effective buzz which leads to business growth.
About Author
Improve your Sales, Business Cards, Leaflets
Article Source: http://www.1888articles.com/author-cme-1378.html