Not only is it your “lowest cost of sale” when you calculate how much it costs you to get a new customer, but it also carries the most “clout” in anyone’s mind. Having someone tell someone else you are the person or people to see when it comes to your product or service is the most valuable way to sell anything. If anyone disagrees with this, I would love to hear your thoughts – leave me a comment below.
Knowing this the case, why are so many companies investing so much money in other forms of marketing? Is it because they don’t get enough word-of-mouth? Generally this is the case from my experience. Word-of-mouth makes up a portion of their sales but not enough. So to make up for this difference, they market. But I have another thought for you to consider. Why not take the word-of-mouth you have today and LEVERAGE it to get more?
This is exactly where the tools of Social Media can help you tremendously. Social media is designed, when used correctly(which it isn’t in the majority of cases – more on that later), to leverage your audience that wants to talk more about you to others. If your audience is using social media, to even a small degree, what are YOU giving them to share with others? Are you “arming” them with great stories and content they would love to share? Are you giving them content that their audience would benefit from and find valuable? If not, it’s time to rethink how you are both using social media and word-of-mouth
Combined, these are the most powerful and most productive ways to market in the world today – and they are at our fingertip. Rather than dumping more money into that newsletter that no one is reading any more, maybe it’s time to rethink how to get more of the right people talking more about you – proactively to their own audience…