Word of mouth
Lesson 22 from: Brand Marketing Bootcamp: Build An Actionable Marketing PlanScott Lancaster
Word of mouth
Lesson 22 from: Brand Marketing Bootcamp: Build An Actionable Marketing PlanScott Lancaster
Lesson Info
22. Word of mouth
Lessons
The definition of strategy
03:39 2The 4 stages of marketing
03:16 3The difference between strategy & tactics
03:46 4The 6 laws of marketing
09:56 5Understanding Creative & Distribution
02:16 6The 4 marketing P’s and how to use them
05:08 7SWOT Matrix and how to use it
02:28 8Porter's Five Forces
04:4360/40 Law of marketing
04:04 10The marketing funnel
06:27 11Analyzing your competitors
07:14 12Deciding your target audience
06:59 13Creating your marketing objectives
11:42 14Pricing your products perfectly
08:16 15Watch this before arranging your marketing strategy
02:21 16Awareness, finalizing your awareness tactics
03:52 17Partnerships and affiliates (free tactic)
09:40 18Blog writing & SEO
07:26 19Podcasting
07:10 20Public Relations
05:58 21Giveaways
07:18 22Word of mouth
06:21 23Valuable courses
08:09 24Social media overview
05:28 25YouTube
09:36 26TikTok
03:58 27Twitter / X
04:48 30How to create better content in half the time
07:54 33Why start-ups should never use paid advertising for awareness
06:21 34Education & Consideration
01:33 35Workshops & Webinars
08:39 36Social Proof
06:55 37Effective Email Marketing
05:34 38Utilizing FAQ Sections
05:31 39Portfolio & case studies
07:39 40Leveraging product comparisons
03:26 41Tips to increase desirability
07:22 42Harnessing the power of Google reviews
05:20 43Sales & Conversion
02:28 44Psychological tricks to convert customers to buying
08:25 45Building a list of customers ready to buy
08:46 46Irresistible Offer
08:31 47Persuasive Sales Page
07:35 48Promotions & Free shipping
04:24 49Improving conversion rate (PIPE FRAMEWORK)
06:39 50Customer Retention
03:43 51Expanding your product range
07:18 52Asking for feedback & refining your product
03:37 53Loyalty programs and the subscription model
06:43 54Gifts & Surprises
05:02 55Finalizing your marketing strategy
07:40Lesson Info
Word of mouth
Now, we all know that word of mouth is one of the best and easiest ways to grow your business. But how can you use it effectively to grow your brand if you can't control what people are saying about you? Well, in order to use word of mouth as one of your main marketing tactics, you need to focus on delivering exceptional experiences for your customers. Now, this is not anything special, this is the baseline in something super standard. And what I mean by that is this is essentially going to have to be your standard in order to exceed your clients' expectations or customers' expectations and ultimately get them talking about you because if we think about who we talk to on a day to day basis, maybe it's a colleague, maybe it's family members, we only share things that are extraordinary, right? We don't really chat too much about things that are boring, right? At least we don't, we try not to anyway. So one of the things that you can do as a brand is you can make your customer feel extra ...
special. Now we'll cover a couple of ideas a little bit later on this lesson. But that is the overarching premise, think about your experiences and what you talk about and why you share experiences with brands with others. And if we think about it, it's either because the experience has been exceptional. So you feel comfortable telling someone that you care about about a brand because you know that they're going to be taken care of as well. Therefore, it's going to reflect you in a better way. And also the fact that you just want to be helpful and maybe connect someone with a brand or maybe there's some sort of affiliate or referral program for that particular brand where you can basically link up the customer with the brand and ultimately get some sort of affiliate fee once they actually purchase that particular product. Now again, this doesn't need to be complicated. It's simply just a case of setting up some sort of referral system where you give someone and then incentive to share your brand with others that they care about that have the exact same problem as the brand. Uber actually had an incredible amount of success with this particular approach as they basically gave new users that had never used the app before $20 or pounds or whatever worth of credit to use on the Uber app if they referred a friend. So basically, people were just referring everyone that they knew to get on the Uber app. And what this did was this basically triggered this chain reaction where everyone within the geographical location at the time of my home town, where it kind of happened where I saw this, everyone within a short period of time had the app and using it because it was more effective, it was a better quality product. So it exceeded all their expectations because they never used that sort of thing before. They never used an app like that before. And also they had an incentive to share it with their friends. So for example, Uber may have lost $20 to acquire each customer, but they quickly made that back within one or two rides that quickly followed that particular user booking and using the service afterwards. And again, this all comes down to the cost of acquiring a customer, which I mentioned before in a previous lesson, you're going to spend around 20 to 40 per cent of the actual cost of your product on average. Obviously, this isn't the same for all different types of businesses and products, but you're going to spend between 20 to 30 per cent or maybe even 40 per cent on getting the customer and acquiring them and getting them to actually purchase from you. And most of the time they actually won't purchase from you, they'll just maybe shop a little bit and then just leave. So they don't actually even become a customer. But if you can get a qualified user for $20 and then everything after that is just profit. Basically, that's a good deal. So Uber was super smart in regards to how they approach that. So if you are incentivizing the people to actually sign up to your particular program or product or service or whatever, then you can offer them a cut or a percentage of the person who they refer to the service in future to try and incentivize them to actually spread the word and to get the word out there and make it in their best interest to actually do so. In regards to pros and cons, obviously, the pros are you get some really authentic and organic growth, which you don't really have to pay much for. You just basically pay for a result, which is obviously great in regards to cons there is obviously the con of you don't really have the ability to control what people say. So you could potentially be incentivizing people to say something about your company, which could get completely wrong and that could potentially damage your company. So it's a very delicate balance of getting things right? And you ultimately need to arrange a solution which is as secure as possible, which also showcases your brand in the best possible light. Now, in regards to costs, set up maintenance and also Roi I scored this as 1/4 for cost because it may take a little bit of revenue to set up but not too much in regard to set up. It could take a little bit of set up because obviously you need to set up the referral program, you may even need to invest in actually bettering your products. So that when people are referring it, it's actually worthwhile them referring it to others because they're going to actually stick around and then it's going to be a snowballing effect. So making sure that you're investing in your actual product and service and making it the best it possibly can be is also super important. And then the maintenance side of things is ultimately going to be fairly low. So I would probably score that as a seven, not going to be doing much. You simply just have to let the people who are actually spreading the word for you do their thing. And from my experience, the return on investment for this type of approach is quite high, I'd probably say it is a nine or maybe even a 10, I'd probably go with a nine just to be safe because when I'm telling you that I'm great at something or that I'm, I've got the best service in the world. It's not really that believable, right? We're going to be very dubious. But if someone else told you that I had the best service in the world, it's a little bit more believable. It isn't as direct. So you're, you're more inclined to be open to that idea. So super useful tactic, if you can get things right. Feel free to explore and obviously reach out if you need any additional support, but I will see you in the next lesson.
Class Materials
Bonus Materials