Word of Mouth Marketing (WOMM) – you participate in it daily. “So have you heard about that new iPhone X? It recognizes your face!” Rather you are recommending your favorite leadership book or your friend convinced you to switch gyms because the one your friend attends is “better,” WOMM affects us on a daily basis. WOMM has been around way before social media existed. It’s one of the first forms of marketing and is one of the most valuable. A study conducted by The OECHSLI Institute on the power of WOM influence for financial advisors states that 92% of clients found their financial advisors through word of mouth influence. 60% of clients say that the main reason they chose their financial advisor was due to word of mouth influence. So, the question here is how do we go about increasing WOMM in the 21st century? Here are some methods that you can implement into your marketing strategy:
- Ask top clients to share testimonials/reviews. If you have a website, this is a perfect addition. In fact, 79% of people report trusting testimonials and online reviews just as much as word of mouth recommendations.
- Offer an incentive. You’re probably thinking, “My client is super busy and doesn’t have time.” However, people are more likely to do things when receiving something in return. As you reach out to your top clients for either testimonials, reviews or even for your marketing campaigns, offer discounts or services as an exchange for their participation and referrals.
- Organize a formal referral program. This will make the process for your clients fast and easy. Additionally, this will allow for you to measure the results.
- What is your story? As always, ensuring your website is up to date and interesting is important. But what will increase WOMM is sharing your unique story, right on your website. Why did you start your business? What drives your business? Whenever you give people something memorable, they will share it with the people around them even if you don’t ask them to.
If you have a great example of successful WOMM for your firm, share in the comments below!