Marketing is one of the most developed fields today. Marketing deals with any market-oriented activity with the ultimate goal of increasing sales and brand image of the marketed product or service.
Marketing as a field includes market research, sales, sales promotion, customer service, after-sales service to name a few. And what works best for the ultimate goal of marketing, which is to sell. Well, it’s the oldest marketing method, word of mouth marketing.
The concept of word of mouth marketing
Word of mouth marketing encompasses the activities that a company or an individual or institution undertakes to generate a positive testimony from its customers in order to acquire new customers and retain the existing ones. The interested parties can be friends, relatives, acquaintances, colleagues, family members and the like of existing customers.
The elements of word of mouth marketing
Word of mouth marketing has the following pillars:
1) Trust drives word of mouth marketing. Word of mouth affects the target market when a person we trust recommends a product or service. And because of our trust in that person, we trust their recommendation and take appropriate action.
2) The credibility of the product or service is very important. It is essential that the product or service is actually convincing and has a good price-performance ratio. Then everyone will rather discuss it or forward it to their friends and acquaintances.
3) Word of mouth marketing is the most potential way to influence the market strength of a product or service. Whether favorable or unfavorable, word of mouth can make or break the market value of a product or service.
4) Includes effortless dissemination of information.
5) Leads to a collective reaction of the target market.
6) This is the most cost-effective marketing method because it uses the resources of others to do the work.
7) Word of mouth marketing is not greatly affected by fluctuations in the economy or increasing competition in the business.
8) When word of mouth has allowed a product or service to build a certain image of itself, either positive or negative, it is difficult for the competition to easily break it.
9) Word of mouth marketing is not a long-term marketing method. It’s good as initial marketing or as a support to boost sales already made. The product or service must be constantly improved in order to maintain and expand its market share.
Word of mouth has been the most successful and cost-effective sales tool for years. Anyone selling anything needs to take advantage of the numerous benefits of word of mouth marketing. But make sure that word of mouth is favorable for your offer, otherwise it can lead to lost sales and a weakened brand image.