Last week, the Extole Team headed to Chicago for WOMMA’s annual WOMM-U event. As the Opening Welcome Reception Sponsor, Extole kicked off the conference with a signature Extolation! cocktail and an iPad Mini Giveaway. Attendees mixed and mingled, discussing the day’s highlights.
Over the next few days’ speakers from Walgreens, Discover, H&R Block and more, discussed the importance of incorporating word of mouth (WOM) into their overall marketing mix. With that, I’d like to take some time and recap what’s going on in the world of WOM and what some of the over-arching themes were from last week:
Your current customers can be your best marketing asset:
Author of Monster Loyalty, the book on Lady Gaga and her superfans, Jackie Huba, talked about how “It’s 5x cheaper to keep a customer than acquire a new one. Don’t forget your current customers!” By leveraging your existing customer base, you can get them to spread WOM on your behalf – opening up an entirely new marketing channel for brands — the friends of their customers.
Person-to-person WOM is most effective form advocacy:
Christopher Tuff of 22squared reiterated that WOM is one of the best tools brands can leverage to ignite advocacy. We all know friends trust their friends more than they trust advertising, so it’s time brands start investing in true WOM strategies that activate advocacy.
WOM generates more sales than paid advertising:
As Wharton’s Jonah Berger, author of Contagious: Why Things Catch On, stated, “WOM generates 2x more sales than paid advertising.” In addition to SEO and SEM, brands need to add WOM to their marketing mix. It creates a high-value acquisition and sales channel for less the cost.
At Extole, we truly believe in the power of WOM. Through referral marketing programs, brands can engage their existing customers, incentivize them to share WOM recommendations with their friends and acquire new customers — creating an efficient and reliable acquisition channel through digital WOM. To learn more about why we love WOM and how it can impact your brand, CONTACT US today.