Word of mouth is the most common method of gaining new customers, while the use of other traditional marketing tools such as print media, TV, and radio is minimal.
As part of the SavvySME Small Business Advertising Report 2021, which reviews a wide range of marketing approaches for advertisers and businesses on its online platform, users responded to a survey that answered the following question:
“What tools do you use to acquire new customers?”
And the results were very interesting.
Various forms of print advertising such as newspaper ads, billboards, brochures, and direct mail are used by 4.5% of advertisers, while other traditional forms of offline marketing such as television and radio are only used by 3.8%. % of advertisers.
1 in 2 service providers invests in some form of SEO and online advertising.
In comparison, 92.3% of companies adopt word of mouth (WOMM or WOM), another type of “archaic” marketing.
But why is WOM thriving in the age of digital marketing while other forms of traditional marketing are dying?
According to GlobalWebIndex, WOM is very popular with advertisers when it comes to finding new customers because they know:
- People have information from sources they consider to be of great value.
- Information received via WOM has a “buzz”.
- WOMEN can be revolutionary, disruptive, and create culture.
Leading global consulting firm McKinsey and Company found that:
“Word of mouth is the main factor behind 20-50% of all purchasing decisions. The impact is greatest when consumers buy a product for the first time or when the products are relatively expensive, factors that drive people to research more, seek more opinions, and last longer than they otherwise would. ”
Finally, WOM has long played a leading role in marketing, not because it is the first form of marketing, but because humans are social creatures. We want to share and help each other, and when we experience a quality service or product, we want others to benefit too.
So it makes sense for business networks like SavvySME or BNI to thrive with 59.6% of service providers using them.
Networking has always been an important pillar for companies.
- According to the world’s leading professional recruitment company, Michael Page, Business Network:
- Strengthen business connections
- Bringing in new ideas
- Raise your profile
- Promote your career (or business)
- Provides access to opportunities
- Helping you gain more knowledge
- Leads career guidance and support
- Win trust
- Develop a different perspective
- Develop lasting personal relationships
- Answer your questions
- Sit down when you find a job, niche, or career you are looking for
Rather than in the form of conferences, networking now takes place primarily online. Offers additional advantages over traditional business conferences.
According to Alignable industry expert Tania Braukamper, there are five benefits:
- You can extend your network anywhere (no relocation required)
- You can profile your profile as an authority in your field
- You can be the guest
- You can connect with a supportive business community
- You can generate more referrals
Will Irving, SavvySME’s biggest online sales influencer, reveals:
Gone are the days when the ‘closed’ sign on the front door of the store meant lost sales opportunities. Email, social media, and texting: they replaced this sign so you could always be ‘open’.
Online business networks help service providers connect with more people with similar interests anywhere, anytime.
In addition, some business networks also act as online marketplaces (or leading platforms) that have emerged as a highly reliable option for acquiring new customers, with 34.6% of service providers relying on them.