Word of mouth has always been known to be the most effective mode of promotion for your product or service (positive or negative). We know that web techniques have changed the equation of how fast word of mouth can travel, from friends and family to going viral on the internet. Here’s an interesting video from American Businessman and wine guru, Gary Vaynerchuk, author of Crush It!: Why NOW Is the Time to Cash In on Your Passion and The Thank You Economy that talks about the changes in marketing, customer satisfaction and advertising.
Gary makes some great points:
1. We are living in the greatest shift in media since the printing press.
2. We are not completely grasping what is happening right now.
3. The way you build a business is through word of mouth
4. Traditional advertising converts at 12.5%
5. Word of Mouth converts sales at 78%
6. Tools like Facebook and Twitter and others like Blogs and Forums are making it easier to for ‘word of mouth’ to spread
7. Become part of the community
I believe Gary’s point about many of us in the business world, ‘not getting it’ resonates. This video is another tool for customer satisfaction managers to help get their message across to senior management who may be locked in the ‘old world’ mentality.