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The Power of Referral Marketing

Discussion in 'Traditional Marketing and Promotion' started by djbaxter, Feb 28, 2017.

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  1. djbaxter

    djbaxter Administrator Moderator Member

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    I found this article interesting, not because the overall ranking was a huge surprise to me but (a) because of how strong the word-of-mouth factor was, and (b) because of the strength of the second ranking factor - online posted consumer opinions (one of the ranking factors for local search).

    The true power of referral marketing and how you can use it today to grow your small business fast
    Duct Tape Marketing
    February 21st, 2017

    WOM-statistics_Nielsen-1024x576.png

    Read more...

    I think this is one of the reasons Facebook Marketing has become such an essential and effective part of promoting many small businesses. It's basically an online structured way of combining referral marketing and online reviews, with the word being spread by people who know and trust one another in a fast ripple effect.
     
  2. azgold

    azgold Moderator MVP Member

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    I believe that word-of-mouth advertising always has been and always will be the best form of promotion. For that to happen, you have to offer a terrific product or service and give good customer attention. Takes time to build up a brand and reputation but totally worth it, in my opinion.

    Just looking at the graph you posted, DJ, I see editorial content is in the number four position. I'm wondering if that has or will change with the advent of native advertising and "fake news". Sadly, that could become less trustworthy in the eyes/minds of the consumers.

    I think you're right. People trust viral content. They think that if a ton of other people like it, it must be good.
     
    djbaxter likes this.

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