This equation should come as a surprise to just about no one these days, especially to those who work in marketing and brand management.
Most marketers get the social media part of that equation, too, as we continue to better understand and appreciate its power as a platform for communication and engagement. Where we still often find challenges, however, is on the “word of mouth” side, especially when it comes to identifying who the most important mouths belong to.
Any positive word of mouth is a net positive for brands, of course, but not all word-of-mouth is created equal. Where it can really pack a punch, and where it can scale through the reach of social media, is when it’s coming from not only your biggest fans but your most influential ones as well. Simply put, making a positive impression on influential people can make an exponentially positive impression on your brand – and your bottom line.
The studies underscoring this premise are numerous. A recent one, for example, found that 92 percent of consumers turn to people they know for referrals above any other source. Still, generating word of mouth in a strategic, systematic way can be a tricky concept for many brands to get their arms around. To help, the study identified two types of strategies marketers can use to bolster their brands via social:
- Influencer marketing: Here, marketers seek out and partner with people who have large following on social media and whose interests/focus align with their products/services
- Advocate marketing: Here, a company leverages the collective power of its most loyal consumers, its employees and other partners to drive a common narrative and positive perception of products and/or services
While there’s some overlap between these two, more important are the areas where they complement and strengthen one another. As the studies referenced above indicate – and as many studies before them have done as well – there’s nothing quite so powerful and potent for marketers as a growing, organic wave of positive perception via word of mouth.
Knowing the potential power of word of mouth backed by social media, the question becomes, do you know who your brand’s influencers and advocates are? If so, how do you engage them? And if not, how do you start finding out?