It's all the rage in the marketing world and is described by some as the world's best-known marketing secret. So is "word of mouth marketing" something that you should be looking at to help grow your business?
To many insurance and financial advisors, word of mouth marketing probably doesn't seem like a radically new concept. In fact, when asked "How do you acquire new customers?" many independent insurance agents and financial advisors will often say that word of mouth marketing already plays a big role in new client acquisition.
But when asked "What do you do to stimulate word of mouth marketing?" the response is usually a shoulder shrug. Like the weather, they say, it just seems to happen.
The new discipline of word of mouth marketing takes a more systematic approach. It starts with deconstruction. In the academic world, deconstruction means discovering the underlying assumptions, ideas, and experiences that form the basis for any given thought or belief.
Towards that end, the marketing deconstructionists have put word of mouth marketing statements under the microscope to see what triggers them and how they can be replicated.
After all, every positive word of mouth statement for your agency is effectively a new salesperson who's out working on your behalf — and the good news is there's no base salary or commission for that salesperson!
When all's said and done, word of mouth marketing boils down to creating enthusiasm within your customer base and getting them to talk about you to others. But how does that happen and how can you make it happen more often?
It's time for a simple thought exercise. Take a look at these statements and try to think about their genesis. How did the spokesperson end up giving these endorsements?
- "If you are looking for a good financial advisor, I've got a great one. He's really done great work for us."
- "Congratulations on starting your new business, and we are pleased that you've chosen us for your banking needs. If you need help with payroll, legal, insurance or other matters, I've got a network of helpful contacts I can put you in touch with."
- "I met a fellow the other day who might be worth your talking to. He's a member of a professional organization I belong to and I think you might get a lot out of having a conversation with him."
- These word of mouth statements don't happen by accident. Here are ten principles you can apply to build a flood of word of mouth marketing buzz that will help you take your agency to the next level.
These word of mouth statements don't happen by accident. Here are ten principles you can apply to build a flood of word of mouth marketing buzz that will help you take your agency to the next level.