Word of Mouth Marketing in 2022: How to Create a Strategy for Social Media Buzz & Skyrocket Referral Sales
Check the slides with the essentials.
The concept of social proof is rapidly gaining momentum. Nowadays, individuals look for trust indicators from the actions of other people before taking action themselves. The opinion of the majority is an existential power that serves as evidence for individuals to make the best buying decisions. When it comes to buying a product or service people trust the approval of other people better than ads. Let’s have a scoop into what businesses are doing to get the numbers rolling in.
Tips for Creating a Strategy for Viral Social Media Buzz
One way to stir emotions in your subscribers and turn them into loyal fans is through influencer marketing. 41% of customers discover new products through influencers weekly. Your favorite music star didn’t build their catalog by getting one person to buy their album. Instead, they built a relationship by sending gifts, organizing social events, and getting other people to talk about them and spread the word. This “obsession” science is so real that 17% of companies will devote more than half of their annual marketing budget to influencer marketing campaigns because they know that around 3 in 4 consumers would spend up to $629 on influencer-inspired purchases. Also, 71% of marketers think the quality of influencer marketing traffic is better than other sources and 80% of consumers have purchased something via an influencer’s recommendation.
Provide Useful Product Information
Humans are creations of sight. There are 130 million Instagram users who click shopping posts to find product information each month. Terrific! Create visual triggers by publishing product information alongside the product image. Your viewers can then relay the words of the product information to their friends and family. This technique works if you have kids’ or feminine products.
Integrate With the Google Ecosystem
Over the past three years, Google saw a 1500% increase in “influencer marketing” search queries. It is a great place for subscribers to get user-generated content (UGC). UGC is trusted by 85% of social media users who rely on social proof rather than branded content which often seems sale-oriented. YouTube is a Video sharing platform and a part of the integrated Google family 60% of millennials are more likely to take advice from YouTube influencers than traditional media personalities. The more you create and engage with content using Google products such as Android, YouTube, Google Drive, Google Chrome, Gmail, among others, the more the algorithm “crawls on” or “indexes” your platform for SEO visibility.
Target Millennials, Gen Zers, and Women
Millennials are the fastest users of social commerce, with Gen Z coming a close second. Experts say that 60% of millennials are more likely to take advice from YouTube influencers than traditional media personalities. 63% of consumers between 18 and 34 years old said that they “trust what influencers say about brands much more than what brands say about themselves in their advertising.” 22% of large purchase decisions by 18-34-year-olds are influenced by influencer endorsements. These groups of consumers are willing to purchase from companies that do not have a storefront and use social media to learn about new companies.
The spending power of women is increasing and 86% of women turn to social media for buying advice. Womenfolk use social media to shop family and fashion products online, accounting for 85% of all consumer buys. They also spend time on online forums talking about products and services.
Create a Referral Program
A referral program is a powerful advertising tool in marketers’ hands. A referral program is a marketing strategy that rewards your loyal customers whenever their friends interact with your brand through you. As a benefit for introducing new customers to your brand, an existing customer gets an incentive such as gift cards, free merch, and loyalty points.
What Are the Benefits of a Referral Program?
Formalizes the Sharing Procedure
Truth be told, even the best of customers do not remember to tell others about a great product they have just discovered unless they come by a family member or friend in a tough spot who might need the brand’s offering. A referral program outlines the reward type and reward details in a standardized way. It states the manner in which one can invite a customer and get rewarded in a clear structure.
Attract Quality Customers at Low Costs
Referral programs incentivize your present customers to blow the trumpet about your business. What’s the cost of winning a new customer with a referral? Not a lot, actually. The cost of a referral is fixed and on a per-referral basis. This incentive is only paid for on the basis of performance. The outcome of this structure is very low customer acquisition cost (CAC) in comparison to most forms of advertising.
In addition, referred customers have shown higher retention rates than other customers, often spending up to 25% more. Also, they are 36% more likely to buy a product again. When it comes to lifetime value, program-referred customers score 16% higher than non-referred customers.
Proven Success Rate
Referral programs work wonders for bigwig global brands. Payment processor, PayPal famously had a referral program that splurged a huge sum of cash. The brand started by offering $20 to new account openers and another $20 to refer friends. At the time, PayPal achieved 7 to 10% daily growth and 100 million users.
File-sharing company, Dropbox, achieved over 2.8 million referrals within one year and six months. Today, 35% of new signups are linked to the brand’s referral system.
Sadly, not enough new businesses are leveraging this tried and trusted method. 71% of startup businesses do not have a referral marketing program running.
How Can Kidazzler Help?
Kidazzler is the No. 1 platform for parents, business and influencers. At Kidazzler, we are well-versed in the inner-workings of digital and social media marketing. By gaining access to our world of value creation, you’ll have plenty of opportunities to contact influential parents who will be able to create an excellent referral program for you.