This is part two of a three-part series on social media and peer-to-peer marketing.
Just joining us? Read Part One: Social Marketing to get caught up.
What is Peer-to-Peer Marketing?
As the name suggests, peer-to-peer or word of mouth marketing is marketing by word-of-mouth. Basically, you’re getting your customers to advertise for you. People share information whenever and wherever they can, so this type of marketing has both an offline and an online component. Peer-to-peer marketing is much older than social media, but in today’s world social media is an important component of a peer-to-peer marketing strategy.
The Advantages of Peer-to-Peer Marketing
Done right, word of mouth marketing is some powerful stuff. First of all, it is customer-controlled, so it seems more authentic and less like “marketing.”
Compared to social marketing coming directly from the business itself, customers are more likely to trust referrals from their peers. In fact, a study by marketing firm Crowdtap found that 92% of customers trust recommendations from people they know, more than any other source of information!
Another advantage of peer-to-peer marketing is the potential for the message to become viral. Now that you’re all grown up, the same dynamics that ensured the entire high school found out about your embarrassing crash landing in the school cafeteria in a matter of hours can be harnessed to get the word out just as quickly about your company or product.
So, how do you get people talking? It’s harder than it looks, but these tips will give you a head start:
Nobody wants to give their friends and family bad advice. People won’t recommend you if they don’t trust you. It’s just that simple.
Customer service not only ties directly into trust, it also provides your customers with a potential talking point. Whether that’s a good thing or a bad thing depends on you and your employees.
If you provide an exceptionally good experience, customers may very well share it with others. However, if you provide a less-than-optimal experience, your customers are even more likely to share it. It’s essential that your team includes good customer service professionals, that you train them well and that you provide them with the resources they need to do their jobs.
Social Media: Use the Force
Social media should be a key part of your peer-to-peer marketing strategy. Simply put, it allows your customers to tell all of their friends and family about your business at the same time.
Plus, unlike offline word-of-mouth, it’s easy to track recommendations online from social media. Use Dukky to build a promotion that incorporates social sharing, and you can watch the resulting word of mouth multiply in real time!
A good product and top-notch customer service are the backbone of a peer-to-peer marketing strategy, but all too often it’s not enough to generate the desired volume of conversation and referrals. What’s a marketer to do?
Try giving your customers an incentive, something like an extra discount or an entry in a contest, in exchange for sharing your offer with their friends and family. If you’re using Dukky for your promotion, this will be a breeze to set up, and again, you’ll be able to see the results unfold in real time thanks to our powerful analytics.
Do you have any other peer-to-peer marketing tips? Share them in the comments!