The Most Effective Marketing Tool For Small Business, Define Your Word of Mouth Marketing Strategy
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The Most Effective Marketing Tool For Small Business, Define Your Word of Mouth Marketing Strategy

– I know what the best marketing tool is for any local business. Hands down, no question about it, the best marketing tool
for locally owned business is word of mouth. And do you know the exciting part? Studies show that 90% of
the world’s transactions are influenced by word of mouth, but most businesses do
not have a plan in place to capitalize on this, think about it. Often, businesses run a great business, and just hope that their customers go out and tell their friends and others how great an experience that they had. Is that you? Well, think about if you got intentional. Think about if you put a
strategic plan in place to create more word-of-mouth
marketing for your business, you would just see
explosive growth, right? So let’s do it! My name’s Meredith, and this
is the Meredith Kallaher Show, where I help locally owned businesses create a marketing plan,
because hope is not a strategy. You gotta put a plan in place to create a raving, successful business. Subscribe to my channel, and hit the bell, so you’ll be notified every
Tuesday when I post a new video about marketing plans
for small businesses. I did a lot of research for this word-of-mouth
marketing video series, but not to find out if word of mouth was the most effective marketing
tool for small businesses. I already knew that. How’d I know that? Well, I’m the owner and editor
of The Scout Guide Miami, and for the last five years, I’ve been offering great
locally owned businesses in our city annual advertising packages, print and online advertising, and all of the locally
owned business owners that I offered my package to told me that word-of-mouth marketing is the best tool for them. And y’all, I’ve offered
this advertising package to all of the great locally
owned businesses in Miami. In fact, I can almost promise, if you can think of a business in Miami that you think’s awesome, if it’s locally owned,
I’ve talked to them. But just in case, if you’d
like to comment below with a favorite business
that you have in Miami, I would love it, because I wanna make sure I include all of the best and greatest local business in my book,
The Scout Guide Miami. It has been such a privilege to work for and advertise for these
great Miami businesses. I feel like I have a unique vantage point into their marketing plan,
and marketing strategies, and really see how they work, for my both my customers, and those businesses that I’m courting. And I have seen that what
the research says is true. When business owners say that they get most of their business from word-of-mouth marketing, or that they only do
word-of-mouth marketing, most of the times, what
they mean to say is, we hope that because we
sell a fantastic product, or we offer a wonderful service with a great customer experience,
that our happy customers will go out and tell our friends about us. Did you catch that, they
hope, so I can’t help myself. Say it with me, hope is not a strategy. Doesn’t it make sense that
if word-of-mouth marketing is the most effective marketing
tool for small businesses, then every small business should have a word-of-mouth marketing plan with strategy in place. Did you even know that was a thing? Word-of-mouth marketing strategy? It is, you don’t just have to hope that the customers will
tell their friends. We can plan for it! It’s strategic, and implement a strategy to grow your business and your sales. And it’s important. So important, that I am going
to run a month-long series on word-of-mouth marketing strategy. This is the first video of four to go over word-of-mouth marketing. By the end of today’s video, you will know the three parts
of word-of-mouth marketing, and how they work. And then, over the next three weeks, we will look at each part more in-depth. Now, I’m calling them
parts instead of steps, because the three parts are pieces of word-of-mouth marketing
that we are going to go over don’t necessarily happen sequentially. They become an integral part
of your business, each of them. So the first part of word-of-mouth
marketing are friends. Remember, it’s been said that
when all things are equal, friends do business with friends. And when all things are unequal, friends still do business with friends. Whenever your friends hear that
you have started a business, or you make a new friend, and they find out about your business, they will come into your store, or they will give you their business. This is true for your employees as well. Our friends will do business with us. The second part of your business that affects word-of-mouth marketing is the customer experience. You have to have a good
customer experience for word-of-mouth marketing to take place. If it’s not what customers
expect to receive when they come into your store, or receive services from you, then there’s no way they are
gonna tell their friends, or let that word-of-mouth
marketing cycle continue. So customer experience is part two. And the third part of
word-of-mouth marketing is, you guessed it, when customers
leave and talk about you. The idea is, if we implement a word-of-mouth marketing strategy, then we will get more customers talking about you more often. Cool, right? So can we really do that? In all three parts, yes! Next week, we are gonna talk about how you can make more friends. And no, I’m not kidding,
listen, we just said that friends always do
business with friends. And dude, you are a business
owner, and I have a feeling that you want your
business to be successful. If friends always do
business with friends, then it would not hurt
you to make new friends. And I am not talking
about that oogy feeling at a networking event where
you’re shoving a business card in somebody’s hand, no. I mean, we’re not ruling
out networking events, but we’re talking about
making friendships, authentic friendships with people that will then do business with you. The next week, we are going to talk about your customers’ experience. Remember, good is expected. If I get what I expect when
I do business with you, it doesn’t drive me to talk
about you when I leave. Remarkable experiences,
unique experiences, that’s what gets your customers talking, and we are going to go over
your customer experience. The final week, we are going
to talk about talk triggers. Strategic, operational, differentiators that compel word of mouth, that will get more of
your customers talking about you more often. This video should have given
you a lot to think about, both how word-of-mouth marketing
is already working for you, and where in those three parts
of word-of-mouth marketing that you can implement
strategy to grow it, both making new friends, on
your customer experience, and talk triggers. If you just can’t wait till my next video comes out on Tuesday, let me recommend my
favorite book that I found when researching for this video. It’s called Talk Triggers by
Jay Baer and Daniel Lemin. Jay actually has a fun YouTube channel where he gives little six-minute videos on great examples of businesses with fantastic effective talk triggers. I’ll link it below. If you enjoyed this video,
please like it, and subscribe, and share it with your friends. I can’t wait to work with
more small business owners, and help them grow their marketing plan. I’ll see you next week.

About Ralph Robinson

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6 thoughts on “The Most Effective Marketing Tool For Small Business, Define Your Word of Mouth Marketing Strategy

  1. Today i had an electronic dog fence installed. I only called one company because my good friend told me they were awesome and that was the only reference I needed. Which word of mouth referral have you acted on recently?

  2. I agree, word of mouth is so powerful. Thanks, Meredith 💜 I'm located up here in Boca. Nice video. I

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