The best way to grow a businesses is through word of mouth marketing. It is nearly impossible to succeed with an advertising-centric approach, and here’s why:
- You need over-the-top creativity—today’s ads are expected to educate, entertain and enthrall (the “Wow!” factor is huge)
- You need money—American businesses spent $140 billion on traditional advertising in 2014 (most of which was lost in the clutter)
The good news is that what really drives buying decisions across all sectors is conversation. In a typical week in our country, there are 13.5 billion conversations about companies and their products and services. Most people (84%) say that their most trusted recommendations come from people they know. Their second most trusted source of information comes from online reviews (sites like Angie’s List, Yelp and Google).
In the following video for Grange Insurance Association and its network of independent agents, I discuss word of mouth marketing lessons that businesses of all sizes and types can apply to galvanize their growth.
To watch the entire “Building Your Agency” series I recorded for Grange Insurance Association, click here.