Putting a Product or Service out in the market is a lot more complicated process than one may assume. Quality of the product or service on offer is a very elemental need for it to flourish in the market, but after centuries of trading, industrialists and economists alike have realised the need for marketing their products, they realised that how they sell their product is just as important as how good their product is.
Much before marketing became a complex and branched concept, there was a more primitive method of selling your product. A rather simpler method of relying on the human whim of making conversation to spread the news about what you have on offer as a seller. Word of mouth marketing or Referral Marketing as it is called, seems a pretty straightforward concept but is somewhat of a risky option especially in today’s day and age where the competition is just plain ridiculous and added to that the fact that you’re going out on a limb banking solely on the quality of the product you have on offer rather than trying to cover up any inadequacies it may have through aggressive and attractive advertisement campaigns.
Recent studies conducted in the United States of America reported that there are over 2.4 billion brand-related conversations happening on an average on a day to day basis, which goes to show the potential this marketing technique holds to create awareness about a certain brand or a product. Another study indicated that more than 60% of all new business came as a result of referrals.
After having employed this strategy at Accucia softwares, we have seen great results thus far. As much as 78% of our business has been coming through referrals!
At the same time, enabling us to make some of our own observations about this marketing approach. One thing that stands out clearly is that one has to be unrelenting in terms of quality if one is counting on word of mouth to spread around about their business. Only if a customer is thoroughly satisfied with your services, they will be inclined to tell their peers and colleagues about your business. Which is why we strive to make sure that there is always a growing impetus on our customer relations to complement our standard of service.
All business lessons begin with one basic fact; The customer is king, and we try our best to treat our customer like one. Our undying resolve to ensure that our clients get a holistic customer experience augurs well for our referral campaigns, add to that our knack of maintaining customer relationships, it really does not come as a surprise that a good chunk of our business is currently coming through referrals.
There are a handful of advantages of launching referral campaigns as we have observed. Firstly, you can tap the target audience you had in mind with laser precision as your business will only be referred to those who have needs that you can tend to, making it a highly target specific form of marketing. Secondly, a potential customer is more likely to trust the word of their friends or family over swanky television or print advertisements, giving you an added advantage to convert potential customers into actual ones.
With the reach of social media growing every moment, a commoner like you and I can voice our thoughts on a worldwide platform. As the numbers suggest, referral marketing is generating tremendous results, and as with time, the consumer gets smarter, I can only see this marketing technique flourishing to an extent well beyond what it is capable today.
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We, at Accucia, are always looking for new people and businesses to engage with, so please don’t hesitate to email us if you’re interested in working with us and pooling our talents!