What is the definition of advocacy marketing?
Advocacy marketing means, in the simplest of terms, getting your customers to talk about your brand. It’s one of the most powerful types of marketing because it has the potential to go viral and it has a higher conversion rate than other marketing methods.
Advocacy marketing, also known as word-of-mouth marketing, is a way to generate loyal customers. Through an effective advocacy campaign, organizations can generate passionate and consistent customer engagement.
This article will explore what is advocacy in marketing, different tactics, and strategies for running effective advocacy campaigns, and how they can generate an increased ROI.
Why is advocacy marketing so effective?
Advocacy marketing is one of the most effective ways to grow your customer base. It is also among the least expensive forms of marketing, which makes it a perfect way for start-ups or small businesses to attract new customers.
Statistics on advocacy marketing
- During the buying cycle, word-of-mouth recommendations account for 80% of all B2C and B2B sales.
- Sixty-five percent of social media users utilise their platforms to find new products and services.
- People believe word-of-mouth referrals 92 percent of the time, making it a popular type of advertising.
- Individuals trust content posted by “regular” people 76 percent more than content shared by brands.
- 84 percent of consumers trust recommendations from family, colleagues, and friends entirely or partly, making it one of the most trustworthy sources.
- A referral from a friend or family member is 50 times more likely to result in a sale.
- Influencer and advocacy marketing generates a 650 percent return on investment for brands.
Below are some tips to help you engage with your customers more effectively.
Companies can turn their customer base into brand advocates by focusing on three key areas: building relationships with customers, listening to customer feedback, and providing exceptional customer service. So, let’s take a better look at them.
A. Begin by forming a small team of Customer Advocates.
As previously said, improving customer advocacy by just 12% can effectively double your revenue. In terms of numbers, this translates to a small number of customers who are highly pleased with your product and want to tell everyone they know about it.
According to a study by Nielson Advertising, 92 per cent of buyers trust recommendations from people they know. So, if you do the math correctly, the value of devoted client advocates is evident.
B. Customers who are pleased with your service are more likely to recommend you to others.
Customers that are satisfied are more effective at marketing your product than salespeople. Even better, they’ll sell your services to others without charging you a fee! Customer advocates are 2-3 times more effective than traditional sales reps at selling your company and persuading others to buy.
When it comes to converting others into paying clients, happy individuals are incredibly powerful. They’ll promote your brand even if you don’t ask them to.
Word-of-mouth and other people’s shared customer reviews play a big role in purchase decisions. According to a Nielsen study, 83 per cent of customers would believe suggestions from individuals they know, such as colleagues, relatives, and friends. WOM has the power to impact up to 50% of all purchases. Create a customer advocate programme that pays existing customers for positive feedback and referrals to encourage word-of-mouth, this is what is customer advocacy marketing.
C. Use customer feedback to help your business grow.
Customers’ voices can reveal a lot about your product and business.
- What exactly do they enjoy?
- Alternatively, what terms do they use?
- Or, in other words, what are their expectations of you?
This data can be used to improve your product plan and brand mission. Also, let your clients know that their thoughts are valued so much that the company is making changes to accommodate them.
When you concentrate on client advocacy and their needs, you’ll be able to deliver an exceptional experience. And every aspect of the encounter, from beginning to end, should be worth mentioning. & You may have more supporters than you realise when it comes to spreading the word. Advocates account for around half of a company’s consumer base. Give them something to speak about.
Wrapping Up – Advocacy Marketing
Advocacy marketing’s goal is to get customers to do one thing: talk about your products.
However, don’t expect to amass a sizable following overnight. It may take some time for your products and values to attain widespread acceptance. However, you may start a conversation by using creative marketing like Coca- Cola’s.
Just remember to think outside the box and engage with your most devoted consumers on a regular basis.
We hope that this blog post has helped explain advocacy marketing and its goals. ZapInventory is an integrated, multi-channel inventory management software for businesses of different sizes, especially eCommerce businesses to help them manage their inventory across all their sales channels. If you’d like some additional help in getting to know the platform, just schedule a call here.