Harness the Power of WOM

Posted by duncant

Today we’re going to talk about how to harness the power of word of mouth. Including the six-step process to success and the 30 (that’s right, I said 30) ways to harass the power of WOM. So, let’s get started!

There are six steps to harassing word of mouth:

1. Understand your customers’ values and priorities, this will help you understand why they would buy your products.
2. Understand the different adopter types: innovators, early adopters, middle majority, late adopters and laggards.
3. Identify which decision stages are needed for your product to be adopted.
4. Use the information from steps 2 & 3 to figure out which wording and word of mouth tactics are going to work using the Decision Maker Matrix (we’ll talk about this in a minute).
5. Put together the resources for the highest word of mouth impact.
6. Create and implement your word of mouth campaign.

The Decision Maker Matrix is based off years of trial and error by George Silverman. It essentially charts to different concerns you may come across when working with different adopters and putting together a decision process for each one.

We are now going to move on to the 30 ways to harass the power of WOM:

Use Experts

Experts can come in many forms and all their opinions should be taken into consideration when putting together a WOM campaign. Some experts to gather information from include:

• Customers
• Suppliers
• Experts
• Salespeople
• Experts’ roundtables
• Experts’ selling groups

Seminars, Workshops & Speeches

These venues are a perfect opportunity to gather information. People who attend these types of events are used to giving feedback, so you can use a survey or other method to gather information you can look over later. Some events to use are:

• Speakers programme
• Seminars
• Group selling
• Dinner meetings
• Peer selling groups
• Teleconferenced experts’ panels
• Trade show events/opportunities

“Canned” Word of Mouth

The concept of “canned” word of mouth is using hard and online products to get feedback and offer information at the same time. Some ideas for these are:

• Videotapes
• Audiotapes
• World Wide Web
• CD’s

Referral Selling

As we’ve talked about before a referral programme can help with a variety of things in building your business. By using some of the following tactics and opportunities you can find out exactly what you need to do to generate positive word of mouth. These tactics and opportunities are:

• Testimonials
• Networking
• Referral Selling Programme

“New” Media

The concept of “new” media is the use of up and coming media sources and opportunities to get the word out about your products and services and listen for the feedback about them. Here’s some of the “new” media options:

• Hotlines
• Faxback services
• Web-based word of mouth, such as forums, e-mail, etc.
• Call centres

Using Traditional Media for Word of Mouth

Using traditional media is a great way to get feedback. These are still considered mainstream ways of interacting with the public and consumers. Some traditional media outlets are:

• Customer service
• PR
• Placements
• Events
• Promotions
• Word of mouth in ads, sales brochures, or direct mail
• Salesperson programs, sales stars, or peer training,
• Word-of-mouth incentive programs (“Tell-a-friend” programs)
• Customer gifts they can share with their friends (articles, how-to manuals)

Internal Word of Mouth

• Encourage employee word of mouth and sharing feedback with family, friends and others
• Offer rewards or commission for word of mouth success

As you can see there are tons of ideas you can work with to increase your level of positive word of mouth marketing. If you need help with any of this, please try our GUIDED TOUR to access our exclusive resources that can help you put this whole thing together.

Word of Mouth Tactics – Part 2

Posted by duncant

In the last post we started our series on word of mouth and talked about how to make your customers purchasing experience a short, easy one. We are going to continue with that theme a bit today. We’re going to talk about the power of word of mouth and how to meld it to your advantage.

The reality is everyone needs an advisor to guide them to decide. We rely on the expertise of others to make the right decisions as they are explained to us. When you take the time to understand exactly what and how word of mouth works, you’ll see all the great advantages it has to offer you. Remember this path when working to understand word of mouth:

• Accelerate the decision-making process for increased profits.
• You can accelerate product making decisions by making the process easier.
• Instead of low-ball advertising and the used car salesman approach, try delivering on your word of mouth promises.

Traditional advertising draws about one response for every thousand ads and most of those are to ask for more information before the customer even considers purchasing. When you get information from a friend, you are more likely to take their word for it and act. On average customers purchase two out of every five recommendations their friends make. That’s a HUGE difference.

So, what exactly is word of mouth? Well, we know how powerful it can be, but to define it: Word of mouth is a communication that happens between a customer and a potential customer. There is usually a relationship of some kind between these two people with an established level of trust.

Now, compare this to advertising where you are providing a message to a potential customer where they have not established relationship with you or level of trust. Who are they more likely to take advice from? The answer is clear!

We talked above about the benefits of word of mouth now let’s take a look at some reasons why it works. Some of these are:

• The information is custom tailored to the potential customer because of the friendly relationship of the referrer.
• It’s more personal, relevant and believable.
• It’s customer driven.
• It’s self generating and can take on a life of its own, especially with the information age of the Internet.
• It becomes part of the product’s description.
• The source of word of mouth can be important and more effective when coming from an expert.
• Word of mouth saves you time and money.

To fully utilise word of mouth you need to understand:

1. Where is your word of mouth coming from?
2. What products are being affected by word of mouth?
3. How is your word of mouth traveling?

Once you know these things you can work out a plan on how to trigger more word of mouth. This wraps up this lesson on word of mouth. If you need help understanding word of mouth and how it can impact your business, try our GUIDED TOUR to access our wealth of resources and tools.

Next time we’re going to dive into the nine levels of word of mouth. These levels help you understand which word of mouth is positive and which is not.

Multiply on Your Maximizing Resources – Part 4

Posted by duncant

The last few posts have talked about how to multiply the resources that you’ve worked hard to maximize. So far, we’ve covered:

1. Call in the Troops
2. Bring ‘Em Out of the Woodwork
3. Black Sheep Clients
4. Olympic-Size Sales Staff
5. Open Water Fishing
6. Call for Back-Up
7. Go Big Online
8. Bartering with the Best
9. Give Away the Farm

Today we’ll finish up this series with the last three ways to multiply your maximized resources. We’ll cover:

10. Finding Your Pot of Gold
11. Stay at the Top of Your Game
12. Wealth from the Inside Out

These areas are all key to keep up the momentum you’ve found in making what you have work harder for you.

Finding Your Pot of Gold

You must always have a goal you’re working toward in order to stay on course. Your goal needs to be something you can attain and utilize your full potential. Don’t be afraid to aim high, just make sure you are clear on what your goal is and exactly what you need to do to get there. You need to continue to hold yourself accountable to your goal and raise the bar as you accomplish the steps to your goal.

Stay at the Top of Your Game

Once you’ve mastered these areas, you need to make sure you are staying competitive and constantly coming up with new ways to use your new tools. Don’t rest on one success when there are more on the horizon. To continue to be successful your business must continue to learn and revolve.

Wealth from the Inside Out

Wealth and riches are defined within yourself, not by your profits or the world beyond. You can use all these strategies in both your business and life to find a greater level of success. When you naturally reflect who you are and what you mean, you will automatically attract the right people to you. This will happen in life and in business.

You are capable of reaching your goals as long as they are well-defined, and a solid road is built to them.

Throughout the last seven lessons we’ve talked about how to take a hard look at the resources you currently have right in front of you and maximize them to get the most out of what you already have. Then turning around and multiplying those maximized resources to take them to the next level.

If you need help with any of these areas, steps or processes, try our GUIDED TOUR to gain access to our resources, tools and business coaches-All there to help you succeed.

Maximize Your Resources – Part 3

Posted by duncant

In the last post we talked about three more ways you can work on maximizing your current resources. They included:

• Reveal your business’ soul
• From breaking even to breaking the bank
• Stand up and stand out

Today we’ll talk about the last three areas you can work on to maximize your current resources. They are:

• An offer they can’t refuse
• Would you like fries with that?
• Stay away from the edge of the cliff

An Offer They Can’t Refuse

The secret to success is to stay ahead of your competitors- maintain the competitive edge. To do that you need make it easier for your customers/clients to say “yes” rather than “no”. You do this by eliminating all the psychological, financial, physical, emotional and other roadblocks they may have.

You can take the risks for them by offering warranties and guarantees that make the customer feel more confident in you, your business and your products/services. You also must be serious about your offer and follow through if a situation does arise. The quickest way to the bottom is to play games or take back a warranty or guarantee.

Would You Like Fries With That?

It’s the oldest trick in the book. I mean, really, how many times a week do you fall for it? Every time you sell a product or service, you need to offer an add-on, upgrade or back-end product to go with it. These products must be complimentary to the original product being purchased and must create a higher perceived value.

Avoid the Edge of the Cliff

Continuing to test and measure your systems, products, marketing methods and all other aspects of your business allow you to see problems before they happen and therefore avoid falling off the edge of the cliff.

Here are a few specific areas you can test for potential improvements:

• Marketing
• Sales Copy
• Customer Service
• Sales Letters
• Sales Presentations
• Employee-Customer Interaction

Through testing these different areas, you will find products/services where you can raise the price, maybe others where you can lower the price or offer that product as an incentive item, and find many others areas for improvement that will better utilize your current resources.

This wraps up our series on how to maximize on your current resources. If you need help working through any of these or the previous areas, try our GUIDED TOUR to work with one of our amazing business coaches.

Maximize Your Resources – Part 2

Posted by duncant

Last time we talked about the first three areas to work through in maximizing your current resources. They were:

• Recognize the obvious
• Unconventional breakthroughs
• Face the facts

Today we’ll cover the next three, which are:

• Reveal your business’ soul
• From breaking even to breaking the bank
• Stand up and stand out

Reveal Your Business’ Soul

Every business has a soul and you likely felt it the strongest when your business was just starting. It’s that passion, newness and momentum you had at the very beginning. Sometimes that can get lost along the way as your business gets stagnant and set in its ways. You have to break out of that rut and get back to your business’ true soul.

The philosophy of putting your client’s needs above your own is the true key to success. You need to serve your clients; not sell to them. They want to build a relationship based on trust, not a used car. Add to these responsibilities your ability to solve problems, handle special situations, be a friend to your clients and focus on offering valuable, high quality products/services.

Only then will you get back to the basics and find you have more resources than you thought.

From Breaking Even to Breaking the Bank

One of the classic and most used ways to attract clients is to offer them a ridiculously low price on their initial purchase and lock them in for future purchases. You see this approach with movie or book clubs and even credit card companies who offer lower interest rates for the first six months.

Essentially, you are offering them a deal on their first purchase and then you offer them back-end and add-on products along the way. These are naturally higher prices and will bring them in to more of an intimate relationship with you and your company.

Stand Up and Stand Out

You need to stand out from the pack among your competitors. They only way you can do this through consistency and value. You do this by discovering what your USP (Unique Selling Proposition) is and perfecting it. Here are some tips to help you find and develop your USP:

1. Look for unfilled needs in your industry.
2. Use pre-emptive marketing.
3. Use a technique that is clear and to the point.

This wraps up this post. If you need help with any of these areas and techniques, try our GUIDED TOUR to access a wealth of resources and tools.