Do you know that number of small and micro businesses in the world is tremendously higher than the Multinationals and Fortune 500 companies?
So, will it not benefit nations to focus on these smaller establishments and strive for overall economic growth?
I think it will, but sadly they are not the focus.
Perhaps that is why the smaller entrepreneur is often witnessed seeking debt consolidation loan for bad credit from direct lenders because the several loans he had taken to make his business stay afloat had starting drowning it.
A significant reason for this is the fact that small businesses are unable to establish their unique identity in the business world. Of course, their visibility cannot be as blatant as the MNCs, but they should still be known well enough, at least in their cities.
To help make that happen, I have a great strategy that will enable the small business people to make their presence known.
It is the Word-Of-Mouth Marketing Strategy, which is gossip about the business but only about its positive side. Like gossip travels fast and a scandal only needs a single person to become the talk of the town, World-of-Mouth or WOM can pick up the same speed.
Here are four ways that can help you and your business spread the word faster than light.
It is often said that a person’s reputation precedes him. What is meant by this saying is that before people even get to know you, the aura you have portrayed in public is going to make people develop preconceived notions about you?
In school, every teacher has a reputation; some are known to be friendly and understanding, while others are feared for their rigidness and no-nonsense attitude.
Because of this knowledge, students behave differently in the classes of both of these teachers.
The same is true for businesses. If a business is known to be customer-friendly, people are going to go there, and if not, you can probably guess what happens then.
For an establishment, its reputation equates to its goodwill; the higher the goodwill, the more business it would do.
With WOM, the business has a chance of creating a reputation that will help in its growth. It can only do this by catering to the consumer’s needs and ensuring that they are happy. Once you have done that you won’t even have to tell the consumer to spread the word, he would do it of its own accord.
I say this because when a local store ordered a dress especially because I asked them to, and that too in just two days, I was so happy that I had told each one of my friends about the store. And that is how Word-Of-Mouth spreads.
The good thing about creating goodwill through prioritising consumer needs is that it costs nothing.
All of us are familiar with social media and how it can influence our every move. So, including social media in the spread of WOM was unquestionable.
A dominant part of the equation of social media is the influencer and his thousands of followers.
Why do I say this?
All of us are following at least one celebrity on Facebook or Instagram. We follow them because we like them and all that they represent; and we somewhere want to be like them, am I right?
So, when a celebrity influencer talks about a product or a service that has benefited them, would you not be influenced by his or her post and willing to try the product?
It is an example of the spread of WOM through social media influencers.
I know you are going to say that a small business cannot afford to pay celebrities for promotions. I know they cannot. However, there are so many budding influencers, who will do it for just a few free products and services. I think that is fair enough.
Promoting Social Messages
With the Black Lives Matter campaign being in its full swing and rightfully so, businesses that have been known to be prejudiced against the black community are being cancelled.
My point here is that a business that promotes social messages and works on improving the situation is bound to become the talk of the town.
The Pandemic has made many of us fall into a financial crisis, with our only hope being the government aids.
The government also needs the support and financial assistance of people and organizations that can do so to become able to help its citizens.
When big names in the business industry, like Volkswagen, Google, Tesla, SpaceX, and Estee Lauder, donated to help the state battle the crisis, the public’s respect for them enhanced tenfold.
A small business can help solve social injustices in whatever way it can, and people would appreciate it and help in the growth of its business.
There is a local supermarket in my area, which is always bustling with customers, despite it not being the biggest store. The reason is the owner’s belief in giving second chances; most of the employees in the store are convicted felons who could not find a job anywhere else. So, the owner gave it to them, and everybody respects him for that.
When you do good things, people are going to hear about them, and when these things help raise the level of society altogether, people are not only going to hear about it but also come to assist you in doing the same.
Have you ever shopped on Amazon? I am sure you have.
When the last time you were trying to buy a product, did you scroll down to the end of the page and decide based on the customer reviews and ratings?
For me, that is always the case. I have never once bought a product without going through the reviews and customer experiences, as most of you have not.
The thing about experiences and reviews is that people often develop of sense of trust when they read about consumers like them talking about the same product in a positive light.
It is similar to when a friend recommends a restaurant or a dish to try; you would readily do it because you trust your friend.
Consumer experiences also evoke the same level of trust. That is why small businesses need to capitalise this strategy and make it work for them and their sales.
The Bottom Line
There you have it. I hope you would have picked up a trick or two to help in your business’ growth, without having to spend bucket loads of money on expensive marketing solutions.
WOM is enough to take advantage of all platforms of the advertising and marketing arena and make the business grow to exponential proportions.