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Marketing in the 21st Century has evolved over time with ingenious inventions and rapid advancements in technology. In recent years, a prominent form of marketing is emerging, utilized by numerous top companies such as Apple and Starbucks. This form of marketing is none other than Advocacy Marketing. Let's look at what this means and why companies are adopting it.
What is Advocacy Marketing?
Advocacy Marketing harnesses the power of word-of-mouth where loyal and happy customers are the messengers for a brand. Essentially, the customers do the marketing for the brand. These loyal customers know the brand best and can help businesses reach customers that they otherwise cannot reach.
The impact of Advocacy Marketing is so great that it can make or break a business.
Word-of-mouth recommendations are one of the few trusted sources of information in an age where people are increasingly questioning the messages brands are constantly broadcasting to them. Having a likable product or service makes up the fundamentals of Advocacy Marketing. Think about it, how do you get customers to promote your brand if they do not like it?
The Significance
Consumer Psychology
When making purchasing decisions, it is human nature for people to turn to their loved ones for advice. Moreover, consumers are more likely to purchase the same products or services their loved ones use. After all, we trust the recommendations of our friends and family members. This is how impactful advocacy marketing can be. It can influence purchasing decisions and consumer behaviour.
Boost in Revenue
Considering that in most industries, the cost of acquiring customers is more than the cost of retaining them, it indicates the importance of advocacy marketing. Not only will this marketing strategy reduce the cost of acquiring customers, it will also encourage customer retention by offering rewards and incentives. Active advocates will boost the sales and revenue of businesses.
Brand Humanisation
"Press 1 to find out more about ...", "Press 5 to talk to our staff".
Have you ever found yourself calling customer service and always hitting that number '5' on your phone keypad? Humans would rather talk to a person than a robot. Gathering a pool of advocates will undoubtedly make your brand more relatable. Brand perception would be positively reinforced, and brands can engage their customers more effectively.
Achieving This Feat
Now that we know what Advocacy Marketing is and its importance, how then do businesses adopt this strategy? The concept of having loyal customers is simple - have a killer product or service and excel at customer service. However, keeping them happy and willing to advocate for the brand is a different story.
Hence, designing an effective advocacy program isn't always easy. You need time, skill, experience, capital, and knowledge. Companies such as TADA exist to help develop these programs to boost business revenue. With TADA, businesses will be able to utilise the voices of their customers and get them to do their marketing.
Conclusion
The 21st Century Marketing. The amount of marketing tactics available is mind-blowing. There is usually no single method. Businesses must use a combination of strategies and see what best fits them. More and more companies are adopting advocacy marketing for its simplicity and authenticity. It is gradually becoming the go-to marketing strategy for many businesses in different industries.
Interested to find out how to incorporate this seamlessly into your current program?
TADA is a customer advocacy and engagement platform that helps businesses grow their revenues by enabling them to convert their customers into their best sales channels.
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