How Small Businesses Win
If you ask most small business owners what form of marketing drives their business, most will say word-of mouth. We all use services that we were recommended by a friend or family member. It’s amazing how just getting one person to give a recommendation can turn into new loyal customers.
The Evolution of Word-of-Mouth Marketing
This type of word-of-mouth marketing has been around since our ancestors shared their favorite cave paintings boutique. Referrals have been, and will continue to be the most cost effective form of marketing for years to come. However, it has evolved.
Let’s begin with a few facts. 77% of Americans go online EVERYDAY. In addition, 80% of ALL internet users are on Facebook. The crazy part is that it’s not just the younger generation; 65% of adults over the age of 65 are also on Facebook.
We know what you’re thinking, “those facts are cool, but what does Facebook have to do with word-of-mouth marketing?” We’re glad you asked.
In a perfect world, your small business would have people standing in line to pay you. Then those same people would go home and write a letter to all their friends praising your business and telling them they’re crazy if they aren’t shopping at your store.
We may not live in a perfect world, but we do live in a digital world and that will work just as well.
If we already know where are target market is located (hint: Facebook) then let’s go to them and offer valuable content for them to share with their friends. This is the new form of word-of-mouth marketing.
It is precise
The beauty of this digital world is that it goes much further than creating shareable content. While we wait for our loyal customers to like, comment, and share our posts, wouldn't it be nice if we could target new clients? What about if we could use what we already know about our previous and current customers to target our ideal new customer? Enter Facebook advertising. The more you know your customers, the more you can use Facebook advertising to engage with them.
It is affordable
What makes this ideal for small business owners, is the fact this is one of the cheapest forms of advertising available. You have the ability to spend $5 and reach 1,000 people. Even if you’re running a dollar store, this will be an incredible return on investment (ROI).
Although we could go on and on about why this should be implemented in your business immediately, we will conclude with arguably the most important piece of Facebook advertising.
It is measurable.
If you cannot measure the effectiveness of your efforts, then there is no way to manage them. Businesses throw away hundreds of thousands of dollars in the name of advertising without being able to track it. Gone are the days of expensive billboards and magazine ads. Facebook advertising is fast, precise, and measurable.
Welcome to the new word-of-mouth marketing.