Harnessing the Power of Word-of-Mouth Marketing in 2024

In a digital era dominated by constant connectivity and social media chatter, the age-old practice of word-of-mouth marketing still wields significant influence over consumer choices. In fact, a 2021 study by Nielsen Trust, revealed that 88% of consumers trust recommendations from people they know above all other forms of marketing messaging. So, what are your customers saying about you and how can you steer the conversation in your favor?

Below, we’ll take a deep dive into word-of-mouth marketing, offering insights into how businesses can harness its formidable potential in 2024.

What is Word-of-Mouth Marketing?

Word-of-mouth marketing is the organic spread of information about a brand, product or service through authentic conversations. It’s that recommendation you make to a friend about your favorite pair of jeans or that article you sent your coworker about a wellness beverage you love. 

This form of marketing is crucial for small and medium-sized businesses. Why? People are most likely to trust suggestions from friends and family and those suggestions drive sales. It can manifest in many forms, including: 

• Online Reviews: Customers sharing their experiences and opinions about a product or service on review platforms, websites, or social media.
• Social Media Recommendations: Individuals recommending products or services through posts, stories, or comments on social media platforms like Facebook, X, Instagram, and TikTok.
• Influencer Endorsements: Collaborating with influencers or creators to have them share positive experiences and recommendations with their followers.
• Referral Programs: Encouraging existing customers to refer friends, family, or colleagues in exchange for rewards or incentives.
• Brand Ambassador Programs: Establishing programs where loyal customers become brand ambassadors, actively promoting and advocating for the brand in their networks.
• User-Generated Content (UGC): Encouraging customers to create and share content featuring the brand or product, showcasing real-life experiences.

A strategic brand will incentivize word-of-mouth marketing across multiple channels. And a brilliant brand will use BrandChamp’s streamlined platform to manage everything one place!

How has Word-of-Mouth Marketing Changed Over Time?

While the core principle of word-of-mouth marketing remains unchanged, its importance has skyrocketed — largely due to social media. Genuine recommendations from real people have quickly gained precedence over mega-influencer endorsements. 

The ones driving this word-of-mouth marketing evolution are Gen Z, the largest generation and wielders of enormous consumer power. How? They openly prize authenticity above all else. An incredible 92% of Zoomers feel that authenticity is more important than any other personal value, and they shop accordingly. With that in mind, word-of-mouth marketing has never been more important. 

Will Word-of-Mouth Marketing Change in 2024?

Gazing into the future of 2024, word-of-mouth marketing is set to experience transformative shifts, underlining the need for businesses to adapt to evolving consumer expectations and preferences. The anticipated trends shaping the landscape of word-of-mouth marketing include:

• Rise in Brand Trust as a Concern: One of the most pronounced shifts in the realm of word-of-mouth marketing is the escalating importance of brand trust. More than 50% of social shoppers worry that brands selling products on social platforms are not legitimate. It’s up to you to assuage their worries with the help of your existing loyal customers. Trust in brands is no longer merely a desirable trait; it’s a decisive factor influencing consumer choices.
  
• Reaching New Customers: In the evolving landscape of word-of-mouth marketing, reaching new customers takes center stage. While existing customers continue to play a vital role in propagating positive sentiments, the challenge lies in expanding the reach to untapped audiences. Businesses must explore innovative ways to captivate the attention of potential customers and leverage word-of-mouth referrals from existing customers.
  
• Quality Product and Brand: The bedrock of any successful word-of-mouth marketing endeavor remains unwavering – delivering a quality product and building a brand people trust. In 2024, this foundational principle will take on heightened significance as consumers become more discerning and value-driven in their choices. A key way to demonstrate quality is through the ringing endorsements of your brand evangelists, aka happy customers.

How to Get More Word-of-Mouth Referrals

If referrals aren’t flooding your way, you don’t have to worry. There are areas you can focus on that will get people talking about your brand. Achieving an effective word-of-mouth marketing strategy involves a combination of factors:

• Great Product: As mentioned above, the cornerstone of any successful word-of-mouth campaign is having a product that customers genuinely love and want to share with others.
• Customer Loyalty Programs: Implementing customer loyalty programs, such as brand ambassador programs or referral programs, rewards customers for singing your praises.
• Empowered Customers: Actively encourage your customers to spread the word about your products through reviews, testimonials, and personal recommendations. The clearer you can be about what you’d like them to do, the better their user-generated content will be.
• Creator Partnerships: Collaborate with influencers and creators aligned with your brand. Their audiences trust their recommendations.

If you’re successful with these components, you’re well on your way to seeing more referrals. Of course, a program management platform will be extremely helpful. More on those below!

Social Media and Word-of-Mouth Marketing: What Platforms to Focus On

Social media plays a pivotal role in amplifying word-of-mouth marketing efforts. Focus on platforms that align with your brand and customer base. Then, encourage your brand ambassadors to share content on their platforms of choice. Popular options include:

• TikTok: Leverage the creative and engaging nature of TikTok to showcase products in a relatable way via short-form videos.
• Instagram: Utilize Instagram’s visual appeal and features like Stories and Reels to connect with a wider audience.
• YouTube: Make sure to capitalize on YouTube’s enormous popularity (2.7 billion active users and counting) by providing in-depth insights, tutorials, and reviews in a video series.

With BrandChamp, you can easily create, track and reward social media activities for your customers on all of these platforms, and more!

Conclusion

Word-of-mouth marketing will be a driving force in 2024, with a renewed emphasis on authenticity and brand trust. Businesses of all sizes can thrive by fostering genuine connections, delivering exceptional products, and strategically leveraging the potential of social media platforms to amplify their word-of-mouth marketing efforts. Luckily, BrandChamp was designed to help you galvanize your community to create and share amazing content about your brand. Get in touch today!