If you do build a great experience, customers tell each other about that. Word of mouth is very powerful.
– Jeff Bezos
What is Word of Mouth Marketing?
Word of mouth marketing is a free approach to advertise the business via impressions, emotions and thoughts of buyers. We generally come across word of mouth marketing strategy in our daily lives. Almost 48% of businesses worldwide rely on this strategy. It is organic method of marketing a product that takes place when consumers create conversations around that product or service with their community. Business owners use ‘PUSH’ advertising strategy to publicize their product or service in which they use paid advertisements to place a message regarding their products or services. It is one of the most powerful strategies. According to Nielsen, customers believe recommendations from their family and friends 92% more than other types of advertising.
Traditionally, word of mouth marketing is exactly that – the reviews regarding a product or service is shared by mouth. It was spread by conversations from one person to another based on recommendations.
In today’s digital era, the definition of word of mouth has become a lot broader. It is done by creating buzz through blogs, tweets, instagram reels and many more social marketing strategies.
General Statistics of Word of Mouth
When Word of Mouth Strategy Really Works?
So, it works when buyers share about products and services they have experienced to their family and friends. As people easily trust their family, friends and also with whom they have relationships, hence this strategy give expansion to business. Also, it works both ways – essential not only for businesses but also for buyers as well. Success to business through this strategy makes business owners more potential towards their business. This strategy completely relies on buyer’s feedback so companies highly work on this strategy by providing good services and valuable information to consumers, also by exceeding clients’ expectations on a product.
For example, when someone has a wonderful dinner at a restaurant it leads to exceed customer’s expectations and later their feedbacks on social media put a great impact on restaurant’s business, or when someone had a great experience using a product and sharing that experience with everyone.
Does Word of Mouth Marketing Works in Real Estate?
One of the effective strategies to boost up sales in real estate industry is word of mouth marketing strategy. A relationship is what drives business in real estate industry so word of mouth marketing strategy works as a construction crew between realtors and clients. When existing or previous clients naturally talk about a good experience with real estate agents; it automatically influences other people to take that agent into consideration. As reputation of realtors depends upon how people perceive and communicate about them.
Hence, word of mouth marketing is a building block in real estate business. It works as double edged sword – leveraging business without any ‘marketing’ cost. Buying a property is time consuming affair with huge investment hence the impact of a recommendation from a reliable person, like a friend or family, is much stronger than that of an advertising message of a company. So, word of mouth marketing is extremely powerful instrument in real estate industry.
4 Ways through Which Word of Mouth Marketing Works in Real Estate
1. Nurturing relationships with previous clients
While thinking about amplifying this strategy, it is important to give reason to people to share their experience with you to others. Hence, reminding previous clients even after successful closures elevates word of mouth marketing strategy. Prior clients are gold mine for potential future sales. So, to make best out of your client base; this strategy is extremely useful. Using clients’ feedbacks and advice on social media platforms can help in extending your business. Also, it creates ‘not just selling environment’ between you and client. Reaching out on special occasions provides a great opportunity to re-engage with them. But it should be done in a way that client feel valued as by making genuine phone calls or sending respectful emails.
2. Reward your Clients for their Feedbacks
In the process of asking for clients’ referrals it is important to appreciate them for their valuable feedbacks. “Thank you for your feedback” is a proven way to implement word of mouth marketing strategy. A great way to make people share the word of mouth of your brand more effectively; is to appreciate them for their valuable feedbacks. Clients would be happy if you have been generous to them. It also deepens and solidifies connections with clients. The little efforts likewise – sending them cards, t-shirts, mugs with brand logo on it; arranging wine and cheese events; providing free health checkups etc. can be turned into memorable experience. It helps to pave the way for future sales.
3. Create video content for more discoverability
The strongest kind of marketing in real estate industry is recommendation promotions i.e. word of mouth. The real estate industry- traditionally relying on in-person showings and events, it can become more evident by generating video content on official websites. This can be new way of executing word of mouth marketing. Realtors can promote property options amongst clients with the help of videos. Special section assigned to virtual tours of properties currently trending in market drives more traffic to the website as viewers get true essence of properties. In today’s “virtual word”, nothing influences people more than online presence. Most word of mouth is done online, people can refer their trusted agents’ video to their friends & family. With this video content, the power is shifted to clients themselves. Videos depict real visual of property to people; hence they can easily make decision before investing in real estate.
4. Adding a flavor of in-depth knowledge
Generating informative content in form of blog posts, eBooks, articles and newsletters is another way to put word of mouth marketing strategy in place. This valuable content works as ‘low hanging fruit’ once created in an entertaining way. It helps to make your clients satisfied and happy. It brings more authenticity to brand and appeal more audience. This is how content can be turned into marketing tool.