On February 13, Wooly and Crayon teamed up to offer an exclusive webinar focused on how to build a word of mouth marketing (WOMM) program. Listen in as Wooly CMO, Nick Stagge, facilitates a lively discussion breaking down the way consumers are shopping today, why brands struggle building formal programs, and actionable steps to kickstart an effective WOMM strategy.
Why WOMM matters and what to do about it.
According to a Nielsen report, 92% of consumers believe suggestions from friends and family more than advertising. Despite this overwhelming consumer dynamic, it is estimated that less than 1% of marketing dollars are allocated towards word of mouth marketing. Brands that initiate effective WOMM strategies set themselves apart throughout the buying journey. According to MarketShare, “word-of-mouth has been shown to improve marketing effectiveness by up to 54%”.
That said, it can be extremely difficult to find loyal, trusted, brand advocates amongst your core customer base. For brands that overcome this hurdle, activating and managing WOMM campaigns is resource-demanding and often proves to be impossible to manually scale. That’s why many companies are turning to software platforms to help manage and scale their WOMM initiatives.
When brands commit to developing and executing WOMM programs, the results are positive. Robust advocacy-marketing programs are achieving significant revenue gains—10 to 20 percent for established products and up to 100 percent for new products. Brands see a decrease in customer acquisition costs and increase in average cart size and a deeper loyalty with existing customers.
In this webinar, we explore 4 examples of brands executing great WOMM programs.
Learn how Salomon, Patagonia, Lululemon, and Nuun have grown their business through savvy word of mouth marketing.