Word of mouth marketing is a highly effective way for small businesses in Australia to reach new customers and drive growth. In today’s highly competitive business environment, it is essential for small businesses to have a strong marketing strategy that can effectively reach their target audience. By focusing on word-of-mouth marketing, small businesses can tap into the power of personal recommendations and build a loyal customer base.
Strategies to drive word of mouth marketing
Deliver Exceptional Customer Service
One of the most effective ways to drive word of mouth marketing is to deliver exceptional customer service. By providing a positive experience for customers and going above and beyond to meet their needs, small businesses can increase the likelihood of positive recommendations. In a world where negative reviews can spread quickly through social media, it’s important for small businesses to focus on providing exceptional customer service at every touchpoint.
Offer Referral Incentives
Offering incentives for referrals is another effective strategy for driving word of mouth marketing. By incentivising customers to refer their friends and family, small businesses can increase the number of new customers that are brought in through personal recommendations. For example, small businesses can offer discounts, free products, or other rewards for customers who refer new customers.
Engage With Customers on Social Media
Engaging with customers on social media is also an effective way to drive word of mouth marketing. Social media platforms are a great way for small businesses to connect with their customers and encourage them to share their experiences with others. By regularly posting updates and engaging with followers on social media, small businesses can increase the reach of their word-of-mouth marketing efforts and build a loyal following.
Form Partnerships and Collaborate
Collaborating with influencers or partnering with other businesses can also be an effective way to drive word of mouth marketing. Small businesses can team up with complementary businesses to offer joint promotions or referral programs, they can offer discounts or free products to influencers in exchange for them sharing about the business on social media. This can help to increase visibility of the business and generate interest among potential customers.
Seek Press Coverage Opportunities
Finally, small businesses can drive word of mouth marketing by seeking out opportunities for press coverage in local newspapers, blogs, or other media outlets. By generating positive press coverage, small businesses can increase their visibility and credibility, and attract new customers who may not have otherwise heard of their business.
Use marketing loans to expand your business
Business loans are a great way to fund new marketing opportunities for a business. A business loan can help alleviate business cash flow issues and free up working capital to implement the strategies that make your business grow.
An existing business can apply for various business loan options with OnDeck, depending on their exact business needs. The big benefit of marketing loans with OnDeck is their flexibility, you can use the funds to reinforce various aspects of the business as you see fit. Being free to divide funds between different marketing avenues to find what best works for your business allows you to diversify for success.
In conclusion, word of mouth marketing is a highly effective way for small businesses in Australia to reach new customers and drive growth. By focusing on exceptional customer service, offering incentives for referrals, engaging with customers on social media, collaborating with influencers or other businesses, and seeking out opportunities for press coverage, small businesses can tap into the power of personal recommendations and build a loyal customer base.
This article is for general information purposes only. Content may belong to or have originated from third parties and OnDeck takes no responsibility for the accuracy, validity, reliability or completeness of any information. OnDeck is not a financial adviser. You should consider seeking independent legal, financial, taxation or other advice to check how this information relates to your unique circumstances. OnDeck is not liable for any loss caused, whether due to negligence or otherwise arising from the use of, or reliance on, the information provided directly or indirectly, by use of this website.
* The timeframe required to process and fund loan applications may vary for each individual application. Factors such as the completeness and accuracy of application materials, verification processes, and external circumstances can influence the processing & funding timelines.
Prepared by OnDeck Capital Australia Pty Ltd ABN 28 603 753 215 (“OnDeck”) for general information purposes only. Content may belong to or have originated from third parties and OnDeck takes no responsibility for the accuracy, validity, reliability or completeness of any information. Information current as at May 2023. You should not rely upon the material or information as a basis for making any business, financial or any other decisions. Loans issued in Australia are subject to the terms of a loan agreement issued by OnDeck. Loans are subject to lender approval. OnDeck® is a Registered Trademark. All rights reserved.