Word-of-mouth marketing is an easy and inexpensive way to promote your business or product. This short video highlights three methods of word-of-mouth marketing you can use to help generate new business.

Readers should consult their own attorneys or other tax advisors regarding any financial or tax strategies mentioned in this article. These materials are for informational purposes only and do not necessarily reflect the views or endorsement of Santander Bank.

  Equal Housing Lender. Santander Bank, N.A. is a Member FDIC and a wholly owned subsidiary of Banco Santander, S.A. ©2020 Santander Bank, N.A. All rights reserved. Santander, Santander Bank, and the Flame Logo are trademarks of Banco Santander, S.A. or its subsidiaries in the United States or other countries. All other trademarks are the property of their respective owners.

Traditional advertising can be very effective at bringing in new business. It can also be very expensive. If your business doesn't have the budget to run a fancy ad campaign, don't despair. There is another proven method to promote your product or service: word of mouth marketing. In this video, we'll cover three ways you can use word of mouth to grow your business. Referrals can generate new business at little or no cost to you. One of the keys to generating referrals is to ask for them. The best time to ask for a referral is when your customers are feeling most satisfied with your brand or product. Consider asking your customers to refer a friend immediately following a purchase or after a positive social media engagement. Perhaps just as important, you shouldn’t ask for a referral out of the blue or after an unpleasant interaction, as this could appear pushy and generate ill will towards your business. Social media has greatly increased the power of word-of-mouth marketing because people can now talk to lots of other people all at once. A recent study showed that people are 71% more likely to purchase based on social media referrals. To encourage social media discussion about your business, make sure you have a presence on one or more of the key social media sites. On your company pages, make it clear what your company vision is, as this can help you stand out against competitors. Add posts on a regular basis, such as pictures or videos of your products and helpful tips on how to use them. To broaden your brand awareness, ask loyal customers to like and share your posts with their friends. The best way to get customers talking about your business organically is by giving them an experience that they’re excited to tell others about. For example, after a customer completes a transaction, consider surprising them with a special gesture like a handwritten thank you note or by offering a small discount if they purchase again within a specific timeframe. This will remind them to tell their friends about their positive experience in doing business with you. If you have a social media page, encourage customers to join it and post about their experience with your business. Word-of-mouth marketing can be a very effective, low-cost tool for generating new business. Follow these three tips and watch your business grow. For more ideas to help make your business successful, visit Santander Business First at business hub dot Santander Bank dot com.


Was this article helpful?

You already voted!