Brands of the past understood that word of mouth was the best form of advertising. That’s still the case in today’s digital climate, although word of mouth looks a lot different on social media than what consumers might be accustomed to seeing.
For one thing, speed is a critical component of effective word-of-mouth marketing—and that’s something social media can offer. Building brand awareness and brand loyalty is now conceptualized through viral conversations.
But competition is fierce: Social content creation is coming from all corners of the Internet, vying for consumers’ attention, and more brands are packing into small spaces in an effort to increase their market share.
Brands face the challenge of generating positive electronic word-of-mouth, or eWOM. And, according to a Business Wire case study, there are some emerging suggestions for how social media content should be crafted as a word-of-mouth driver.
To explore and illustrate the best practices of driving eWOM, Business Wire examined the online strategy of EDEKA, one of the largest supermarket chains in Germany.
Through EDEKA’s strategy, Business Wire concluded that visual strategy is highly effective at triggering the social activity that correlates with word-of-mouth benefits. Visual social media content was more effective at making an impression, and that type of content was better at delivering information to be retained—in fact, it’s up to 22 times better, as the report states.
Videos are highly engaging and multi-sensory in nature, and these traits make the content more likely to be shared, which may be the singular function closest to traditional word of mouth. In this case, consumers are taking their brand familiarity and introducing their connections to that brand and its engagement opportunities.
Social platforms like Facebook can be more impactful than, say, Twitter because the posts do not expire as quickly, and because of their strong visual design, Instagram, Pinterest and Snapchat are all great platforms for delivering compelling visual content.
Some industries have found more success than others when it comes to driving referrals through social content creation. According to Investment News, the financial services industry has found social media to be a very important source of these referrals.
According to a survey of 300 advisers, nearly 43 percent of professionals see a positive ROI when they use social media to drive referrals. Seventeen percent believe their social media efforts have acquired at least $1 million in new business.
Those are huge figures that underscore the value of electronic word-of-mouth to the industry in general. But the value is even greater when you consider the role financial advisement professionals play in our industry. In the FinServ industry, trust is crucial—consumers are rightfully careful about who they charge to manage their money.
Traditionally, word of mouth served that function: People could ask friends and relatives who they trust with their own business. Many consumers will still do that today, but they’ll also go online—and to social media—seeking answers and guidance. Financial advisers that have developed their social presence, and who have used content to increase brand awareness, will be better positioned to acquire new clients through social referrals.
Word of mouth may have evolved, but it’s as vital as ever—and digital platforms can support this form of advertising. It may be time to give your social presence a second look and consider how your content is driving referrals online.
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