Advocacy Marketing is the best form of marketing at the moment and looks like it will be the preferred form of marketing for years to come. We are not just saying it! Here are 5 Stats about Advocacy Marketing that Team SOCXO has put together to prove this right!
- Brand Messages reach significantly further when shared by Advocates
The MSLGroup report that brand messages reached 561% further when shared by employees, as compared to when the same messages are shared via the official social channels of brands. Why? Because on average, your employees are connected to 10 times more people than your brand – that is, the aggregate social reach of your employees is 1000% bigger than your brand on its own. Further, brand messages tend to be shared 24 times more frequently when they are distributed by employees. This is because people are more inclined to trust other people they know, rather than brands themselves.
- Word of Mouth Impressions are more effective than paid impressions
The Word of Mouth Marketing Association (WOMMA) spent several years collecting detailed weekly data regarding the effect of word of mouth marketing. The results? They found that the results of one word of mouth recommendation made by an advocate was equal to 5 or more paid impressions. That is, when an advocate recommends your brand, it can generate at least 5 times more sales than a paid advertisement, going all the way up to as much as 200 times more!
- Advocacy Marketing generates huge advertising value
Brad Fay, COO of Keller Fay Group, a market research firm that worked on the study, “Return on Word of Mouth says that the report found that “Word of mouth drives $6 trillion of annual consumer spending and is responsible for an average of 13 percent of sales!” That is definitely huge money, and of mega advertising value for companies.
- Social Media plays a huge role in the buying process
There’s no doubt today that social media plays a very active role in the buying process for new customers. MSLGroup further went on to find that 82% of buyers trust a company more when the CEO and senior leadership are active on social media. The key here then is to get the top brass in your company engaged through your advocacy marketing campaign. Not only will this send a positive message through your organisation, but also to potential advocates. That trust will soon turn into sales – 77% of buyers are more like to buy from a company whose CEO uses social media. Further, Forbes reported that sales reps that use social media as part of their sales technique outsell 78% of their peers.
- A small increase in Advocacy has a big impact on revenue
App Data Room reports that a 12% increase in advocacy generates a 200% increase in revenue growth rate. How? The reason is that advocates are 2-3 times more effective in persuading others to make purchases than non-advocates. When an existing customer refers a new customer, there is a 37% higher retention rate. Further, 80% of consumers worldwide recommend 1 brand, whereas advocates recommend 4 brands.
These were encouraging statistics, weren’t they? Unleash the power of SOCXO to reap the great benefits of advocacy marketing. Get in touch with us now and see how we can make your business grow!