Editors’ Note: We’ve found one more — possibly the most important — thing to consider when encouraging your customers to refer their friends to you. This blog post now goes to 11. See below for item #11 and learn how to move from affinity to advocacy.
Before the days of social media – before viral videos and sponsored ads – was the natural social interaction between consumers: the recommendation of a product or service from one person to the next.
Word of mouth marketing (WOMM) is the organic communication of information from one person to another about a brand, product or service. It is most often influenced and driven by a positive interaction that an individual has had with a brand. WOMM is nothing new, and has been reviewed and discussed in a number of articles. More recently, there has been strong evidence for WOMM to succeed in the credit union space. With customer satisfaction levels at an all-time high for credit unions, and with 64% of marketing executives believing word of mouth is the most effective form of marketing, customer referral programs just make sense.
What is motivation? When I ask my good friend Google, it tells me motivation is: “the reason or reasons one has for acting or behaving in a particular way, or the general desire or willingness of someone to do something”. Sounds about right… but the question is why?
What motivates us? Why buy that pair of jeans? Why go see that movie? Why try that restaurant?
A lot of the time why we do things really doesn’t have much to do with us at all, but what others are telling us or encouraging us to do. Motivation involves biological, emotional, social and cognitive forces. The combination of these things activates our behavior and we have very little personal effect over them.