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Word-of-Mouth: The World's Best-Known Marketing Secret
| Guest post by: Ivan R. Misner |
Article Overview: Everyone knows about it, but hardly anyone does it well. It's time to change your approach to word-of-mouth marketing.
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Free Download - Sorting Out Who's Who By Ivan R. Misner |
Word-of-Mouth: The World's Best-Known Marketing Secret
What if there were a way to build your business, year in and year out, regardless of fluctuations in the economy or the activities of your competition? Well, there is. It's called word-of-mouth. Word-of-mouth marketing truly is the world's best-known marketing secret. You're probably wondering how anything can be both the "best-known" and "a secret" at the same time. Easy. Practically every businessperson knows how important word-of-mouth marketing is. Yet almost no one truly understands how to build their business through word-of-mouth.
Some people think that word-of-mouth is a little like the weather: fairly important, but not much they can do about it. Many others think that it's just about good customer service, but it's not. Don't get me wrong-good customer service is critical for the success of any business, but if you expect happy customers to talk about you a lot, think again.
For the past two decades, I've talked to tens of thousands of business professionals about word-of-mouth marketing and customer service. I've described how the "average unhappy client" can talk to dozens of people about their bad experience. I've then asked my audiences if their "average happy client" truly talks to as many people as a potential unhappy client. In two decades, no one has ever said yes to that question!
Unfortunately, people are more likely to talk about your business when they are unhappy than when they are happy or satisfied. Therefore, good customer service generally reduces "negative" word-of-mouth. However, the good news is, there are many things entrepreneurs and business professionals can do to positively impact their business through word-of-mouth.
Below are the three most important things that a business professional can do to start the process of increasing their business through word-of-mouth.
1. Diversify your networks. I believe that most business professionals are cave dwellers. They get up each morning in a large cave with a big-screen TV called their home. They go out to their garage and get into a little cave with four wheels called their car. They go to another really big cave with plenty of computers called their office. At the end of the day, they get back into their little cave with four wheels and drive back to the large cave with the big-screen TV, and they can't figure out why no one is referring them. If you want to build your business through word-of-mouth, you have to be visible and active in the community by participating in various networking groups and/or professional associations.
2. Develop your contact spheres. Contact Spheres are businesses that are symbiotic and noncompetitive to you. For example: a lawyer, an accountant, a financial planner and a banker. All of them have clients with overlapping similar needs. They can all work with and refer each other easily. Another good example is what I call the wedding mafia: a florist, a photographer, a travel agent and a jeweler. A referral for one of them becomes a referral for all of them. You should immediately determine what professions fit within your Contact Spheres and start developing relationships with them.
3. Word-of-mouth is more about farming than it is about hunting. Building your business through word-of-mouth is about cultivating relationships with people who get to know you and trust you. People do business with people they have confidence in. One of the most important things I've learned in the past two decades is this: It's not what you know, or who you know, it's how well you know them that counts. If you go into this process understanding this one key point, you will have a better opportunity to build your business through word-of-mouth.
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Dr. Ivan Misner is the Founder and Chairman of BNI, the world's largest business networking organization, which has more than 4,600 chapters in 37 countries. Dr. Misner is also the author of several books, including the New York Times bestseller TRUTH OR DELUSION? (www.truthordelusion.com), and he is the Senior Partner for the Referral Institute (www.referralinstitute.com), a referral training company with operations around the world.
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About the Author: Ivan R. Misner RSS for Ivan's articles - Visit Ivan's website Dr. Ivan Misner is the Founder & Chairman of BNI, the world's largest business networking organization. BNI was founded in 1985. The organization has over 5,800 chapters throughout every populated continent of the world. Last year alone, BNI generated 6.5 million referrals resulting in $2.8 billion dollars worth of business for its members. Called the "Father of Modern Networking" by CNN and the "Networking Guru" by Entrepreneur magazine, Dr. Misner is considered one of the world's leading experts on business networking and has been a keynote speaker for major corporations and associations throughout the world. He has been featured in the L.A. Times, Wall Street Journal, and New York Times, as well as numerous TV and radio shows including CNN, CNBC, and the BBC in London. Dr. Misner is on the Board of Trustees for the University of La Verne. He is also the Founder of the BNI-Misner Foundation and was recently named "Humanitarian of the Year" by a Southern California newspaper. He is married and lives with his wife Elisabeth and their three children in Claremont, CA. In his spare time!!! he is also an amateur magician and a black belt in karate. Click here to visit Ivan's website   Developing a Networking Contact Sphere 3 Ways to Get More Business at Networking Events To Bow or To Shake Hands Cultural Differences How to Combat a Slow Economy Why We Need to Teach Networking |
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