A company’s success is intricately linked to its marketing strategies in a highly competitive consumer market. The CMO Survey demonstrated that 72% of marketing chiefs felt that ‘the importance of marketing in their companies increased’ significantly in 2020-21.
It also highlighted that traditional advertising recorded a negative growth at -0.2% while digital ad spending increased by 17%.
The need for efficient marketing is thus evident. But the final word on the best marketing strategy is yet to come. Perhaps there will never be an answer carved in stone. Nevertheless, word-of-mouth (WoM) is a promising contender in this race – one of the most effective marketing strategies, if not the most.
To put things in perspective, the Nielsen 2021 Trust in Advertising Study found that 88% of global respondents favor recommendations from friends and family over other forms of advertising. Corroborating Nielsen’s findings, 64% of marketing executives also consider WoM the most effective advertising form. On the flip side, though, only six percent of these executives have mastered WoM marketing enough to implement it effectively.
Some Web 3.0 protocols are, thus, innovating disruptive but practical WoM marketing solutions. This makes WoM more accessible for businesses, strengthening their marketing arsenal and return on investments (ROIs). Indeed, it’s as though WoM and Web 3.0 are made for each other.
The power of word-of-mouth marketing
Spreading information through word of mouth is perhaps as old as human civilization. Humans have a fundamental tendency to share their opinions and offer advice about the most impressionable things around them.
In addition, cultural practices like food, clothing and customs have often traveled from one region to another by word-of-mouth. This innate connection with human existence makes WoM such a powerful marketing strategy.
Scholars have formed multiple theories to understand WoM thoroughly. Some explanations attribute its success to empathy or altruism, while others refer to psychological dynamics of influence and control. Based on these understandings, market researchers have experimented to find the best possible combinations for optimizing marketing ROIs.
Continue reading: https://dailyhodl.com/2022/07/20/web-3-0-can-scale-new-heights-with-word-of-mouth-marketing-its-perfect-for-blockchain-native-protocols/
It also highlighted that traditional advertising recorded a negative growth at -0.2% while digital ad spending increased by 17%.
The need for efficient marketing is thus evident. But the final word on the best marketing strategy is yet to come. Perhaps there will never be an answer carved in stone. Nevertheless, word-of-mouth (WoM) is a promising contender in this race – one of the most effective marketing strategies, if not the most.
To put things in perspective, the Nielsen 2021 Trust in Advertising Study found that 88% of global respondents favor recommendations from friends and family over other forms of advertising. Corroborating Nielsen’s findings, 64% of marketing executives also consider WoM the most effective advertising form. On the flip side, though, only six percent of these executives have mastered WoM marketing enough to implement it effectively.
Some Web 3.0 protocols are, thus, innovating disruptive but practical WoM marketing solutions. This makes WoM more accessible for businesses, strengthening their marketing arsenal and return on investments (ROIs). Indeed, it’s as though WoM and Web 3.0 are made for each other.
The power of word-of-mouth marketing
Spreading information through word of mouth is perhaps as old as human civilization. Humans have a fundamental tendency to share their opinions and offer advice about the most impressionable things around them.
In addition, cultural practices like food, clothing and customs have often traveled from one region to another by word-of-mouth. This innate connection with human existence makes WoM such a powerful marketing strategy.
Scholars have formed multiple theories to understand WoM thoroughly. Some explanations attribute its success to empathy or altruism, while others refer to psychological dynamics of influence and control. Based on these understandings, market researchers have experimented to find the best possible combinations for optimizing marketing ROIs.
Continue reading: https://dailyhodl.com/2022/07/20/web-3-0-can-scale-new-heights-with-word-of-mouth-marketing-its-perfect-for-blockchain-native-protocols/
