A recent Inc. 500 study reveals what many of us business owners already know and that is that word of mouth advertising is still King. What percentage constitutes kingship? How about 82%. The Word of Mouth Marketing Association extracts additional percentages from the survey.
- Email marketing (58%)
- Web-based keyword purchases (51%)
- Print magazines (50%)
- Direct mail (46%)
- Web banner ads (35%)
- Print newspapers (24%)
- Television (9%)
- Billboards (6%)
These statistics were derived by asking CEOs on the Inc. 500 list how they advertise or market their products and services. I would tend to agree that a large part of our new business comes from referrals and word of mouth advertising. Treat customers right and they will naturally promote you!
Thanks to Andy for the hat tip.