“It is well documented that brands that increase advertising during a recession, when competitors are cutting back, can improve market share and return-on-investment at lower cost than during good economic times.”
— John A. Quelch, Professor, Harvard Business School
An ivory tower kind of guy who most of us small business people can’t relate too. But we can — in fact should — apply his wisdom. While Harvard’s Professor Quelch uses the word ‘advertising’, if we apply the broader term ‘marketing’ this wise quote still holds water. Particularly these days. Economic online marketing opportunities abound, but for our money, nothing beats getting out there and getting in front of people sympathetic to, supportive of, or — best of all — advocating, your cause.
Word-of mouth is not only the lowest cost form of advertising, it’s the most effective. And in this rapidly evolving, morphing, and twittering digital time we find ourselves, it’s never been easier for one individual to reach and influence others.
The greatest investment to make word-of-mouth work for you is time. Time to do your job well. Time to spend listening to your customers. Time to improve what you do, and then — most relevant to this post — taking the time to talk about you, what you do and you can play a supportive, beneficial role in the lives of others.
If we are honest and authentic, we will be successful.
If others tell their friends about us, then we’re on our way to the top of our class.