Research shows the average business spends 9-12% of gross revenue on marketing, translating into a few thousand dollars for a microbusiness up to millions for larger enterprises. At the same time, many of today’s marketing tactics are growing more complicated in nature. Consider Facebook: research shows the average price of ads on the platform is rising around 35%, with ad impressions only increasing 10%.
The cost of a truly effective marketing strategy—one that drives meaningful engagement and growth—is becoming unrealistic as businesses try to keep up.
It’s a good thing you don’t need ample spend to successfully market your brand. I firmly believe that the best marketing tool isn’t a sophisticated automation or social media management platform, but rather the level of service a company delivers to customers each day.
Think about your top marketing objectives: generating brand awareness, increasing website traffic, converting leads to buyers. Just one positive review has the power to directly improve these marketing-related goals. Consider that traditional marketing ads are viewed as negative and disruptive by more than half of consumers worldwide, yet it’s been found that customer reviews can increase conversion rates by as much as 270% with the likelihood of purchasing increasing by almost 400%.
In a recent Forbes article titled “Customer Service is the New Marketing,” CX expert Micah Solomon elaborates on this concept:
“…if you consider consumer behavior and thought patterns today, you’ll realize that it’s incontrovertibly true. People have lost their faith in gimmicky and overstated mass marketing campaigns and place more stock today in what they experience directly with your company, what their friends have [experienced], and what the people they listen to online have experienced.”
This echoes sentiments from a recent TedX talk given by another CX expert John Boccuzzi Jr., in which he discusses why customer service has the potential to be the greatest form of brand marketing as opposed to traditional strategies. He also shares the powerful story of how an amazing first encounter with a business over 20 years has kept him coming back ever since. I highly recommend viewing, especially for hospitality leaders (after all, the first stay is often make or break!)
Check it out below and let me know your thoughts: