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How do you measure the impact of word-of-mouth marketing on your sales and conversions?

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Word-of-mouth marketing (WOMM) is one of the most powerful ways to influence others and grow your business. It's when your customers or fans recommend your products or services to their friends, family, or online communities. But how do you know if your WOMM efforts are paying off? How do you measure the impact of WOMM on your sales and conversions? In this article, we'll show you some simple and effective ways to track and optimize your WOMM campaigns.

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Kaushik Bhatti

??? LinkedIn? Community Top Voice | Transforming Concepts into Digital Reality...

1 Define your goals and metrics

Before you start measuring your WOMM impact, you need to define your goals and metrics. Ask yourself what you are trying to achieve with your WOMM strategy: increase brand awareness, generate leads, boost customer loyalty, or drive sales? Then select the right metrics to track your progress and performance. Common WOMM metrics include referrals, revenue, conversion rate, customer lifetime value (CLV), and net promoter score (NPS). Referrals measure the number of new customers or leads from WOMM sources like referrals, reviews, testimonials, or social media mentions. Revenue measures the amount generated from WOMM sources compared to other marketing channels or campaigns. Conversion rate records the number of WOMM leads or prospects that become paying customers or repeat buyers. CLV measures the value of WOMM customers in terms of purchase frequency, amount, and retention. Lastly, NPS measures how likely customers are to recommend your products or services on a scale of 0 to 10.

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2 Use tracking tools and methods

Once you have your goals and metrics, you need to use the right tools and methods to track and measure your WOMM impact. Depending on your budget, resources, and preferences, there are many tools and methods available. For example, analytics software such as Google Analytics can be used to track website traffic, conversions, and revenue from WOMM sources. Additionally, CRM software like HubSpot can manage WOMM leads and customers, automate follow-up emails, collect feedback and reviews. Surveys and polls from SurveyMonkey can be used to ask customers about their WOMM sources, experiences, and preferences. Social media listening tools like Hootsuite can monitor WOMM mentions and engagement on social media platforms. These tools can also identify WOMM influencers and advocates.

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3 Optimize your WOMM strategy

After tracking and measuring your WOMM impact, you need to optimize your WOMM strategy. Analyze data and insights to identify what works and what doesn’t, then test and experiment with different WOMM tactics and channels. To optimize your WOMM strategy, reward WOMM sources with incentives, discounts, freebies, or recognition. Encourage customers and fans to create and share content about your products or services, such as photos, videos, stories, or reviews. Leverage social proof like ratings, reviews, testimonials, or case studies to showcase your WOMM results. Create viral loops such as referral programs, contests, or challenges to motivate customers and fans to spread the word about your products or services. Doing this can help you increase WOMM frequency, quality, loyalty, reach, credibility, trust, conversion rate, retention rate, CLV growth, scalability, and impact.

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Kaushik Bhatti

??? LinkedIn? Community Top Voice | Transforming Concepts into Digital Reality...
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Track key metrics such as referral traffic, customer acquisition through word-of-mouth, and customer retention rates. Implement tools like referral programs, customer feedback surveys, and social listening to gauge sentiment and engagement levels. Analyze data to identify patterns and trends linking WOMM efforts to sales growth. Adjust strategies based on insights gained to enhance customer experiences and drive sustainable business growth through effective word-of-mouth marketing.

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4 Here’s what else to consider

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How do you measure the impact of word-of-mouth marketing on your sales and conversions?

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1 Define your goals and metrics

2 Use tracking tools and methods

3 Optimize your WOMM strategy

4 Here’s what else to consider

Influence Others

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