Word of Mouth Marketing Strategy
Because word of mouth marketing is fun and unique, many banks and credit unions want to jump right into creating and executing crazy guerrilla marketing ideas. And while word of mouth is very different than traditional marketing, one thing is the same: it’s always best to start by developing a strong comprehensive word of mouth strategy before executing any tactics. That way, you can be confident you’ve got a rock-solid plan in place before committing any resources to executing the plan.
There are different types of word of mouth marketing, that should serve different purposes in your word of mouth strategy. The CBC/PSST! Model is based is on four primary layers of word of mouth that take people from being unaware completely through to brand engagement and referrals:
- Buzz Campaigns — Cut through the clutter to create awareness among people who did not previously know about your bank or credit union.
- WOM Programs — Transition mere awareness into interest and consideration.
- WOM Initiatives — Convert interested people into customers/members by creating sincere brand engagement.
- Customer WOM — Turn existing customers/members into referral sources.
CBC/PSST’s complete word of mouth marketing strategies outline key strategies for each of the above categories of word of mouth, and detail specific tactics that can be executed to carry out the strategy. We provide solid rationale for the reasoning behind each strategy and tactic, so you can see where the recommendations come from.
Typical comprehensive, strategic WOM plans run $20 to $30k at CBC and PSST!. Please request an estimate for your specific needs.