Word of Mouth Marketing
Prospective customers are often skeptical about working with a new financial planner, and therefore creating trust early in new relationship is always a priority. Although this can be a time-consuming activity, prospects that arrive as referrals from your existing customer base tend to trust and therefore act much faster. The power of Word of Mouth marketing is truly the best driver of organic growth for any Financial Planning practice.
Recognising this opportunity for our valued customers, YTML has teamed up with a leading marketing automation software, Feedsy, to help amplify this important source of new leads.
Our Word of Mouth Marketing Packages
Communicator
1. Stay connected with customers and prospects
2. 10 stories per week
3. Add your own stories
4. Social media shares lead back to you
5. Branded news page
6. Auto-monthly email newsletter
7. Beautiful design
8. Secure subdomain
9. Generate subscribers
Advocator
1. Turn happy customers into lead generators
2. Communicator features PLUS
3. Referral automation
4. Send more emails
5. Create campaigns
6. Personalise with segments
7. Auto Birthday message
8. WebApps
9. FeedsyPrint
FeedsySocial
1. Let us manage your Social Life
2. Add-on to Communicator or Advocator packages
3. Set-up or optimise Facebook Page, LinkedIn Company or Twitter profile
4. Personalised sharing of your Feedsy stories for you
5. Monitoring
6. Boosted shares and campaigns (extra fees apply)
Our Word of Mouth Marketing Packages
You know you should be doing more social media marketing by regularly posting on LinkedIn, Twitter and Facebook - but you don’t have the time. Well, you’re in luck. FeedsySocial can help with your social media marketing strategy.
FeedsySocial social media service increases your brand awareness and engagement through your Communicator content.
The FeedsySocial team will personally share articles to one or more of your company social profiles, together with a comment to generate discussion, shares, likes and maybe even some happy emojis!
FeedsySocial can also set-up new Facebook Pages, LinkedIn Company profiles or Twitter feeds for your business or optimize what you already have.
How FeedsyReferral's Platform Works
FeedsyReferrals makes it simple for small businesses to ask for (and for advocates to provide) a referral - meaning more warm leads for your business.
FeedsyReferrals provides a trackable referral link that guides advocates to a lead capture landing page. Your referral link can be promoted on any adhoc or regular digital communication – eg in your email footer so that every message lets people know that you are open to new business.
Links are included in Feedsy Communicator channels: monthly email newsletter, blog page, social media, triggered email campaigns and even automated birthday messages.
YTML will also promote your referral program on your YTML website.
Once a lead has been submitted, Feedsy’s automated referral engine generates emails to the referrer, referral and the business. Analytics report the source of the referral and any incentives offered, and monitors referral engagement. All you need to do is close the sale.
In fact, research has shown that prospects are four times more likely to purchase when referred by a friend – and they are also more loyal.
With FeedsyReferrals, referrals have never been easier.
Why People Refer a Friend
People love helping other people. Referring your business is helping both you and their friend – so its win-win.
Referral research has shown that Incentives increase the likelihood of recommending a brand which could also make it a win-win-win.
Interestingly, brands like AirBnB have discovered that altruistic incentives work best (ie knowing that a friend will receive a reward (as well as the person referring) once the conditions of the incentive are met).
Referral research has also shown that the size of the reward does not matter and that non-cash incentives are more effective than cash incentives.
FeedsyReferrals can help you define and test different kinds of rewards including promoted incentives, surprise rewards or just a “thanks”.
How to Generate Customer Advocavy
Happy customers are both more loyal and more likely to recommend your business to their friends. The same can be said for other sources of referrers such as referrals partners.
How do you continually generate good feelings (or goodwill) for your brand to keep your community happy – even if you have only have quarterly (or even, annual) contact with each one of them?
Monthly newsletters and social media conversations are two effective methods for people to regularly engage with your brand. By reaching out to them you are demonstrating that you care enough to share your thoughts, expertise, or simply interesting and even entertaining stories – and that you’d welcome a conversation.
Regular communication can be automated and creates goodwill, maintains brand awareness and generates perfect opportunities to turn good feelings into win-win-win referrals.
Referral Program Comparison
ReferralCandy
ReferralCandy is for retail brands wishing to engage with referral pop-ups, pages, and follow-up email campaigns during the online shopping experiences on platforms such as Shopify, Big Commerce, Magento and WooCommerce. It is relatively easy to set-up (by your web provider) but is only recommended if your business model is selling stuff online. But like ReferralCandy, it is more suited for online ecommerce.
Friendbuy
Friendbuy is a more fully-featured, customisable and costly version of ReferralCandy. It also features triggered email campaigns (eg sent after somebody has placed an online order). But like ReferralCandy it is more suited for online ecommerce.
Influitive
Influitive takes a different approach. It is aimed at serious marketers wanting to gamify advocacy through ongoing or event-based “challenges-for-points” campaigns. However, whilst they do offer 2 day training and ongoing coaching, Influitive’s fully-featured advocacy community system is probably beyond the capabilities and resources of most small businesses.
FeedsyReferrals
Put simply, FeedsyReferrals is easier and more automated. There is a monthly newsletter engine promoting your referral program and a link that can be used anywhere on any digital communication. It takes less than 30 minutes to set-up (via an online meeting with a referral expert) and offers free training and support if required. It is aimed at time-poor service-based professionals (rather than marketers).
FAQ
Word of mouth marketing is a strategy used by business to encourage and facilitate personal recommendations of that business by customers or associated businesses.
A referral is a prospective customer who has been recommended to your business by a trusted peer and as such are often called a "warm lead as they are "warmed up" and more likely to buy than a "cold" prospect without a recommendation.
TIP:Don't "over-ask" for referrals. Instead "Give Give Give-then Ask" (Gary Vaynerchuk) generate goodwill by regularly providing great help, tips and info for free (ie giving) before occasionally asking for something in return (a referral). Feedsy Communicator and Advocator is the perfect combination to Give Give Give-then Ask.
TIP:Don't "under-ask". As well as occasionally asking directly (eg by email campaign, social media or in person) place a referral link on most of your digital touchpoints. It can be subtle, but it subliminally tells your community that you are open to new business and that there is a method to refer someone when they feel it is right.
TIP: Experiment with incentives. With rewards, try promoting it upfront or keeping it a surprise for after the referral. Whatever you try, make the conditions clear and if nothing else, definitely "thank" the referrer. Advocator allows you to test different rewards.
There are 5 steps to building a referral program.
- Be Awesome (simply). Make your service and offer easy to articulate and share. Feedsy can help you create a Referral Statement to achieve this.
- Be Easy. Make the referral process easy for the referrer, referral and yourself with automation and simple analytics.
- Be Rewarding. Use incentives, surprises or just a simple "thank" to make people feel good about referring your business.
- Be There. Passively keep your referral program visible to your community by including it on your digital touchpoints.
- (Don't) Be Shy. It is OK to ask if you have created goodwill for your brand with great service and adding ongoing value to people's lives. "Read the room" and you think you've shared a "moment" then ride it by saying "you'd love to work with more people just like them- can you think of anyone?". Then your referral link and beautiful referral experience is just an email away!
Creating a mail newsletter can be hard, time consuming and probably isn't your core competency. Finding the time and the ideas to create content can be a challenge and putting it all together and publishing it can be a pain. Seek automated solutions such as Feedsy Communicator to have relevant articles populated onto your own blog page and then have them collected and auto-published to your email subscribers. Your blog stories can also be shared on social media with every social and email click leading customers and prospects back to your brand. If you have the time and the inclination you can always contribute your own stories or review, re-arrange or personalize the categories of the ones that are provided by Feedsy EVERY week.
About YTML
The YTML group (ACN 142 689 683), is a leading advice, business and technology solutions partner that provides a wide range of innovative product solutions and professional advisory services to a substantial and diversified client base that includes the big 4 financial institutions, major dealer groups, corporations and smaller businesses.
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