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Wednesday, May 1, 2013

Marketing By Word of Mouth


In a recent dialog with a friend, he described his experience as follows:

My sole experience in marketing was to market myself and the members of my team as legal specialists in real estate development, leasing and finance in an era which, for many years, preceded the use of computers and the internet. I know I have broadened my knowledge base considerably, but that occurs only if you choose to take the initiative and desire to learn from others whose skill sets are different from their own.

I may be old-fashioned, but I still believe that Word of Mouth (WOM) recommendation is the best form of marketing that exists, particularly for a service organization, and by no means do I mean to de-emphasize the importance of other means or ways to market. “Word of Mouth” is vital to any business that hopes to grow.  Happy clients recommend the organization to others, so having satisfied clients is the first and foremost priority.

Word of mouth can also be planned, executed and nurtured as a specific marketing method today using social media, blogging, tweeting, etc.  While we did not have these tools at the time, my practice developed and grew to what it became through word of mouth, by my “targets”, i.e. individuals, private and public companies and financial institutions seeking real estate counsel in the commercial real estate arena, recommending me and the team I had put together. We did that by being superior to our competition. Word of mouth recommendations spreading throughout the community we serve has the benefit of people “advertising” your services for you, and from my limited knowledge of marketing is the best form of marketing on the planet, particularly for a service organization.

How do you use WOM marketing?

Steve Koenig, SCORE Counselor

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