5 things you can achieve with Collaborative Marketing
At our recent Collaborative Marketing breakfast we asked some industry (and people) experts what the real opportunities are when it comes to Collaborative Marketing.
Getting people to talk about your brand is the holy grail of marketing. But what you can achieve with word of mouth (WOM) and Collaborative Marketing goes far beyond verbal buzz. Here are the top 5 things you can achieve by collaborating with your consumers:
1. Drive awareness, trial and sales
Used strategically, WOM can drive traffic to your store or e-commerce platform, push trial and have remarkable impact on sales. As many as 50 per cent of all purchase decisions are influenced by word of mouth, and a single WOM impression drives at least five times more (and up to one hundred times more) sales than a paid media impression.
2. Generate compelling content
With ad-blocking on the rise, marketers need to work even harder to create meaningful content that people want to see. And your customers can help you out here. By engaging with them in Collaborative Marketing you can spur authentic and credible User Generated Content to boost your other marketing activities.
3. Power your media mix
With mass media you can reach huge masses of people, but ultimately you’re not going to reach all the people that you want to. This is where Collaborative Marketing comes into play, adding highly targeted qualitative reach to complement your other marketing efforts.
4. Trust and long-term advocacy
When we get included and consulted by brands who welcome our feedback or criticism, we feel rewarded. Businesses that engage with consumers in a genuine and open way (e.g. in a branded community) demonstrate that customer opinion matters and build a foundation of trust in the brand that will ultimately contribute to future sales.
5. Insights that you own
The biggest benefit for brands using the right platforms to generate Collaborative Marketing is data. Rather than generating insights from small focus groups, you can gain insights from thousands of people in real life. And unlike data collected from social media like Facebook and Twitter, you own every single bit of it and can use its full potential to power your brand.