In Tough Times Word of Mouth Marketing WorksJanuary 8, 2009
As marketers pull back on making expenditures in traditional marketing tactics, low cost -no cost word of mouth marketing becomes a cost effective alternative. Consumers are not spending the way they used to and companies that earned their loyalty and trust are most likely the ones they will continue to do business with. So now is the time for companies to begin to do ordinary things extraordinarily well.
The conventional wisdom that it costs more to get a new customer than retain an existing one takes on more meaning when the economy is down. Now is the time for businesses to delight their customers and give them something to really talk about. Companies like Hyundai are thinking outside of the box and creating excitement about their brand, giving prospective a sense of comfort by offering to buy their cars back if they lose their jobs. It’s a bold move on Hyundai’s part but it is bound to give people something to talk about. It’s a sign of the times.