Word of Mouth Trumps Every Method of Customer Acquisition or Retention
Yet so many entrepreneurs put networking and word of mouth on the back burner. Many argue it takes too long, and they need something to happen now. Maybe it is our entrepreneurial ADHD kicking in that we run after the next bright shiny object thinking that this new thing is the magic bullet that will propel us to success. But really, if we start with this end in mind, we would be too busy with growth to run after the next bright shiny thing.
‘Inbound networking’ is no different. Word of mouth has existed since the beginning of recorded history. Inbound networking is just word of mouth with a shot of online steroids.
Think about how much time it takes to go to a face to face networking event. Let’s say you are 30 minutes away. The event itself is 2 hours. That’s 3 hours. At the event you meet 12 new people. Only 2 of them are actual prospects or partners for you. Now imagine that the other 10 people who are not prospects or partners for you are prospects for your partner in TX, CA, or even overseas. Now imagine that you make a virtual introduction. Both parties know and trust you, so they are more likely to be open to the person you are introducing.
Now imagine 1/4 of all your connections are doing the same thing and every 12 new people they meet they refer or introduce 2 of them to you.
Add in the steroids of blogs, social media, etc. That 12 is 1200. It is not rocket science to understand that is how a business (whether a start-up or expanding business) doubles sales for sustainable and consistent growth.
For more about me, check out my musings on the Smarketing blog, watch my ADHD in real time on Twitter, or visit me on LinkedIn. Or if you prefer to speak, select a time on my calendar, I will do the rest.
P.S: I’d also suggest reading this blog by Rick.