The UK has officially tipped into a recession. Now, this might not come as a surprise – after all, many of us have already been feeling the squeeze for quite some time. Nonetheless, it’s certainly not the best news, especially if you’re running a business.
Sustaining growth isn’t impossible though. In fact, many of the world’s biggest brands thrive in times of economic uncertainty. How? Keeping a close eye on their budget is certainly one part. But most importantly, they make good use of their current customers. And advocacy is one of the best ways to do that.
Gossip, made glamorous
It’s the oldest trick in the marketing handbook. Some might argue that it’s been around as long as business itself. But with all the shiny new marketing tactics we have access to these days, we often forget the power of advocacy – or as we like to call it, gossip made glamorous.
The main value of advocacy is that it drives sales. Five times more, in fact, than paid ads. Why? Because content shared by your customers – like reviews, testimonials, photos, or videos – comes across as highly authentic to their peers. And when something is more authentic, it’s usually more compelling as well – because it serves as real proof that you practice what you preach.
But sales aren’t the only benefit of advocacy marketing. It’s also great for curbing costs. Because when your customers love you, you don’t need to pay them to say nice things – they’ll do it for free. In real terms, businesses save about £57,000 per year by taking advantage of user-generated content. That’s more than the salary of an in-house content creator.
So how do you get those people who buy again and again, to tell their friends about you?
The end of the beginning
We all know the feeling: after months (sometimes even years) of contemplation, a potential buyer finally takes the leap. Now, at this point, it can be tempting to kick our feet back – after all, we’ve won them over. But really, this first transaction is just the beginning.
Now that they’ve purchased, they’re joining a community. An exclusive club of customers, if you like. You can make that club real and tangible through platforms like Feefo Communities. Or there are other ways to make your customers feel special. The easiest way is to start a conversation. Ask them what they think of your product or service, and respond personally to what they say. This will make them feel seen, heard, loved, and (most importantly) part of something bigger. They’ll start to identify with your brand and advocate on your behalf.
At Feefo, we recommend you go as far as implementing a complete advocacy program. That means more than just collecting reviews. It’s about switching to a customer-first mindset, and weaving feedback into your organisational culture as a whole.
Whether or not you already collect reviews, the idea of having an advocacy program might be new to you. But there’s no time like the present – especially if you want to come out stronger on the other side of the economic storm.
If you’d like to learn more about the power of advocacy and how it can help you keep costs low as you grow, check out our latest webinar or get in touch with us directly – we’d love to hear from you.
