INSIGHTS FOR BUSINESS
The benefits of word-of-mouth marketing
The following is an excerpt from the UNC Kenan-Flagler Insights blog.
There’s a lot of buzz about using social media to reach customers and prospects — and almost as much confusion about how to do it.
New research by J. Andrew Petersen, assistant professor of marketing and assistant director for the Center for Integrated Marketing and Sales, indicates that B2C companies can get the most benefit by using social channels to drive referrals.
“Word-of-mouth and referral marketing are extremely interesting topics to most B2C firms right now, given the rise of social networking among consumers,” Petersen said. “I think the appeal is how fast word can move through a social network and create enormous value — at a relatively inexpensive marketing investment.”
One effective way to leverage the power of social networking is through consumer recommendations.
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