I took the family for lunch at Chili’s after church on Sunday. I had a coupon for a free meal as part of a promotion I enrolled in through BzzAgent.
I joined BzzAgent last year at the recommendation of a friend who suggested joining as a way to get advanced copies on new marketing books. This led to a preview of Seth Godin’s latest title but more interestingly, to a bunch of other marketing programs.
You see BzzAgent is kind of a premier word of mouth marketing (WOMM) agency. You and I all understand and probably practice WOMM every day. The difference is that BzzAgent actually encourages it –even facilitates it with coupons and samples — and then documents the efforts for their clients.
WOMM is amazingly powerful so much so that studies are beginning to emerge (alongside agencies) documenting the effect. The authors of Middle Class Millionaire: The Rise of The New Rich and How They are Changing America noted that their research showed so-called Middle-Class Millionaires (those with assets of $2-10mill) were much more likely than non-millionaires and those with assets of $25mill plus to actively give recommendations about products and services to their friends and associates.
Why not the upper end of the spectrum? When those folks find something really good, they hold onto it and keep it a secret less they lose their edge. Why not the non-millionaires? Those folks are less likely to look to their friends for advice, instead opting to do their own research on the web or via Consumer Reports.
The book goes on to 250+ more pages of scenarios but the results of this one point are amazing for businesses who get their business on referral. Essentially what they have documented is the key to growing a great many businesses whose best prospect falls into this demographic (which is packed with entrepreneurs, professionals and small business owners). If you’re currently serving this space, thing about how WOMM might benefit your business.