Myth #1 – “Word of Mouth” is the best way to grow your business.
What’s your favorite and most effective way to generate new business? If you ask any business owner or salesperson this question, they’ll almost always say “word of mouth”. That seems logical, and it’s backed up by the statistics. According to Nielsen, 92% of consumers believe in recommendations from friends and family over all forms of advertising. Furthermore, 64% of marketing executives indicated that they believe word of mouth is the most effective form of marketing according to the American Marketing Association. Let’s face it, having a client send you a referral is not only the biggest form of flattery, it’s also pretty close to a guarantee that you’ll generate a new client or customer. However, the reality is that “word of mouth” isn’t a good way to grow your business. The fact is that “word of mouth” isn’t a strategy - it’s hoping you will get business. While it’s nice to be positive and hopeful, if that’s what you are relying on to grow your business, you will most likely be disappointed in the results!