While you can tell all your friends, and invest a ton of money in ad campaigns to spread the word about how great your product or service is, there’s no better way to generate positive word-of-mouth than through third party cheerleaders such as brand advocates.
Advocates are your most highly satisfied customers, and frequently share positive information about the products and services you sell without being asked, or paid to do so. These folks often have a strong influence on the purchase behavior of your target audience.
Considering word of mouth generates 2x the amount of sales as paid advertising, it’s not secret to understand why brand advocacy now drives 20-50% of all purchases, and generates over $6 trillion in consumer spending each year.
Despite the value, there is an advocacy gap that exists in almost every market. Today, 80% of companies are not leveraging advocates in their marketing strategies, and 58% do not even know who their advocates are, or where to find them. While this creates a massive opportunity cost for most organizations, it also provides an untapped growth channels for the rest.
And, that’s why JitBit has put together the following infographic. It covers the Who, What, Where, Why and How of brand advocacy, highlighting hard data points that showcase the bottom line value of it to your business. If you have any questions, let us know in the comments below the post.