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In today's digital age, the landscape of B2B (Business-to-Business) buying has transformed significantly. Amidst this change, one traditional marketing strategy has not only survived but thrived—word of mouth. But what exactly does "word of mouth" entail, and why is it so pivotal in the realm of B2B purchasing?
According to Chad Coleman on the Herosmyth website, the original, 1970’s, pre-digital era definition of word of mouth marketing (WOMM) is simply the occurrence of when a satisfied customer (or soon-to-be customer) gives the brand an oral or written recommendation.
This used to consist of hosting product-focused teleconferences, featuring a client review in a catalog, flyer, TV or radio ad, or any other outbound form of marketing that used to be the standard.
With the rise of the internet, social media, user generated content and influencers, word of mouth became much more ubiquitous and easier to accomplish. Instead of someone only talking to one other person, they could now broadcast to hundreds or thousands.
Word of mouth can be both positive or negative, and it can’t be controlled so the effectiveness of it really goes back to the foundations of your product or service. It’s important that you have a product that users love, and provide high quality service to your customers. This is the most effective way to generate positive word of mouth conversations about your product.
In the competitive landscape of B2B SaaS platforms, where over 10,000 entities vie for attention, standing out becomes a monumental task. Buyers, overwhelmed by too many options, often distrust the avalanche of marketing content, which tends to sound monotonously similar across vendors. For example, how can there be 20, “#1 ranked” vendors in the same category? If you believe the marketing materials, there somehow are that many. This skepticism extends to sales representatives, unless there's an established, positive relationship.
Buyers are left with only a few ways to establish trust with a new product, and word of mouth is one of the most important. It's not just about standing out; it's about establishing credibility and reliability in a crowded marketplace. We’ll see this in the next section.
There are 3 things that are non-negotiable to buyers today as they are purchasing a new product. I got these from a conversation I had with Dacheng Zhao when he was a product manager at LinkedIn.
To foster word of mouth, the formula is straightforward yet challenging: achieve a strong product-market fit, create a product that users adore, and ensure every interaction with your brand is positive.
But, it can be hard for potential buyers to find these customers. They usually blast their network looking for someone that has experience with a product. And brands have almost no control over who they find or talk to.
Luckily, this is starting to change. There are new network-based platforms that can help connect buyers with customers they already know who use a product they’re interested in. And Noble is one of these new products.
The future of B2B buying is intricately linked to networks, communities, and connections. Marketing and sales efforts can only lead a prospective buyer so far down the funnel. As networks and connections continue to evolve and become more accessible, the significance of word of mouth in influencing B2B buying decisions is set to rise even further.
This underscores a shift towards a more interconnected and transparent marketplace, where trust and credibility become the pillars of successful business relationships.
