How to Use Word of Mouth and Referrals Technique
Word of mouth is the most powerful and satisfying way to attract new business. When prospects hear about your products or services through word of mouth, you’re not starting a relationship with them from scratch—it’s as if the prospect already knows you. Such prospects will often buy from you without shopping around as they’ve heard good things about your business and feel they can trust you.
Many small businesses take word of mouth for granted, yet it doesn’t ‘just happen’. A study by New Zealand Trade & Enterprise (2004) found that New Zealand businesses establishing themselves in the Australian market significantly underestimated how long it would take them to achieve a return on their initial start-up costs.
The majority of businesses interviewed assumed it would take between three and six months to establish themselves in the Australian market. In fact, it took two-and-a-half to three years.
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