Those desperately in search of a way to diversify their marketing strategies even more might want to take a look at viral loop marketing. While it’s not the most talked about approach, it does prove to be highly effective, as well as cost efficient, for those who integrate it into their action plan.
This form of marketing is especially recommended for those who have a very limited budget for promoting their business. Read on to discover viral expansion loops and how to integrate them into your current business.
What is Viral Loop Marketing?
Many businesses try to find ways to get exponential returns on their marketing expenditures and efforts. One of the strategies used to accomplish this is to get others to spread the word about the business’ services or goods without having to pay them to do it.
It just so happens that word-of-mouth advertising is not the only way to achieve this goal. Creating viral expansion loops is also an effective method. The use of these loops in order to gain more users or customers is called viral loop marketing.
With this type of marketing, customers of a business encourage other potential customers to use the business’ products and services simply through their own use of the same. Instead of just hoping that website and blog visitors will share the site’s content with others, or that customers will recommend products, viral loop marketing helps to ensure this happens, making social sharing an integral part of use.
It’s a form of marketing that takes a larger role in a business’ identity. Being much more than a manner of advertising, viral expansion loops become a key component that can’t be left out when defining what the business is.
Viral Loop Marketing vs. Word-of-Mouth Advertising
Some have a difficult time getting a clear understanding of viral expansion marketing. They simply can’t see how it differs from word-of-mouth advertising. Indeed, these two types of business and product promotion have many things in common. Even some of the elements of implementing each one effectively are exactly the same.
While this might be an oversimplification, think of the creation of a viral loop as taking the aggressive route and word-of-mouth marketing the passive one. Doing this could assist in generating a clear mental picture of the difference between the two. To do the first is to basically make sharing a requirement while the latter simply encourages customers and users to share.
This isn’t to say that marketing through word-of-mouth is taking the easy way out. Convincing people to spread the news about products and services isn’t an easy job. They have to be convinced to take action even though they’re not receiving direct compensation. Moreover, for the best results, they have to be convinced to do it in such a way that their actions and messages effectively compel others.
Getting word-of-mouth advertising is a challenge indeed, but coming up with a way to implement viral loop marketing can be even more challenging.
Stay tuned for our second part, coming your way in a few days.