If you are in the eCommerce market, you probably have heard of social proof. The majority of people trust other people when it comes to decision-making. It includes feedback from their peers and social media influencers. Influencer marketing has gained its popularity with time passing. According to Statista, US influencer marketing expenditures are expected to reach 3.7 billion dollars in 2021.
However, not every brand can afford influencers’ expenses. A study shows that 93% of customers trust peers over social media influencers. Along with that, most people trust their peers more compared to the influencers. That’s when P2P (Peer-to-peer) marketing comes into play.
P2P marketing refers to the term where customers recommend products to their friends and families. P2P marketing uses reviews and personal references from customers to attract new customers.
The foremost thing about Peer-to-Peer marketing is its cost-effectiveness. Influencer marketing costs up to $500,000 per post. Small businesses cannot afford this. On the other hand, P2P marketing makes the customers feel trustworthy and authentic through real, genuine reviews from their friends and family as they won’t promote any products that they do not like.
Here’s how you can prompt Peer-to-Peer marketing.
Ask customers for their Reviews and Recommendation.
Customer reviews and recommendations can help you bridge the gap between you and your customers. You can ask your customers for reviews and recommendations and take advantage of that. Don’t forget, good reviews can attract more visitors and take your business up to the next stage.
Leverage Referral Marketing Tools to increase P2P
You can leverage your P2P marketing by using new tools, such as Geniusreferrals, Higher Logic, and others. These tools help businesses generate customer reviews, referrals, event attendance, and boost in-store foot traffic. You can choose the P2P marketing tool as per your budget and company size.
Carry Out NPS Surveys
NPS surveys help you find out how much your customer liked your products or services. With an NPS score, you don’t have to wait for any results or surveys. You can instantly know your customer satisfaction rate. You can implement numerous strategies that can help you increase your NPS and determine the factors that prevent your customers from recommending your brands to their peers.
Reward your Customers with Freebies and Discounts
Honestly, you can’t get anything in this world for free. The same thing applies to customer feedback. Customers know that the influencers get paid for promotions, thus they are a bit reluctant to trust them. However, if you offer the customers some freebies or discounts with the name of their peers, you can easily convert the referred friend into your customer.
For example, if a friend recommends a product, both of them get some discount or some freebies. This way, you can engage both your existing customer and their friend to your brand.
P2P marketing is no doubt one of the strongest suits when it comes to marketing tactics. It can increase the incentive of your customers and encourage them to share your products with their friends and family. With this strategy, you can successfully run your business for a longer period and generate generous revenue.