What is MARKETING ADVOCACY?
Imagine this: customers and micro-influencers suddenly start promoting your brand for free and your social media pages are flooded with brand mentions and glowing reviews of your products – this is marketing advocacy.
Advocacy marketing (also known as brand advocacy program) is the marketing strategy that focuses on identifying your satisfied customers, engaged employees, trusted partners, and active contributors—such as developers, advisers, alumni, or donors—and getting them to advocate for your brand, your product, or your cause.
This boosts brand reach and business outcomes. Your advocacy marketing efforts should be built on your brand’s ability to nurture customers, employees, partners, and contributors and building strong win-win relationships with them.
Customer Advocacy Marketing is a brand advocacy program focused on bringing in new business and promoting a company’s products and services through the declared satisfaction of happy and loyal customers also known as advocates, fans, evangelists, or references. The purpose is to create representatives/spokespeople of your company and encourage them to share their thoughts about the products and services. This could be, for example, through social media or by word-of-mouth.
All in all, the concept behind advocacy marketing is quite simple: get your customers, employees, partners to become your brand advocates
What is INFLUENCER MARKETING?
Influencer Marketing is not a new phenomenon. It works because people are influenced by people, and find word-of-mouth to be the most trusted source for recommendations.
Influencer marketing focuses on delivering your brand message to a targeted set of industry influencers rather than to the market at large, relying on those influencers to amplify your voice to a relevant and pre-qualified audience.
Influencer Marketing is the fastest-growing channel in the digital marketing space. In other words, today’s customers are looking for authentic recommendations from real people. Influencers fill the need for brands to be able to share without the polish of other brand marketing.
Influencer marketing can expose your brand to new audiences and leads, as well as increasing brand awareness for existing customers. Through influencers you win over customers with originality and authenticity.
What is REFERRAL MARKETING?
It’s a win-win-win situation in referral marketing – you get free promotion for your products and services, your customer gets social validation for recommending something great, and his colleague gets a recommendation from a trusted source.
Referral marketing is an initiative designed by a company to incentivize existing customers to introduce their family, friends, colleagues and contacts to become new customers of your company in exchange for rewards. A referral program has the same effect as word-of-mouth, but is initiated and managed by a company. The rewards offered to customers referring other people, can come in many forms:
- Free products
- Early access
- Limited time offers
Referral marketing is essentially your customers spreading the word for you. It’s your customers evangelizing about your brand to their entire network.
What is RELATIONSHIP MARKETING?
According to Outbound Engine, acquiring a new customer can cost up to 5x more than retaining an existing one. Additionally, increasing customer retention by just 5% can boost profits from 25-95%. This is where relationship marketing comes into play.
Relationship marketing is a marketing strategy that cultivates deeper, more meaningful relationships with customers to ensure long-term satisfaction and brand loyalty. It is about attracting and retaining the customer, the sale is just the beginning, but the relationship is what brings success.
Engaging with your customers through ongoing, quality conversations and interactions creates bonds that competitors struggle to break. The result: repeat purchases that increase your CLV (customer lifetime value) exponentially and even generate new leads.
Relationship marketing is a strategy that emphasizes on customer loyalty, satisfaction, and long-term value rather than short-term wins or sales.
What is CHANNEL PARTNER MARKETING?
A channel partner marketing program is a business strategy that involves an alliance between two or more companies.
Channel partners could be resellers, affiliate partners, distributors, value-added providers, independent retailers with the condition that they don’t work directly for your organization. These partners are encouraged to market or sell your company’s products, services, or technologies while remaining independent. The main channel partners in a program are:
- Resellers – are partners who purchase a product from you and resells it for profit; they also serve as an intermediary between you and the final customer.
- Affiliates – are partners who are paid a commission for promoting your product or service; they receive a percentage from each sale they bring in.
- Value-added resellers – are partners who often create bundles with additional features or services relevant to your product; they also shoulder the responsibility of deploying the bundle solution for the end customer as well as managing ongoing customer support.
- Referrals – are partners who refer qualified customers to your business, and in return you pay them a percentage commission on any sales this pipeline returns.
An effective channel marketing partner strategy is about enabling multi-sided win-win relationships.
Simply put, Channel Marketing Partners are a set of like-minded businesses who’s time and resources you can use to help sell your products and services.