Your brand needs advocates and its own advocacy program. Why? Here are 5 statistical reasons to get you started today…
Employee advocacy can be used in many ways with multiple benefits, emphasis on the word ‘multiple’ and extreme emphasis on ‘benefits’. But whatever department or role you are in, you may be blindsided into thinking that it’s not for you, or the flipside that it’s only relevant to your team so you won’t get buy in from anybody else in your company.
As it becomes more crucial to companies (hopefully like yours) there is also more and more information becoming available about it too. For people like us who love to talk about it, this is great news but when it comes to your brand it might be important to cut through the case studies and advice for now and get to the gristle.
With that in mind, here are 5 statistical reasons why we believe that your brand needs its own advocacy program. Real data, with a brief explanation so you can set a marker and start to build your strategy based on facts rather than assumptions. As you continue to develop your understanding of advocacy, then later down line you can begin to gather advice and evidence to validate your specific ideas. But for now, enjoy these headlines…
Reason 1 – Referrals from peers or other customers convert 150x more than other leads.
That’s right, 150x more conversions! Us consumers and buyers are pretty simple creatures really and naturally rely heavily on the thoughts and actions of people we trust and see as experts when making buying decisions. The same can’t be said for most brands, in fact it is our human interaction and the trust it builds that actually makes a brand or a store ‘reputable’.
There’s that trust angle again. But seriously, nearly every one of us trusts a recommendation about a product or service from a reliable connection, but when it comes to trusting brands not even a third of us do. If you can’t see the benefit of harnessing the human social power in your ranks then at least consider what you’re already missing out on. Based on these first two stats, right now you may be deemed untrustworthy by most of your target audience and make 150x fewer conversions than your competitors.
Social media has become the lifeblood of any worthwhile marketing strategy. We’ll assume that you are serious about your brand and you already use social media to promote your products and services. In which case, this statistic proves that you need to be smarter to stand out. Almost all companies are now using social media, which means that the stage has become saturated and your audiences’ attentions are becoming more and more distracted. Advocacy helps you cut through the noise of business patter and deliver your key brand messages directly to your targets via their most trusted connections.
The value of digital advertising has come under some scrutiny in marketing circles because of this very fact, but it’s a bubble that still isn’t likely to burst anytime soon. What does this mean for your acquisition budget? In the film ‘Moneyball’ which is about Billy Beane and his infamous Oakland A’s, Beane (played by Brad Pitt) tells his scouts, “If we try to play like the Yankees in here (the boardroom), then we’ll lose to the Yankees out there (the field)”.
Whether you’re already a huge brand or just starting out, the percentages don’t lie. You can be smarter and more agile with your money than simply throwing more of it at old and exhausted techniques, right now there is huge marketing value sitting within your own walls that your competitors can’t touch.
This is actually one of my favourites. After all, one of the beautiful ingredients of brand advocacy is that there is a massive human element, which we touched upon at the beginning. The point of this statistic is to highlight that an advocacy program can benefit everyone. You (the brand) can enjoy better ROI from marketing and sales efforts as we’ve seen, but advocates can also be greatly rewarded (and not just in the form of incentives).
So those are the highlights. 5 statistical reasons for enabling employee advocacy in your brand. It’s not just a nice idea, it’s a need and be the most widely beneficial strategy you implement this year.