You can out-spend your competition, or you can out-think them. Word of mouth marketing is for banks and credit unions that would prefer to out-think the competition.

It's not a new concept - word of mouth marketing is an existing phenomenon based on simple truths of human nature. Word of mouth marketing may seem new to you because marketers are just now learning how to harness, focus and amplify this longstanding principle...but it's been around forever.

Word of mouth marketing for banks and credit unions is about capturing attention of consumers and the media to the point where talking about your brand becomes entertaining, fascinating, and newsworthy.

Word of mouth marketing believes it's not the number of people you reach that's important, rather, it's the number of people you connect with. Word of mouth marketing makes that connection.

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Top 5 Reasons Why Word of Mouth Marketing Is Better than Traditional Marketing

1) Turn Spectators Into Participants
With traditional advertising, the audience members are spectators of your marketing message. They sit back on their couches and - if they pay attention at all - watch your message. It's a detached experience, with no connection. Word of mouth marketing allows banks and credit unions to change audience members from spectators to participants. Suddenly they are no longer watching your message from their couch, they're participating in it. And when they participate, it's far more memorable and effective - because it creates a true connection.

2) Break Through the Clutter and Get Their Attention
Bank and credit union marketing reports tell us our audiences see over 3,000 marketing messages per day. As a result, our traditional ads get lost in all the clutter. Word of mouth marketing reaches out and grabs your audience - they can't possibly miss it.

3) Word of Mouth Marketing is Targeted; Traditional Marketing is Wasteful
Traditional mass marketing uses the shotgun approach. You "reach" thousands of people...most of which are not your target audience. Word of mouth marketing is targeted, and connects directly with your bank or credit union's specific target audience, not just anyone with a pulse.

4) Word of Mouth Marketing is More Cost Effective
Face it, traditional marketing is expensive. Add to it all the waste you get from such a mass media approach, and you've spent a lot of money very irresponsibly. With word of mouth marketing, you've out-thought your competition, rather than out-spent them. Because your tactics are more interactive, more relevant and more targeted, you don't have to spend as much money to get the results you need. According to author Mark Hughes in his book Buzz Marketing: How to get people to talk about your stuff, buzz marketing leverages your budget four-fold to forty-fold. Learn more about measuring ROI.

5) Word of Mouth Marketing Gets People Talking...Creating Even More Buzz
People don't talk much about the traditional marketing they see, for one reason: it's not worth talking about. Word of mouth marketing catches people off-guard, surprises and delights them, and most importantly, gives them something worth telling their friends and family about.

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