“…There is a direct relationship between being buzzworthy — earning word of mouth — and how much you’ll have to pay to promote yourself through paid marketing.”
If you *get* one thing today, get that. It’s a lot easier to market a great product than a mediocre one. Because great products don’t need to be advertised, they just are...
Instead, save your marketing cash and invest it in the core product. And yes, I just did tell you to save your dollars on marketing and actually use it for product development.
Ask anyone who's recently hired a contractor, dentist, or other local business, and you'll find that 80% found them via word-of-mouth. That's a lot.
The businesses receiving these referrals have earned them. Why? Because of their clever, well-placed ads? No - because of their quality.
By effectively facilitating WOM via social media, the most deserving (read "highest quality") local businesses can create a recurring stream of WOM referrals with zero advertising expense.
The emerging power of Web 3.0 will revolutionize the $100 B US local advertising market.