Thursday, May 21, 2009

Why Pay for Local Advertising?

My Take on Lisa Barone's "A Great Product Needs No Advertising"

Excerpt from 05/14/2009 blog

Not all blogs are broken. Some still get it. They get it hard and consistently. Like Andy Sernovitz. Andy says that advertising is the price of being boring, explaining:

“…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.

My Take
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.
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