Viral Marketing Techniques

Viral Marketing continued -

Traditional ‘word of mouth’ marketing and viral marketing. Word of mouth implies that informal communication between individuals concerning
products and services is taking place. This communication can be positive as well as
negative. The behavior and views of individuals are significantly influenced by negative word of mouth communication, which tends to be weighted more by consumers than positive communication. Research has found that 90% of dissatisfied consumers
do not purchase products or services off the company involved in the negative word-of-mouth communication. Equally importantly, these consumers will communicate their dissatisfaction to at least nine other people and 13% of these dissatisfied consumers will communicate
their negative view to more than 30 people. The Internet ‘word of mouth’ communication, i.e. viral marketing, is a far more effective,
penetrating and faster medium compared to the traditional word of mouth communication. It is also a far more focused medium as consumers communicate their views in their social sphere such as friends, colleagues etc, where their influence is more critical.

Benefits and risks of viral marketing

One important benefit is that viral marketing is very inexpensive in comparison to many other forms of advertising and marketing campaigns. The other major benefits relate to the positive diffusion characteristics: viral marketing can reach audiences within a short period of time as messages spread exponentially at a fast speed. This rapid diffusion can significantly boost the speed of the adoption of the marketed product or service. Yet, besides positive financial and
diffusion implications, viral marketing makes use of peer-to-peer transmission, which is one of the most powerful marketing methods available to marketers. In addition, viral marketing can help achieve substantial audience reach as marketers get access to diverse audiences through social contacts and can profit from effective targeting.

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