Feb 4, 2012

Difference Between Word of Mouth & Viral Marketing

Word-of-mouth is when a company does something that tells consumers and their nine fifty to five friends. Word of Mouth Marketing is to influence the echo. The initial sound is loud and then it fades into the background.

Viral marketing, as opposed to word-of-mouth is a cumulative effect. One consumer said five or ten people can say that five to ten people, an additional five to ten people. The driving force behind most viral campaigns is consumers' propensity to bear. It's like a virus that infects more people permanently and spreads effortlessly over marketing.

The confusion probably comes from their common potential to drive exponential growth rates through the use of existing users

While the two are similar, as you can see they are not the same.

The main difference is that this strong word of mouth is mainly due to a compelling customer experience while viral marketing is more "deals" are a product designed to spread.

Word of Mouth Marketing is an important element in growing a small business. It is often word-of-mouth for small businesses running in the early days of the transaction if it has little or no marketing budget. The shares of consumption experiences with your products or services, and they share with their family and friends. This will increase your customer base and increase sales.

Word of mouth is definitely more of a favor to someone else (they clueing into something unexpectedly cool) is based. TiVo is a great example. There is no inherent advantage to using other people tell you to buy TIVO. But there is such a surprisingly good experience, that people tell their friends anyway. Even if TIVO were to offer one month of free service for anyone to tell you, I would not even consider it an engine of viral growth. It's just word of mouth incentives.

Viral marketing is more than reach out and touch the point of consumption of your passion, so that the passion the message and the message still leads the masses to achieve without the support of you. You can orchestrate a viral campaign, but very rarely are orchestrated viral campaigns as successful as those who are driven only by the passion of a consumer. This is a level of success you reach your customers must feel a personal interest and investment in the success of your campaign.

It is also important to know that the use of a successful viral campaign on vehicles to deliver the message depends. There are companies that have more than others viral. To create a strong viral, the message must be off the TV, radio and other advanced options for distributing the power of the Internet for transport.

A quickly fades great experiences when it reaches some links in the chain of mouth. However, it would not be the case if the recommendations of word-of-mouth always in a new user who is also a leader for product / service.

1). The idea is viral to your customers, not for your marketing department
Businesses as well as a standard field of advertising or marketing, then call a viral consultant with a request to "make" viral campaign.

What these companies do not understand is the nature of the viral message. Although it is possible to orchestrate a viral campaign, it is never a guarantee of success. (As opposed to something like email marketing, where merchants can say in general, however, "we generally have a response rate of x% for this job.") Viral marketing campaign development is taking time to explore and understand the passion points of a target group when it comes to craft a message carefully designed to point x, y and z to mediation.

2) Your customers are willing to risk their own reputation in the news
When it comes to word of mouth marketing, consumers in general are only their opinions or experiences with some friends and family. A man tells his friends about the excellent work that florist delivered a bouquet of flowers last minute to his wife for her birthday. A student told his classmates on the bar with the best barrels and eggs after the match. Word of mouth tends to occur through an informal conversation, and the message is often quickly forgotten.

With the objective is viral, things get a little more personal. There is a big difference between men, a few office mates say a flower shop and give it its own blog post on another website. Since viral often on a larger scale with more diverse levels of relationships, there is a greater need to feel after the spreader in the message with conviction. A blogger who report bad content therein or services is not a solid readership for a long time and the woman in charge of each e-mail, she never kept quick access to "ignore" by Friends and family will be placed.

The best viral campaigns in the passions and interests of consumers in order to exploit this if they get the message, they are considered trustworthy. Help consumers, their reputation with friends, family and friends online and they will reward you for spreading your message far and wide.

3) The idea is simple viral, distributed by e-mail, blogs and discussion forums
Word of mouth quickly runs out, because it is difficult to spread the news will be oral. You must have an actual conversation with someone who works on word of mouth. Therefore, the lifetime of a word of mouth campaign is short.

When it comes to viral ideas, there are tons of ways to spread the message. Messages can be sent by e-mail, blogs, discussion forums, social news service, podcast (the list goes on and on) to spread. Since each of these forms of communication virtually unlimited in scope, a viral campaign can easily be extended at each iteration, rather than smaller.

4). Your customers will enjoy the benefits of transferring the message
Perhaps the easiest way is to ensure the success of your viral campaign to give people a stake in its success. When people invest in things they have much more time and energy in their production. Whether you call on the people I, providing a "sneak peek" of a new service or find a way to enable them to add their voices to the viral message, make sure that people feel good about the Broadcast your message is key.

Keep these four tips in mind as you consider your viral campaign, you are much more likely to create a solid performance. Viral marketing may have its roots in the word of mouth marketing, but the Internet has become a powerful tool that can provide the best customer service in the call. Enjoy it for you to focus on the customer.

Finally, the main difference between the word-of-mouth and viral marketing is that word-of-mouth is often dictated controlled by you, the entrepreneur and marketing or viral marketing and a passion for consumer it is not the success of your.

MBA Notes: Pricing for Global Markets

The price is an important element of global business strategies. However, it is very difficult on the international stage, with various factors, such as multiple currencies, additional costs, a wider distribution network and complex trade barriers and heterogeneity in the markets.

Prices in effect has an impact on the value for the customer. It also has an indirect influence on the strategy for the promotion and may for some other gaps in the marketing mix to make.

It is important for managers to pay close attention to during the development of pricing policy. Apart from production costs and analysis of supply and demand, must they consider other factors such as insurance costs, fluctuations in exchange rates, etc. The most important influencing factors on the pricing decision as follows:
  • Type of business / type of product - a product that is new to the market and has little or no competition can have a high price. However, as competition increases or reduces technological advantage, the company should effectively pricing strategies based on the focus of selected market segments.
  • Location - A company has manufacturing facilities in foreign countries often relative advantage over companies that are in their home country and still exports. This is because some changes in the economic policies of the countries heavily in export activity.
  • Distribution - An exporter who has its own subsidiaries outside the distribution has a greater influence on pricing decisions in relation to those who bank with independent distributors. Independent distributors tend to highlight the prices significantly. This problem may be by reducing the number of intermediaries between the company and the final consumer, setting up its own subsidiaries overseas minimized on the market.
  • Foreign markets - external environmental factors contribute to the complexity of pricing.
  • Differences in foreign currencies - Several economic factors such as inflation influence, and regards price controls, exchange rates, the pricing decisions.

Many companies follow the central price, because it helps the consistency in terms of price. This in turn prevents the unauthorized importation of cheaper countries to sell in expensive markets. A company faced with almost the same competitors in different markets on the world stage. For example, a fragmented strategy will not be very effective. Centralized price leads to a better forecast and plan effectively for the production. This is necessary in order to create uniformity, if the company seeks to market its products comprehensive set of homogeneous markets, which are distributed in different countries. These are markets that may differ in terms of geographical presence, however, market segments and customer requirements. However, a company promotes decentralized prices on some occasions. It is necessary to freedom, subsidiaries or distributors be to change the pricing policy, if there are sudden need for change due to external factors. For example, the companies have to follow the market trend, if there are more players in the region. The authority should amend the prices are taken to be that society does not lose market share because of a delay in the implementation of changes. You can also make changes if it were a market where most or all of the customers belong to a group with low income. It is important that the prices will meet local needs.


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