Word of mouth has always been a powerful marketing tool, and its influence has only grown stronger in the digital age. When it comes to B2B software in the real estate industry, word of mouth can be a game-changer. Especially where software is a property management software startup like in the case of Lofti.
In this article, we’ll explore the significance of word of mouth, its immense power in the B2B software realm, and how it benefits the real estate software market. We’ll also delve into strategies for increasing positive word of mouth and leveraging its potential to drive growth and success.
What is word of mouth?
Word of mouth refers to the process of people sharing their opinions, recommendations, and experiences about a product or service with others.
It’s a form of communication that relies on personal relationships, trust, and credibility. In today’s hyper-connected world, word of mouth can spread quickly through social media, online reviews, and industry forums.
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To read more about what word of mouth is and the psychology behind it, read more using this link. Here, it talks about how 64% of marketing executives believe word of mouth is the most effective form of marketing.
Why is word of mouth so powerful with b2b software?
There are some good reasons for word of mouth being so powerful and in particular some good reasons for why word of mouth is so popular when it comes to marketing different types of software in particular.
Trust and Credibility
B2B software purchases are often high-stakes decisions, involving significant investments and long-term commitments. In such scenarios, recommendations from trusted peers carry immense weight.
Word of mouth helps establish credibility for real estate software providers, as potential buyers feel more confident in their decisions when they hear positive feedback from industry professionals who have already used the software.
Reduced marketing cost
Traditional marketing tactics can be expensive, especially for B2B software providers targeting the real estate market. However, a strong word-of-mouth campaign can significantly reduce marketing costs like having to spend money on Google ads.
Satisfied customers become brand advocates, spreading positive messages about the software to their professional networks. This organic promotion not only saves money but also carries a greater level of authenticity and trust.
Word of mouth has the potential to reach a vast audience that may not have been exposed to traditional marketing channels. In the real estate industry, professionals often rely on recommendations from their peers, creating an extensive network of potential customers.
Positive word of mouth can exponentially expand the reach of a B2B software provider, leading to increased brand awareness and exposure.
How Word of mouth benefits real estate software?
Real estate software should benefit the software and any software in general by increasing the reputation of the company so that more people sign up and also increasing the sales and revenue directly.
Increased sales and revenue
Positive word of mouth acts as a powerful sales generator for real estate software providers. When professionals hear about the positive experiences and benefits of using a particular software, they are more likely to explore it further and eventually make a purchase. As a result, the software provider experiences increased sales and revenue growth.
In the competitive real estate software market, reputation plays a crucial role. Positive word of mouth helps build a strong reputation for software providers, positioning them as reliable, innovative, and customer-centric.
This reputation attracts new customers, retains existing ones, and fosters long-term relationships, leading to sustainable growth.
How to increase the positive messaging of word of mouth
If you are seeing the positive benefits of word of mouth and want to improve on them or you are beginning to understand how important it is and want to learn how your B2B real estate software can benefit from word of mouth then you may want to read on.
Below are some tips on how you can improve on what you already know about the topic and improve on the process of bringing more users to your software and getting them to know your brand.
The foundation of positive word of mouth lies in providing exceptional customer experiences. Real estate software providers must focus on delivering high-quality products, outstanding customer support, and continuous innovation.
Satisfied customers are more likely to become brand advocates and recommend the software to others.
Encourage and incentivize referrals
Actively encouraging customers to refer the software to their peers can boost positive word of mouth. Implementing referral programs or offering incentives, such as discounts or exclusive features, can motivate customers to actively promote the software to their networks.
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Cultivate online reviews and testimonials
Online reviews and testimonials have a significant impact on a potential buyer’s decision-making process. Encourage satisfied customers to leave reviews on popular review platforms and provide testimonials for the software’s website.
This social proof serves as compelling evidence of the software’s value and can influence others to try it and can be increased by using content to benefit your B2B software business.