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ScaleWOM
- 1. Scale Word of Mouth (ScaleWOM) Key concepts
- 2. Three problems to solve: 1. For small businesses (SB): No easy tools exist to control word of mouth marketing 2. For consumers: No place to find businesses that friends recommend 3. For consumers: No place to share favorite SBs and be rewarded for sharing
- 3. One solution to all three problems: Build a place to connect small businesses and their clients, which will for small businesses (SB) serve as an online marketing place • Scalable word of mouth through network effect • Ability to offer and track rewards (offers/deals) for consumers - be a place to find businesses that their friends use and trust • Easy and fast search with almost any criteria • Connect to your friends and see businesses they use and trust • Discounts/freebies on from businesses you and/or your friends use
- 4. How should it work? .for consumers recommend businesses and get rewarded Your friends’ favorite businesses see businesses your friends trust and use
- 5. How should it work? .for businesses Reach your clients’ friends Reward your clients
- 6. Monetization of ScaleWOM Several models available 1. Pay per lead/inquiry 2. Pay per booking 3. Annual / monthly subscription 4. Pay for premium features / ability to reach out
- 7. Hypothesis #1 People constantly search for trusted services and good offers. There is no unified online platform to provide such a service. Survey was conducted. 1) How important is for you to use services that you trust? 2) How important for you is the 'good deal/offer'? 3) How do you know which business to trust? 4) Do you use online to find services? If so, how much, what tools/websites? 5) Would you be interested to recommend your favorite businesses to your friends? Do you expect/wish to be rewarded for that? Results: hypothesis was confirmed – trust is very important when searching for good services. Good offers are always welcome too. There are myriads of places online where both of these are searched for (review sites, offer sites).
- 8. Hypothesis #2 Small businesses (SB) do not "control" Word Of Mouth (WOM) for adverting their services and they would need this type of service and are ready to pay for it. Survey was conducted. 1) How do they use WOM now? 2) Are they happy with they way they use WOM? 3) Do they think there is more potential for WOM? 4) What do they do to promote, reward and track WOM? 5) How many of their clients come from WOM? Results: hypothesis was confirmed – control of WOM is very difficult to achieve and there is no easy to use tool suite for that. Paying for such service is no problem as long as it generated value (bookings).
Hinweis der Redaktion
- The survey was conducted with 10 people. Summary of the findings:Trust is very important and it grows in the importance for services that are expensive and are not performed often (ex. wedding photography). Typically two key sources used for learning about the SB: friend's recommendations (majority do that, asking more than one friend typically) and online reviews (including the website of the SB) - most are doing that as well but have mixed success as it depends on the SB popularity and usually the reviews are anonymous.People would be interested in a online system that could simplify the process of finding trustworthy SB, however they do not wish to register for one more service, so prefer to use Google+, FB, LinkedIn as they account to login. Worried about what format the system would be in. Would like it to be simple, accessible online via mobile as well.People would generally recommend their favorite businesses, especially, if they can expect something in return for that.
- About 20 small business owners were asked (photographers, barbers, fishing charter captains). Common answer was that they believe WOM was very useful and often generated most of their leads but it was not much of control that they had with it except for providing excellent service. Typically manual tracking of it was done (ask their clients who referred them) but almost nobody used any tools for that. They do not have much time to worry about building systems to manage WOM and/or they do not have skills for that.Many SB mentioned that it is most important for them not the leads but the bookings of the service. Also, often SB would prefer to deal with leads if there is a service to provide them. However, they do not wish for it to be too complicated - then they would loose their interest. In the case of standardized services, SB would be willing to use WOM system for direct bookings as well.Important finding was that the SB would be willing to share their clients info with WOM system if they would see the benefits (leads/bookings) coming from it.Finally, it was decided that a more detailed survey is needed, covering more aspects of such system for WOM. Also, another survey is needed for client side of the WOM system.