Do you know what r naught is? Surprisingly, post-covid, more people actually do know what this term means. Put simply, it is the basic reproductive number of a virus. Scientists use this formula to determine how many people will be infected from a single contagious individual. For example, the r naught of the flu is 1 to 2 - meaning 1 to 2 people on average will be infected by a single individual who gets the flu.
So what does this have to do with your online business? Well, what do you believe the r naught is for your business? Sounds strange but when someone tries your product or service, how many people do they tell about it? How many people do they “infect” with the love of your brand?
The higher your r naught, the more successful your business. So, the question is, how do we increase your r naught?
Better Products and Services:
So first and foremost, you want to be sure to have a great product or service. There’s a reason you’re consuming this on an iPhone or Samsung phone and not on a Blackberry. It’s because Samsung and Apple make superior products. Products that people love.
Great products and services stand the test of time and are inherently shareable. Word of mouth marketing is the most powerful form of marketing, but unfortunately, it typically only works for world-class products and services.
If you’re making a product and you feel it can be improved, improve it.
If you're selling a service, make it the best possible experience for your customers.
Creating best-in-class products or services dramatically increases your r naught.
Make Your Customer the Hero:
Have you ever seen a Nike ad that discusses the materials used in the soles of their sneakers? How about statistics showing how you can jump x% higher with their Air Force 1? You won’t see that. Ever.
What will you see? World-class athletes in one brand of shoe. Nike.
What are young ambitious athletes training to become the best in the world wearing? Nikes.
Olympians, the best runners in the world crossing the line, wearing… Nikes.
The best brands in the world don’t focus on their products, they focus on their customers.
The customer is the hero of the brand.
By making your customer the hero of the brand, you are going to dramatically increase the number of customers who want to spread the word. Increasing your r naught.
Make It Easy To Share:
Last, is technical. Be sure to include great ways for your customers to share their experience with your product or service.
Utilize referral applications on your store encouraging customers not only to share, but to even compensate them potentially for doing so. Provide a post-purchase pop up with “Give $5 Get $5!” - “Share with your closest friends and give them $5 off their first purchase, and receive $5 off your next purchase!”
To be honest, this will work even if you don’t have the greatest product in the world, but if you do, it will supercharge it. Increasing your r naught.
Conclusion
Word of mouth marketing is the most powerful way to grow your brand. Consumers love to share a great product (or service) experience with their friends and family. So create a great product or service that is worth talking about, make your customer the hero of the brand, and make it easy for the customer to share with friends and family.
See you in a week.
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