Have you ever witnessed someone from your family, or friends, or office colleagues recommending you any products or services?
You might have. Right?
We encounter such scenarios every day wherein people surrounding us give a takeaway for any product or service related to big and small brands. Do you think that this mouth-to-mouth marketing of brands works for them? Do they gain from these words-of-mouth games?
Well, you might have heard about Peer-to-Peer Marketing where people give their personal opinions regarding a particular product or service which are found to be their favourites. According to a survey, nearly 92% of people tend to circulate these words to their family members and social media. P2P marketing is an old-fashioned marketing tactic but is still more useful than Influencer Marketing. Influencer Marketing gives you a face that is renowned before the audience who makes these creators big stars all over a night. But, do you know that, if the audience themselves start promoting different brands, the outcome has to be huge.
Some old-fashioned Peer-to-Peer Marketing includes reviews, family-consumer conversations, social media hype on a group, etc. But today, numerous brands help businesses achieve their consumer reviews, in-store traffic, referrals, attendance events. Brand loyalty is the most vital component of P2P Marketing because generally, consumers won’t market those products or services that they are not loyal towards.
Everyone has this thought of why to invest in such form of marketing when there is Influencer Marketing, the most modern form of spreading businesses. So, in this case, we need to study what is the difference between them both.
By leveraging some influencers’ built-up communities, brands could easily reach the audience through Influencer Marketing. People believe that these influencers are some kinds of celebrities that have numerous followers on social media networks. In this case, the fact of being a celebrity is true but only concerning some famous influencers. With so many macro & micro-influencers in the industry, brands readily go for Peer-to-Peer Marketing as they find this tactic traditional though, but useful. Being trustworthy and authentic are two aspects people feel P2P Marketing has in it through reels, YouTube shorts, instant product reviews, etc.
Let’s drive into an example where a company awards a referral discount to a customer who invites his or her friends to the same platform for product purchase. This is P2P Marketing where your business escalates higher, based on your existing customers. On the other hand, Influencer Marketing is where an influencer posts a video of the products and creates awareness by showing the following product or services that have been sponsored by the brand. Both the techniques have the same valuable respects but their work system is different.
P2P can take you to different marketing levels depending on the goals you make for upgrading your business. Nothing can defeat the power of word-to-word marketing skills which is the home remedies of our audiences. Leverage each approach to attain the right option of building a big business brand. To attain the best Peer-to-Peer Marketing program, you need to go for some strategies such as building online communities, developing brands, employee advocacy, community reward, paid partnership marketing, and ideal buyer identification. Ultimately, P2P Marketing is undoubtedly one of the best, unique, and long-term marketing strategies for huge success.