WOM is credible and peer based.  It is trusted, straightforward, practical and based on experience.  Powerful WOM is golden because small note brokering businesses don’t have to fork out as much for often costly marketing.  Plus, referred customers are more likely to end up as “customers” (note sellers).  With less time and effort spent on winning new customers, we can concentrate on other business operations and marketing efforts.

The foundation of word-of-mouth marketing is sound business practices.  That is, nobody is going to talk about your business if you do not consistently offer high-quality services.  Ultimately, you have to have good or great service for people to spread the word.  But beyond running a great business there are some easy steps you can take to jump-start WOM and get the buzz going.

Do not be shy about asking note sellers for testimonials and referrals.  Sometimes it’s just not enough to have good service.  You have to constantly tell the note holders your businesses story and that you are doing a great job.  Many satisfied note sellers will happily tout your business but they’ve never been asked to do so.

Never stop networking.  It’s a given that you tell friends, family and note holders about your great services.  But you should also lobby your neighbors, acquaintances, ex-colleagues, vendors, creditors, industry and area business association members, fellow parishioners and any other personal and professional contacts in one-on-one sessions and in group forums, including internet networking sites.  I’ve always said that you never know where your next transaction is going to come from so always be marketing and networking.  

Other ways to get the buzz going are by going out of your way to help them and by being extraordinarily candid.  When was the last time to did something out of the norm to get a transaction to close?  When was the last time you told a note holder to keep their note, that it would be a bad idea to sell it at this time?

Of course, for WOM to work best, it should be paired with other, paid marketing vehicles.  A balanced marketing diet of 3-5 different marketing methods working all at one time that might include business cards, direct mail, classified ads, electronic advertising and even sponsorships.

When your note business combines that holistic marketing approach with dynamite services, it has done its job.  It should then only be a matter of time before admiring note sellers  and referral sources spread the word about your business.