The Power of 3rd Party Endorsements
When looking for a product or service they’ve never used before, what do people do? Ask someone who has experience with it.
This includes seeking advice from unbiased product reviews. By “unbiased” we mean reviews that are not paid for or supported in some way by the entity being reviewed. The information is impartial; the reviewer has nothing to gain or lose by giving an honest opinion.
When taking advice, you’re getting what’s called a “third party endorsement” (TPE), one of the most powerful forces in marketing.
It works because as humans, we are more inclined to believe what an uninvolved “third party”—a friend, neighbor, or unbiased reviewer—says than an advertisement or paid communication. This is not to say that advertisements don’t have credibility, but TPEs have more.
So how do you put this force to work for your company? First, assume that your product is good so recommendations are possible—no one will recommend something of inferior quality or outright junk!
The starting point might be on your website. Do you have client testimonials? People want to know what others have said, so ask your happy customers for testimonials. Don’t use anything without their permission and don’t change what they’ve said to suit your purpose!
Make it a policy to always ask for testimonials; not only will they be useful in your marketing, but they will also tell you what you’re doing right.
You can also include testimonials in your advertising. Now you have that TPE in your ads!
In many publications, there are columnists who write reviews for entertainment, automobiles, housing developments, and increasingly for consumer items and services. Make sure these people are aware of what you offer. Send them a letter asking to be reviewed and then stand back. Be prepared to accept what they write, after all, you asked!
Since the media is a good vehicle for TPE, there must be other ways to use it than just placing ads. Quite right, because people tend to believe what they read in quality publications. So harness the power of “media relations”—become an expert that the media will love to quote when writing about your field of expertise. Target reporters who cover your market and keep them updated on what’s happening in your industry. Don’t try to sell them your product or service, just stay available to answer their questions—they will call and quote you when they need answers.
Send out regular press releases on new developments and product improvements in your company. Make them factual and ensure they have an interesting story angle that will command attention—they should be newsworthy, not fluff or sell.
Maybe your firm has a great story on how it was founded or how the business evolved to its present state. Write it up and send it to a publication that may be interested in including it as editorial—make sure it’s a publication that’s read by your ideal customer. People love stories, so keep it interesting and truthful!
These are just a few ways to spread the word. You can probably think of many more, but remember—a bad reputation spreads faster than a good one. Always strive to do your best, and when others are pleased with you, tell the world!
Hello!
I’m Andrew Brooks, a seasoned finance consultant from the USA and the mind behind phonenumber247.com.
My career is built on a foundation of helping individuals and businesses thrive financially in an ever-changing economic landscape. At phonenumber247.com, my aim is to demystify the complex world of finance, providing clear, actionable advice that can help you navigate your financial journey with confidence. Whether it’s personal finance management, investment strategies, or understanding the nuances of market dynamics, I’m here to share insights and tools that can propel you towards your financial goals.
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