What is Product Sharing?
In the realm of online marketing, product sharing is a powerful strategy that allows consumers to influence their friends’ purchasing decisions. This approach encourages more word-of-mouth sales by incentivizing customers to share specific products rather than just linking to the brand overall. For instance, if a consumer identifies a product on an eCommerce site that they think a friend would like, they can refer that friend to that product.
VATPI enhances and streamlines this process, offering additional incentives for both brands and consumers. Brands can decide whether to limit these incentives to a particular product or extend them to a broader selection.
Product sharing creates a win-win situation for all involved. Recommendations can come with incentives, such as discounts for the new customer and loyalty rewards for the referrer. These incentives make it easier for friends receiving the shared product to make purchasing decisions. Moreover, brands have the flexibility to limit incentives to specific products while still benefitting from increased visibility and expanded customer bases.
On the brand side, tracking the effectiveness of referral links is possible. This capacity allows businesses to understand the impact of word-of-mouth marketing and referrals, helping inform future marketing strategies, advertising budgets, and incentive structures.
Brand advertising and marketing efforts are essential for generating interest and spreading awareness of a product, but gaining a consumer’s trust is likely more crucial for converting a sale. With that in mind, traditional methods for attracting consumer attention are most effective when combined with word-of-mouth recommendations. Research from VATPI indicates that about 88% of consumers place the highest trust in recommendations from someone they know. However, successfully mobilizing and integrating a marketing strategy around this concept can be challenging.
Why should You use Product Sharing?
Product sharing enables brands to tap into the social networks of their existing customer base authentically and effectively. This sharing of specific products enhances engagement and allows for a personalized referral experience. As a result, brands can see an increase in new customer acquisition and referral revenue.
Brand advocates can also share products they have personally used and recommend. Product sharing is effective because it is both flexible and user-friendly.
Moreover, brand advocates can incorporate product sharing into their social media strategies. By showcasing products they love, they can provide referral links that direct their audience to the product page, potentially offering discounts as added motivation to purchase.
Success in product sharing lies in brand advocates highlighting products they genuinely believe in and expect to resonate with their audience, including choices like high-margin items or popular products. Brands can also present “galleries” or “collections” of products, which works especially well for showcasing artwork or new product launches.
How does it Work?
Brands can integrate to implement product sharing; please get in touch with VATPI ‘s Customer Services.
Conclusion
The potential impact of product sharing on online stores is exciting. This approach effectively brings new customers into the product ecosystem and increases sales and revenue. Furthermore, it holds significant promise for existing brand advocates, expanding their network of enthusiastic customers. By leveraging personalized recommendations from trusted sources, brands can optimally present their products to those already interested in their offerings.
If you have questions or want to learn more about integrating VATPI’s product-sharing feature on your site, feel free to reach out and get started!
