Elevate your Startup Growth Engine with Social Proof Marketing
Imagine how difficult it is for any potential customer to navigate the modern decision landscape. As more and more tech enabled solutions are being introduced in different markets in Africa, users are getting more options to choose from and are literally spoilt for choice. Trusted relationships and word of mouth are more powerful than ever in influencing decision-making. To earn the trust of new internet users, you’ll need to prove that your product delivers the value it says it does. There is no better way of doing this than through direct testimonials and case studies of customers who have used your product before and derived immense value from it.
Making promises to prospects is no longer enough, users need proof — social proof.
In this piece, I’ll be highlighting how to use social proof marketing to elevate your growth strategies. We’ll see how the approach of framing the why of the product’s features together with actual user behavior and presenting it in a less traditional way will pay off.
To start off, let’s be aligned on this : there is no way for a product to stand out and win unless its entire go-to-market engine is carefully coordinated and it holds a clear market position. At the awareness level, when the customers are discovering your product, they are researching online for reviews. To help guide them during this stage in their buying journey, you ought to have created a clear narrative of who you are as a brand, what category you’re operating, what problem you are solving, the value you are offering, and why the customer should care about you. Having this as the foundation of your product is what makes all the social proof marketing work successful.
So what is social proof ?
Social proof is a psychological phenomenon, popularized by Dr. Robert Cialdini, that describes our tendency to rely on the opinions or actions of others to inform our own.
91% of shoppers read at least one review before making a purchase.
It can be similar to the “herd mentality” where we think and behave more like a group instead of individually. When people research online for a new product or service, they’re often looking for social proof.
Let’s look at Social proof marketing as a modern marketing strategy for building trust with prospects to increase leads and sales.
This approach relies on testimonials and reviews to build trust with prospects. With social proof, you can tell stories about past customers and how your product or service was able to help them solve their problems.
Below are six powerful ways to leverage social proof :
1. Expert’s Stamp of Approval
Expert social proof is when an industry thought leader or influencer approves of your product. This could take the form of them blogging, posting on social media, or being quoted or photographed as a product user.
2. Celebrity Endorsement
Celebrity social proof typically takes the form of a celebrity using a product and promoting it on social media or in public. This form of social proof is especially meaningful if the endorsement is unpaid.
3. User Testimonials
There’s a reason businesses create case studies about the successes their customers have had using their product or other offerings: It’s a vote of confidence in the product’s value. All kinds of testimonials can have the same impact. Whether it’s a customer review on the business’s website, a review on a third-party website, a star-based rating, or a full-blown case study, this content creates positive feedback from actual users.
63% of consumers indicated they are more likely to purchase from a website with product ratings and reviews.
4. Business Credentials
While user testimonials can add value to a product, business credentials can add trust to the product. Businesses can promote credentials like how many customers they have, what well-known businesses are their customers, or the awards and certifications it has received. Sole proprietorships might even use their education or degree as a credential their customers should care about.
I love how Yoco an African technology company making payments accessible for small businesses has uniquely highlighted the different industries it’s serving while spotlighting their users here
5. Earned Media
If the press has published any positive reporting about your brand, this earned media is a great way to build brand awareness, backlinks to your website, and social proof that your business is worth paying attention to.
A great example I can give is when a fintech I consulted for close to two years was featured on the Inclusive Fintech 50 list sponsored by Visa. This increased our brand awareness levels and contributed to the 10x increase in money processed and 4x increase in customer growth in 2021.
6. Social Media Shares
The importance of website traffic from social media can vary greatly from company to company, but one thing no business should undervalue is the influence social media posts about your brand can have on potential customers. Enough positive shares of your content on social networks like Facebook, Twitter, LinkedIn, and Instagram can be all the proof one needs to invest in your product or service.
For 50% of all consumers, their very next step after reading a positive review about a company on social media is to visit their website — Hubspot
Impact on key Business Metrics
What kind of Product Marketer would I be if I don’t tie all marketing strategies/tactics to the overall business metrics right ? :-) . Well, here is how it all adds up ; using social proof marketing as you scale your product in different markets in Africa is in itself taking a user centric growth strategy that yields a lot of positive business outcomes such as:
- Acquiring better customers
- Increase your retention rate
- Improving your product usage
- Grow profits
Conclusion
A broad, well-coordinated marketing mix — not any one thing — is the winning formula for good product go-to-markets. Often, it takes deliberate experimentation to find the mix that works best. And that mix changes over time as products move through the adoption curve. By including social proof in your go-to-market efforts, you’re giving prospects the chance to adapt their behavior according to the previous users’ experiences and select you over the competitors. So, as a product marketer, work closely with the different cross functional teams in your GTM to ensure you’re infusing customer advocacy in your overall growth strategy.
Always remember, proof sales, promises don’t.
