It used to be that a “brand becoming a movement” was only for select few, companies like Apple and Harley Davidson that were able to build a tribe and ignite more that just a need for a slick product, rather inspire a sense of belonging. But that is no longer the case.
This is a story of #AdvocacyAtScale, of advocacy marketing coming of age.
This week Sprinklr, the leading independent end-to-end social relationship infrastructure, announced their acquisition of BRANDERATI, the platform for advocacy and influencer marketing. (Disclosure: I was a part of the amazing leadership team that built BRANDERATI brand over the past year.)
This is a big deal. Not just for our team personally, but because of what it means for the industry. The addition of BRANDERATI fuels Sprinklr’s aggressive growth and creates the only fully integrated, enterprise-grade paid, owned and earned media (POEM) solution, an essential ingredient for marketers looking to optimize spend and maximize ROI. It also signals to the industry the importance of advocacy as part of the marketing mix. Advocacy strategy is not just a fancy term to be written about or a nice-to-have anymore, it is now a core marketing discipline that every major brand needs to make a part of their overall strategy.
Consider this. According to McKinsey, marketing-induced consumer-to-consumer word-of-mouth generates more than 2X the sales of paid advertising. Deloitte states that customers referred by other customers have a 37% higher retention rate. And according to Zuberance, offers shared by advocates convert at a 4-10X higher rate than offers shared by brands. Need more data to persuade you? Look no further than this presentation. Continue Reading »