Word-of-mouth marketing attracts more interest from retailers as highly informed and outspoken consumers decide to invest their money into goods that really matter to them. Proven method to boost your business' profitability, WOM is all about fueling conversations and driving passion so that your brand is on everybody's lips.

Consumers today get easily engaged into chats around each particular product they are interested in. In the era of social networks and always "switched-on" consumers, it has never been easier to immediately find out who makes good products and why, what customers' opinions are and what a given brand really represents. Only then a connected consumer feels ready to make up his mind whether to endorse it.

Facts speak volumes. According to Nielsen, 92 percent of consumers believe recommendations from friends and family over all forms of advertising. So what do brands do about it? In a recent study, 64 percent of marketing executives indicated that they believed word of mouth was the most effective form of marketing. That being said, only 6 percent say they have mastered it.

Swap your P's for E's

Traditionally, marketing experts would focus on the 4 P’s: product, place, price and promotion. But that is yesterday's news. Nowadays, marketers need to focus on the three E’s: Engage, Equip and Empower. If you use them well, your brand or product will be on everyone's lips and you will see your sales soar. A good WOMM campaign can generate lots of conversations, recommendations and significantly boost your sales in a relatively short period of time.

First, engage with your followers and listen to what they are telling you. Be part of the conversation about your brand, as well as a presence in your fans’ lives. That means mastering social media to the point when you constantly keep up to date with an ongoing activity, comments and enquiries from your followers. A great example of such form of customer service, @NikeSupport knows how to constantly respond to followers on Twitter, whether it is about their apparel or other products. Every few minutes, they respond to someone new.

Second, equip or, to put it simply, give your followers good reasons to talk. It is up to you whether you provide them with amazing products, great service or insider knowledge as long as this will trigger discussions. Funny facts, curios or incredible stories can also spark debates. It really depends on how well you understand your consumers and what they like about you and providing whatever it is they need from you. An excellent example comes from Apple. Known for revolutionary approach to technological devices, the brand delivers astonishing products to its consumers, allowing them to naturally rave about the newest iPhone.

Finally, empower. Give consumers different ways to talk and share. Let them know that they are important to you and so is sharing their opinions. Try to help them find ways to share within their circles and find ways to help move their conversations around. Lay’s campaign “Do Us a Flavor" is a brilliant example of how to empower consumers by allowing them to create a new flavor of potato chips to hit store shelves. Over 3.8 million submissions were sent in 2013 making it one of the largest marketing campaigns for PepsiCo- owned Frito-Lay.

Three WOM strategies to follow

A good WOMM strategy is credible, social, repeatable, measurable and respectful. Dishonesty is never acceptable. Here are three highly effective word-of-mouth strategies. First of all, you need a compelling founding story. To make it easier for people to recommend your company, provide them with information on your background and origins. Prepare a good brand's narrative. By offering them a story that they can relate or feel a personal connection to, you increase the chances of your brand/product being talked about or recommended. Treat your customers like gold. Although some businesses like to offer great deals for new customers or clients ( for instance, by offering better rates than they do for their regular clients), be wary of the practice of sacrificing current customers to try to gain future ones. This can make it more difficult to get referrals from those who are satisfied with your business. Keep current customers extremely satisfied, and it will encourage them to spread the word. Find ways to show that you care for your current customers or clients. Even small gestures can have a big effect. Chocolates on a pillow or freshly cut flowers in a hotel room seem to be a trivial thing, yet can turn to be a great conversational topic on Facebook if you play your cards right and manage to wow your client.

Sources: http://www.psfk.com; http://www.forbes.com; http://www.verticalresponse.com