Word of mouth and a strong referral network is becoming increasingly important. This has followed the growth of social media, review sites and more connected consumers who can often influence others to buy a product more so than an ad or product offer.
With that in mind, I’ve been mashing together data about our customers, affiliates and influencers by US state.
The idea is to model out a potential ‘referrer network’.
That means understanding where we have a good customer base that can refer others to our products. Or a strong affiliate network that resells our products. Or where influential businesses, like bookkeepers, might recommend new customers to our products.
With a bit of modeling, data on these groups can be mashed together to identify where we have the greatest potential for word-of-mouth or affiliate marketing.
It also highlights locations where we don’t have this support base and, therefore, need to invest more in marketing activities.
The point of all this is to look at more advanced ways that we can target our marketing spend across the US and be more efficient with how and where we market our products.
The idea of the referrer network model helps us understand where we already have customers, affiliates and influential professionals recommending our products for us. This means that we can target locations where our referrer network is not as strong and spend marketing dollars on under-served areas.
I’m still in the early days on this type of mash-up model but I’m starting to identify clear geographical gaps in our referrer network. I’ve mapped out the mash-up using Tableau. States are color-coded to understand where we don’t have a strong referrer network and potentially need to invest in targeted marketing efforts.
Please note: This is just example data for illustration purposes only. It is not actual company data.
What do you think about this approach?
