OCC - 'Basics of Viral Marketing'

Most of the things that we use in our daily lives are products from companies ;) hmmm.... Well why do people buy products recommended by others(friends)? why not from a 'local company' or as a result of their own thinking (deciding the product to buy on their own) ?.
Companies build a perception around the product, its like an aura of their product! Its very hard to build a product and market it successfully. Viral marketing is one of ways to make an emotional connection between the product and the customer. Recently I was present in OCC(Open Coffee Club), here is a brief write-up about it....

On July 07 (2008) ,OCC had organized a talk on "Viral Marketing" by Rashmi Vallabhajosyula from Altius Consulting, This time the turn out was around 30 :-) , Here is a brief excerpt from her speech....

Why Viral Marketing?

• Interruption marketing just doesn't work anymore(irrelevant ads,impersonal,unanticipated won't break through the data clutter)
• Stop marketing at people. Get out of the way and let people market products to each other.

What is Viral Marketing?

• Use Existing Social Networks.
• To achieve marketing objectives(brand awareness,sales)
• Through self replicating viral process like a disease.

Is Viral Different from W-O-M?

• Traditional WOM : Travels Slowly, dies off, eg: recommended a book to some friends.
• Viral Marketing : Spreads Fast, Travels Far, Exponential growth(amplification).

Evolution of Viral Marketing :

1. Rumour : psst........ Have you heard? :~
2. Word of Mouth Marketing.
3. Viral Marketing.

What makes an Idea Viral?

• Send if - Want to spread it, Spreading it will enhance power(income, friendship), Effort less than benefit.

To build a Viral Campaign :

• Idea must be compelling and desirable
• Easy to try
• Can try immediately
• Try without risk
• Network of close contact people
• Trial mechanism of product

Keys to implant the virus :

• Product Difference( Your product should be different from the hive(homogeneous).
• Re-think about your Decision Tree(check list) and estimate the spread intensity of the virus.
  
• Make it easy "smooth" to send :- Ask recipients to forward your e-newslatter, email, or SMS message to friends, Include on your site "E-mail this page to a friend", Make it a fill-in form that allows the visitor to pass it on to a number of people at once(contact finder- sending invites to all your contacts)
  
• Go after a demographic or psychographic group where your 'ideavirus' can dominate.
• Like people hang out together(vidyarthi bhavan, Forum mall, Adigas.....)
• Target those sympathetic to your cause ( Mercedes dealership don't target Tata Motor owners :p )
  

Summary :

Viral marketing dwarfs WOM, you have to make a compelling offer and exploit the motivation , make it easy to spread("smooth"), Only influence, don't control.

Thanks to Rashmi for sharing her insights on "Viral Marketing".

**take a look at my old post on OCC-'Open Social Apps'