Advocates are customers and others who recommend your brand and products to friends and colleagues. Advocates serve as a Virtual Salesforce for your company, spreading positive Word of Mouth and boosting demand. So what's a Brand Advocate worth?
Advocates are worth 2X to 3X more than average customers, according to Comscore. Compared to average customers, Advocates have 2X to 3X greater reach and greater ability to influence others to buy, Comscore has found.
In the "Answering the Ultimate Question," Satmetrix CEO Richard Owen states that a single Advocate of an enterprise software company is worth $565,000, based primarily on the Advocate's ability to influence the purchase of the average contract value for the company's software solution, which costs well over $1 million.
At Zuberance, we encourage marketers to compare the relative value of Brand Advocates versus the value of their investment in other marketing and media spends.
For example, what's the comparable value that marketers get from a $10,000 media campaign vs the value of engaging and energizing tens of thousands of Advocates?
- How many qualified leads do marketers get from an equivalent $10,000 spend on PPC or email?
- How many clicks will be driven to offers and landing pages for a similar media campaign investment?
- How much Advocate engagement and mobilization would be created via a $10,000 spend on a traditional media or marketing campaign vs. an Advocate program?