Societe Generale benefitted the most from word-of-mouth marketing in 2021 – Report
Societe General Ghana per the 2021 Banking Brand Health Check report by Global InfoAnalytics, benefitted the most from word-of-mouth marketing in 2021.
According to the report, Societe Generale for the year under review made an average score of 80% in the Net Promoter Score (NPS) metric – the metric that measures the word-of-mouth marketing strategy.
Aside Societe Generale, banks that also benefitted immensely from the word-of-mouth marketing strategy were Zenith Bank and First Atlantic Bank.
Zenith Bank and First Atlantic Bank (FAB) ended 2021 with NPS scores of 79% each.
OmniBSIC and CBG per the report, were the two banks who seemed to have benefitted the least from the mouth-of-word marketing strategy as they recorded NPS scores of 50% and 45% respectively.
“Société General leads in the Net Promoter Score matrix for 2021 with average score of 80%. GCB, Zenith, FAB followed closely as they ranked equal with 79% each. OmniBSIC and CBG rank lowest with an average NPS of 50% and 45% respectively,” said Global InfoAnalytics.
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The Net Promoter Score (NPS) measures customer loyalty and how likely they are to refer the brand, products and services to others.
An NPS score below 50 percent implies that the bank’s word-of-mouth marketing strategy isn’t working for them.
Word-of-mouth marketing is when a consumer’s interest in a company’s product or service is reflected in their daily dialogues. Essentially, it is free advertising triggered by good customer experiences.
A study indicates that 64 percent of marketing executives believe word-of-mouth is the most effective form of marketing and 82 percent of marketers use word-of-mouth marketing to increase their brand awareness.
Another study by Nielsen also asserts that 92% of consumers believe suggestions from friends and family more than they do advertising, making it one of the most valuable sources of marketing for companies.
