Peer-to-peer (P2P) marketing is an essential element of word-of-mouth marketing that uses reviews and personal recommendations from customers to reach new audiences.
Studies show 93% of customers trust friends and family over all other influences, including blogs. Thus, leveraging P2P marketing can help brands effectively appeal to new audiences at a significantly less cost than celebrity endorsement or micro-influencer campaigns.
Though P2P marketing provides a narrow reach, it can increasingly feel trustworthy and authentic through honest and genuine reviews from peers. As P2P marketing harnesses the power of the existing relationship between customers and their friends or family, it provides brands with an opportunity to convert users more quickly than influencer marketing does.
Businesses can create a referral program, offer incentives or discount coupons to encourage customers to share their brand experience online and promote branded offerings. They can further organise events to amplify brand awareness.
[3 minute read]