As an entrepreneur bootstrapping your business, you know the easiest way to get to the promise land is by having your business go viral through word-of-mouth advertising. The problem is that most entrepreneurs believe that the chances of this happening amounts to winning the lottery. While this is true to a certain extent, the lottery ticket aspect of going viral is only one side of the coin.
One of our main goals at Nichevertising is to educate bootstrapping entrepreneurs on the critical importance of achieving a viral referral loop in their customer acquisition process. We define the viral referral loop as the ability to get your best customers to provide at least 3 referrals every month / quarter/ year (whatever fits your business), and then get at least 50% of those referrals to do the same.
The reason why we feel so strongly about the importance of educating entrepreneurs on achieving this goal is for three reasons:
Every entrepreneur who is bootstrapping their business knows that learning how to make something go viral is an important skill to have when marketing on a budget. Unfortunately, learning this process is not something you can Google and figure out. Getting an advertising campaign to go viral is both an art and a science, and therefore requires both left brain and right brain thinking. This is the main reason people attribute the process of going viral to luck, as this is the easiest way to explain something going viral when you are unable to unravel the complicated path that was traveled before hockey stick growth kicked in.
