Peer-2-Peer Marketing in 5 lessons
Peer-2-Peer: An old marketing concept refurbished
Peer-2-Peer marketing. That is something we heard somewhere already. We want to get to the bottom of this question in our blog series „Peer-2-Peer Marketing – An in-depth analysis in five lessons and give you information on:
- What Peer-2-Peer Marketing is
- Why Peer-2-Peer Marketing is hot now
- Who should make use of Peer-2-Peer Marketing
- The challenges that lie behind Peer-2-Peer Marketing
- The Implementation of Peer-2-Peer Marketing
What is Peer-2-Peer Marketing?
Peer-2-Peer Marketing consists of two independent words “peer-2-peer” and “marketing. The term peer means “equal” or “colleague”. It refers to the equivalence of partners. The term marketing is probably familiar for everyone, nevertheless for reasons of completeness: Marketing is the targeted and target group-oriented alignment of company activities to the needs of the market, in particular, the promotion and offering of goods and services.
In a nutshell, this means that Peer-2-Peer Marketing is nothing less than, an advertising technique that encourages people to promote a product or service to other people. Usually, the people know each other, have similar interests or belong to a particular peer-group.
In P2P marketing, the aim is not to capture as broad a group as possible and reach or convince them with the same content: Rather, it is a question of addressing each individual person instead of one persona. In this way, promotion should have a natural effect and create an emotional bond between the advocate and the potential new customer.
All of us have somehow once experienced or even have been actively this marketing method. Companies make use of it, to address customers at eye level from person to person, not as a faceless company. The mediated content should invite further interaction with the product or the company. A particularly popular format for companies are the so-called “advertise a friend” campaigns.
Why is Peer-2-Peer Marketing hot now?
Stars and models have lost much of their impact and influence as advertising figures. They are increasingly replaced by influencers who address customers directly via social media and introduce or recommend companies and products. However, influencer marketing is also being replaced in places: P2P or peer-to-peer marketing is gaining in importance. The customer or target group is no longer the focus of companies’ efforts, but acts as an advertising medium itself. While the effect of different types of advertising is therefore uncertain, recommendations from friends and family are almost a guarantee for a purchase. Successful P2P marketing aims precisely at this aspect. Customers should be convinced of a product or company and ideally feel a personal connection to it. This is to ensure that they make recommendations to friends, relatives, colleagues and acquaintances – their so-called peers. Word of mouth becomes the transporter of the advertising message.