Below are the six basic elements of a Viral Marketing strategy:
Utilize existing communication networks
Take advantage of others' resources
Exploit common motivations and behaviours
Give away business related services
Provides for effortless transfer to others
Most people are social. Social scientists tell us that each person has a network of 8 to 12 people in their close network of friends, family, and associates.
A person's broader network may consist of scores, hundreds, or thousands of people, depending upon her position in society. A waitress, for example, may communicate regularly with hundreds of customers in a given week. Network marketers have long understood the power of these human networks, both the strong, close networks as well as the weaker networked relationships. People on the Internet develop networks of relationships, too. They collect e-mail addresses and favorite website URLs. Affiliate programs exploit such networks, as do permission e-mail lists. By placing a businesses message into existing communications between people you have the change to rapidly multiply its dispersion.
Examples of existing social networks where a businesses message may be placed are as follows:
Myspace
Bebo
Hi5
Individuals could also be encouraged to pass on information about the business in return a mixture of (non-voting) shares and paid cash commission for those whose referrals sign-up.
A classic example of this type of strategy is Travelzoo.com which, for a time, was offering free shares of stock to anyone who filled out a form on its Website. The stock giveaway generated millions of hits, garnering the company instant, sure-fire revenues in the short term.
Stock prices since the company went public reached almost $80 USD per share. The company’s marketing success was almost entirely as a result of this activity.
Viral marketing works famously on the Internet because instant communication has become so easy and inexpensive. The various media carrying your companies marketing message will be easy to transfer and replicate: e-mail, video content, graphic, software download.
Exploiting common motivations and behaviors
Clever viral marketing plans take advantage of common human motivations. What proliferated "Netscape Now" buttons in the early days of the Web? The desire to be cool. Greed drives people. So does the hunger to be popular, loved, and understood. The resulting urge to communicate produces millions of websites and billions of e-mail messages.
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