• Sharing wealth can help brands build trust and position themselves as a market leader. 
  • It helps in building trust & credibility and attracts high-quality leads. 

The core of the “Share the Wealth” marketing strategy is to offer something valuable to the audience with the goal of building trust and boosting sales. Wealth is not just money here; it can be knowledge, expertise, incentives, etc. These aim to build brand trust, credibility, awareness, engagement, and revenue.

Businesses can work on sharing knowledge through educational blog posts, informative webinars, helpful social media content, and engaging infographics or videos. They can also offer incentives to existing customers for referring new clients in the form of discounts for both referrer and the new customers, cashback rewards, or free products or services. 

However, it must be remembered that the “Share the Wealth” should not be a one-sided giveaway. Even if offering valuable content or incentives seems crucial, the ultimate objective is to generate sales or credible leads. Remember, the “Wealth” being shared must be strategically chosen to foster customer relationships and benefit the company in more ways than one. 

How does World of Warcraft’s “Recruit-A-Friend” strategy exemplify the “Share the Wealth” marketing strategy? 

World of Warcraft (WoW) is a world-renowned Massively Multiplayer Online Role-Playing Game (MMORPG) that has been a gamer’s favorite for years. Experts say that one key factor in the game’s success is the skillful use of the “Share the Wealth” marketing strategy through its famous “Recruit-A-Friend” (RAF) program.

Rewarding Both Parties

World of Warcraft intelligently incorporates the strategy to reward both parties, the existing players and the new ones. Upon a successful referral, when a friend you’ve referred to subscribes and reaches a specific level, the referrer gets valuable in-game items like mounts, pets, experience boosts, exclusive gears, etc. 

These rewards are aimed to increase the referrer’s character power and prestige in the game. This program fosters a sense of community and mentorship, as friends help each other level up, which further builds a sense of camaraderie and achievement. Thereby making recruiting a friend beneficial and expanding the user base exponentially. 

At the same time, new players get a free trial period, which allows them to experience the game firsthand before committing. This scenario lowers the entry barrier and encourages them to explore WoW. New players also earn bonus experience while playing with their referrer, which helps them progress in the game. Plus, having a friend guide them through the game’s mechanics can be helpful. 

Benefits of This Strategy for the World of Warcraft

World of Warcraft’s “Recruit-A-Friend” program helped expand the player base, attracting new players through a vast base of existing, satisfied customers. By incentivizing the established players to bring in their friends, WoW expanded the scope of player engagement while reducing customer churn. 

Having a friend to play with makes the game more enjoyable and fosters community among players while keeping them invested. Satisfied players recommending the game in their circle is a powerful form of organic marketing. This positive word-of-mouth is highly trusted and is more effective than traditional marketing approaches. 

Nuances of WoW’s RAF Program

World of Warcraft intelligently offered different tiers of rewards to existing players based on the number of successful referrals. This further incentivizes the players to promote the game actively. The RAF program eventually evolved with time and now includes new rewards and mechanisms to maintain its effectiveness and appeal to players’ motivations. 

The RAF program aimed to reinforce the idea of WoW as a social experience, fostering a sense of community and belonging while facilitating the idea that playing with friends is the key to enjoying the game. 

Ultimately, World of Warcraft’s “Recruit-A-Friend” program is a prominent example of a successful “Share the Wealth” marketing strategy. The game offered mutually beneficial rewards for referrers and referees, allowing it to capitalize on the power of word-of-mouth marketing, increase the player base, improve retention, and foster a sense of community within the game. 

What is the “Share the Wealth” Marketing Strategy?

The term “Share the Wealth” goes beyond money; it could be knowledge, incentives, resources, etc. However, wealth management firms employ these tactics to build trust and credibility with the ultimate goal of attracting new clients. It focuses on building trust and establishing the brand as an authority by sharing the wealth of knowledge, expertise, and resources.

What Should be Shares & Why? 

Knowledge is the most important thing that can be shared. Brands can share their expertise in their field via informative content like blog posts, articles, webinars, infographics, social media discussions, etc. All these contents must be designed to address the target audience’s pain points, answer their burning questions, and provide actionable insights. 

They can also share resources and offer valuable tools to benefit the audience. These could be downloadable templates, ebooks, checklists, financial calculators, excess to exclusive content, etc. These resources would help the target audience understand the brand and use it to address their pain points or solve underlying issues. 

The third aspect could be incentives, as offering additional incentives could encourage engagement. These could include discounts, free consultations or trials, early access to resources or offerings, facilitating participation in contests or giveaways, etc. These incentives must be relevant to the audience and complement the shared knowledge or resources. 

Multiple Benefits of Sharing

It is said that Sharing is Caring and helps in multiple ways. By offering valuable content for free, brands can position themselves as thought leaders and someone who cares deeply about helping others. This scenario helps foster trust among the audience and makes them more likely to consider your brand when they need particular products or services. 

Informative content can attract potential customers who are genuinely interested in the brand’s expertise. These are usually relatively higher-quality leads than those simply seeking a quick sale, and they can lead to stronger, long-term client relationships. 

Sharing in-depth knowledge showcases a brand’s capabilities and establishes them as an industry authority. This could be a pre-qualification when a potential client is ready to purchase. Plus, this content marketing offers considerably cheaper resources than traditional advertising models. 

Challenges of Sharing

Credible content sharing requires the development of high-quality content, which requires time, expertise, and strong communication skills. Many businesses are actively using content marketing to stand out from the competition, and it helps them cut through the noise. However, the content must be unique, valuable, and consistently delivered. 

If applied correctly, sharing content, knowledge, resources, and incentives benefits the brand in the long run. However, it is difficult to quantify its direct impact on the return on investment (ROI). Also, when a brand offers financial advice, it must adhere to the regulations and avoid any misleading or unsubstantiated claims. 

Pros and Cons of “Share the Wealth” Marketing Strategy

Like every other marketing strategy, the “Share the Wealth” strategy has pros and cons, as discussed below. 

Pros

Sharing knowledge and resources helps build trust and credibility and attracts high-quality leads while successfully demonstrating brand expertise in the marketplace. Sharing valuable knowledge positions the brand as an expert and builds confidence. People are more likely to do business with someone they perceive as knowledgeable.

Offering high-value educational content helps address the audience’s pain points and attract potential buyers who are genuinely interested in the brand’s area of expertise. Sharing in-depth knowledge also showcases a brand’s capabilities while successfully establishing it as an authority in the marketplace. 

Offering incentives helps increase audience engagement, while comprehensive content marketing and resource creation could be cheaper than traditional marketing methods. By providing valuable upfront information and establishing trust in the target audience, they can foster stronger client relationships built on mutual trust, respect, and understanding. 

Cons

Developing high-quality content requires time, detailed knowledge of the field, and stronger communication skills. The brand also needs to create content that is both informative and engaging to capture the audience’s interests. Standing out from the crowd in this area can be a daunting task.

The strategy takes time to show direct results, and brands must be ready to wait for that long. If the incentives are not well-designed, they can attract the wrong audience of individuals solely interested in freebies rather than expertise. Adhering to compliance with financial advice is a significant issue. 

Bombarding the audience with too much information, even valuable information, can lead to fatigue and decreased engagement. Brands must carefully design the content and timing to keep the users engaged while ensuring they can handle it. Striking the right balance could be a daunting task. In conclusion, the “Share the Wealth” marketing strategy is a powerful tool that builds trust, attracts qualified leads, and achieves business objectives. However, this strategy requires long-term commitment, expertise in content creation, and a clear understanding of how this sharing aligns with the audience.