Ritesh Agarwal, the founder and CEO of OYO, a Softbank-backed company, recently shared an old interview clip where he talked about the early days of his company. He mentioned that their first customer, Yadav Ji from Gurugram, had no faith in OYO initially. However, through word-of-mouth marketing, Yadav Ji started recommending OYO to his friends, which helped the company gain more customers and take off. OYO now boasts over 140,000 properties worldwide.
Agarwal emphasized the power of word-of-mouth marketing in India, stating that it is the most effective marketing channel. He believes that no amount of advertising can match the trust and credibility generated by word-of-mouth recommendations. He shared the video clip on Twitter to showcase the impact of this marketing strategy.
Word-of-mouth marketing is a powerful tool that relies on organic sharing of information about brands. It encourages natural discussions and recommendations among audiences, generating awareness and interest in a product or company.
Agarwal’s post received positive responses from users, with many agreeing with the influence and impact of word-of-mouth marketing. One user praised Yadav Ji for his accurate judgment.
OYO collaborates with budget hotel owners to connect them with tourists seeking affordable and clean accommodations that meet certain hygiene standards. The company operates in over 800 cities across 80 countries and is recognized as one of the fastest-growing hotel chains globally.
Agarwal’s passion for providing affordable and high-quality accommodations stems from his own experiences. At the age of 17, he traveled extensively across India, staying in various bed and breakfasts, guest houses, and hotels. He realized the lack of affordable and good-quality options in the budget hotel category and believed that everyone deserves a comfortable living space. This led to the launch of OYO in May 2013. Today, OYO is a leading chain of hotels, homes, and spaces worldwide.
In addition to his achievements with OYO, Agarwal recently became the youngest shark on the panel of Shark Tank India Season 3.
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