Using a great referral program helps to build brand awareness and is the most trustworthy way by marketing your business to customers with shared interests and common goals. Referral marketing accelerates word-of-mouth recommendations by enabling customers to tell their friends about the brands they use while getting rewarded for doing so. referral-factory Referral marketing triggers your most influential source of media, your Real Estate Photo Editingcustomers. Brands that run effective referral marketing programs have reported a 71% higher conversion rate, customers with nearly a 60% higher lifetime value and around a 70% faster rate at which referred leads convert into happy customers. Helping to generate highly qualified leads when customers tell their friends, family, and acquaintances about products or services they’ve used and love, the people they refer to are more likely to convert, purely based on the association.
What is Referral Marketing? Referral marketing is an effective way to automate customer recommendations through rewards and incentives. A referral program encourages word-of-mouth marketing by rewarding or incentivising customers that spread the word about your business or products. Asking existing customers to recommend your business to their friends is one of the fastest ways to reach more qualified leads and grow your business. And with very little marketing effort on your part. How to Run a Referral Program A referral program offers an easy way for customers to refer new leads to brands and products that they know and use. And, formalizing word-of-mouth marketing using a customer referral program creates an automated way for businesses to incentivise and reward customers that recommend their brand to friends in their network. Running a referral program is not nearly as complicated as one might think and starts with a clear plan and outcomes. Whether you want to grow your business, reach more customers or generate more sales, your referral program should be created with a specific goal.
By setting your referral marketing objectives, you have a clearer idea of what type of referral program will help you to achieve these goals and how best to go about it. Choose between running a single-sided or double-sided referral program and an outline of how the referral program will work, what the incentive and or reward will be and how rewards will be issued once your referrals start coming in. Whether you are planning on developing an in-house referral program or building a no-code referral program using referral software, see our checklist to make sure you are running a referral program in the most effective way possible.