LEVERAGE THE POWER OF YOUR EXISTING CUSTOMERS
The greatest marketing asset you currently have is your existing customers. They're loyal, trustworthy, and more than likely to talk to friends, family, and acquaintances about the products and services they use. With referral marketing, you'll be able to harness their voices to bring in new customers into the fold, while rewarding them for it.
FORMULATING THE REFERRAL PROGRAM
The approach is by no means scattershot. We create a systematic and deliberate strategy to engage new audiences.
- We identify the dual incentive structure, one to encourage your existing customers to spread the word, the other to draw in new customers.
- There are numerous options to consider, from freebies and gifts to discounts and monetary prizes.
THE MEDIUM FOR REFERRALS
With the backbone of the plan organised, we'll choose the most effective mode of distribution for the referrals, which changes depending on the industry and the business being discussed. It could be:
- Word of mouth
- Discount codes
- Email and social invitations
- Link shares
The referral program is meant to generate new users or customers for your business, and that will be the primary measure of its success. If the performance indicators show that your customers aren't promoting your brand, or that new users aren't signing up at the expected rate, the incentive structures and referral avenues will be revised.