What is referral marketing? | Strategies of referral marketing

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What is referral marketing? | Strategies of referral marketing

Referral marketing is basically a managed word-of-mouth strategy for user acquisition. If you’re talking about the real true word of mouth, it’s safe to say that there’s nothing a company can do to influence it, except to do a great job and provide the best possible service. Before you start your company referral program, it’s important to understand that while referral campaigns make it easier for customers to recommend their products to their networks, they don’t do miracles for companies that don’t benefit from the word. Existing customers are already widespread. I’ll go back to customer satisfaction later, but here’s a quick example of how the referral program works.

Suppose you are responsible for the digital marketing strategy of your existing e-commerce business. You may be looking for additional traffic sources other than paid ads. And of course, if such a channel brings you a new client and increases the loyalty of the customer who made at least one purchase from you, you will love it. If you look at the marketing report, you can see that the company has a low churn rate, a high buyback rate, a high net promoter score, and favorable customer feedback. All of the above indicators indicate that your brand is ready to incorporate referral programs into the digital marketing mix. The next step is to select a trusted provider for referral software solutions that can quickly launch new marketing channels. This software makes it easier to run and analyze referral campaigns, share referral links, and participate in programs.

A typical introductory campaign in progress works as follows:

What is referral marketing? | Strategies of referral marketing
  1. Anyone who visits your website will see an offer of referrals. For example, if you share a referral link with a friend you buy later, you and your friends will get a promotional banner that will allow you to get discounts and coupons that you can use for your next purchase or a friend’s first purchase. People who mention products and services are called advocates.
  2. Proponents must register to access personal referral links or code.
    Proponents should share personal links with friends, family, or followers. Let’s say your referral offer is “give me $20 and get $20.”
    When someone on your network signs up for a link, you’ll receive a $20 coupon that you can use to make a purchase.
  3. If a person who comes through the supporter’s link buys at a $20 discount, the proponent will also receive a $20 coupon and can later use it for the next order.
  4. The best thing about the referral program is that your proponents are not limited to one share, so if you’re happy with the rewards and services, you’ll continue to introduce your brand to the network and the people who visited your website. Or the app, do the same thing.
    Now, as I mentioned before, referral programs are perfect for companies that are doing a great job of maintaining customer satisfaction and loyalty.

I don’t think you can overestimate the importance of understanding whether your customers are happy with customer service, whether they love their products, or just have better options. If you haven’t done a good enough job, you may not be the right decision to start the referral program right now. Because you are at risk of getting false-negative results and making false assumptions. There are two approaches to help you learn about the true state of the situation.

This example understands a passive approach to analyzing existing data without additional steps. In this case, the following metrics are reliable:

  • Retention rate and churn rate
  • Repurchase ratio
  • Net Promoter Score
  • Active Engagement Rate
  • Actual customer feedback
  • All of these metrics can show whether it’s a good idea to start a referral program at this point, or whether you should work on improving the business framework first.
What is referral marketing? | Strategies of referral marketing

Conversely, a proactive approach requires unseen feedback about a particular part of your business and detailed customer interviews on unresolved questions about everything that might be a concern. For you. Both of these methods of collecting and processing customer satisfaction and loyalty data have advantages and disadvantages. For example, if you rely solely on numerical and data analysis, you might not be able to learn the exact things that act as transaction breakers for existing customers and leads. Or, in the case of a personal interview, it falls into the arm of the false assumption, and it is not so important on a large scale while ignoring the real weakness.


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