Referral Marketing is a commonly used term nowadays. Have you heard about the term referral marketing before? Do you want to use it for your Startup? Do not worry if you are not aware of this term and how it works? We are here to guide you about how to use referral marketing for startups.
What is Referral Marketing?
Referral marketing is a way to promote your brands by using your existing customer base. Some people know referral marketing as a word of mouth marketing. Now, you must be wondering about this new term. Word of mouth means that your customers are promoting your brands on behalf of your company. People tend to follow their friend’s advice whenever they are going to buy a commodity.
Why should startups go for Referral Marketing?
Startups are very common nowadays. They are easier to set but challenging to maintain. Due to increased pressure from competitors, the Startup finds it challenging to attract customers regularly. Small businesses often have financial issues, and they want to promote their brands with cost-effective methodologies. Referral marketing has made it easier for startups to boost their brands effectively that, too, with minimal cost. Startups
What does every startup aim?
- To make it is a brand worth remembering.
- To increase its customer base.
- Excellent return on investment.
- To expand its business globally.
- To build its goodwill in the market.
Why Should Startups go for Referral Marketing?
Here are some benefits that will give you an insight into Referral Marketing
- It makes your relations stronger– referral marketing builds your relationship with the customer. By providing them benefits through referrals, they start promoting your business for you. Once they get the reward, it will automatically motivate your customers to share more. It will not only create your brand goodwill in the market but, you will also get promoters for life.
- It instantly becomes the talk of the town– Referrals become viral immediately because of its simple procedure. Social media has given a boost to referrals, and one can refer to his friends by just one click. Suppose your one customer has referred your brand to his friends on a social media platform, then your brands will be visible to all his friends. See how spontaneous it is.
- Cost-effective method for your brand– if you want to promote your brand that too on low cost then this referral program is for you. It would be best if you created a campaign for your brand and then wait for the results. This method not only provides business but also helps you to establish your brand in the market. Referral marketing can lessen your burden because you can take advantage of the existing customer base. Your current customer will help you to build your brand.
- It acts as an advertisement-Advertisement is the most crucial aspect for every brand. Businesses spend a lot of money on advertisements. But for startups, it is not possible to pay such a large amount during an initial stage; in that case, referral marketing has come up as a boon for small businesses. Small businesses can develop their brand base by using these efficient marketing strategies.
- All of us trust word of mouth– Whenever we have to buy something we ask our friends and relatives for suggestions because we believe them and their recommendations are based on their experience. Word of mouth has become the most effective tool for promoting brands because it directly leads to conversions.
How InviteReferrals helps startups through their referral marketing program?
InviteReferrals is one of the leading companies that provide referral marketing services. InviteReferrel aims to help its clients in building their customer base, goodwill, and referral revenue. For startups, referral marketing strategies are boon as it helps them to promote their brands through their existing customers. We provide front and backend support to our clients so they can track their lead progress. InviteReferrals referral program offers unique features to its users
1. It supports multiple platforms– InviteReferrals supports multiple platforms. It automatically adjusts itself according to the need of the platform. It supports
- Mobile, Tablet, and Desktop websites.
- Android, ios applications.
- Facebook timeline applications.
2. Provides in-depth analysis– InviteReferrals tracks every activity of the user and provides detailed analytics, like no of clicks, no of leads and much more. You can get updates according to your needs.
3. It creates fully customised campaigns-InviteReferrals gives authority to its users to design campaigns according to their requirements. You can design by using the “what you see is what you get” editor, and it does not require any technical knowledge to make a campaign customised.
- Easy to use “what you see is what you get” editor.
- No coding knowledge required.
4. Provides Multiple referrals and social sharing options– InviteReferrals provides multiple referrals options to your referrers so they can share words regarding your business through different platforms.
- Use Major Social media platforms like Facebook, LinkedIn, google+, Pinterest, Twitter.
- Use WhatsApp and SMS on mobile devices.
- Import emails(all service providers).
- Referral messages are entirely customizable.
5. Provides customizable reward logic flow– our users can customise their rewards like they want to give a bonus to both( referrer and referee) or not. Users can choose any of the options-
- One way gratification.
- Two-way gratification.
6. Provides customised coupon-based program– You can give unique coupon code to us and can make the personalised coupon for your referrals.
7. It provides role-based collaboration for an entire team– InviteReferrals understands that there will be different roles for different members of a team. Therefore, you can also use different segments for various purposes.
How does the referral campaign work?
Referral campaigning is a process that begins with creating a campaign for your brand on your website and ends with rewarding your customer for his successful conversions. This campaign works through the flow. Flow refers to the sequences of the process that governs strategic parts of your campaign.
There are two types of flows
- Mobile application Flow
- Website Flow
Let’s understand both flows step by step
1. Mobile Application flow
Step 1. Existing customer invites his friend through the referral program.
Step 2. The friend accepted the invite and downloaded that application.
Step 3. Referral campaign program then tracks that conversion has been done.
Step 4. Referral campaign then sends a coupon to his referrer over mail for the successful conversion.
2. Website Flow
Step 1. Launch a referral campaign
You need to set up a campaign by following simple instructions and then promote it on different platforms, Facebook, Google and on other channels.
Step 2. Send Invitations
Invite your potential customers to participate in your campaign and promote your objective.
Step 3. Customer Refer friends
After enrolling in the campaign, a customer can invite his friends and relatives through multiple sources.
Step 4. Reward your customers for referral sales.
Referral campaign tracks every step of the journey from sending an invite to its successful conversion, and then it automatically sends reward mail to its referrer.
Step 5. Customer referral panel
Referrers can check their invitation progress through statistics anytime in the referrer panel itself.
Here is a case study of one of our clients-Swimply.
How did InviteReferrals help Swimply a pool sharing community in increasing their revenue by 50%?
Swimply is the first pool sharing platform that connects pool owners and pool seekers online. One can download the application, book its appointment, and can simply enjoy the luxury. It was a unique platform that needs to make headlines in the market.
Since it was a unique platform, it needed a novel strategy to promote it. Swimply joined hands with InviteReferrals for promoting its brand in a new way. Swimply made a smart move and planned to invest in a referral campaign. Referral campaigning is one of those proven methods that can generate leads without any further efforts. Swimply started its campaign on its website and took advantage of its existing customer base and use them as assets for building its business. Swimply began to make progress and get tremendous result with the help of InviteReferrals. As a result, Swimply seemed to make 50% more revenue every month, after using our interactive and cost-effective referral campaign program.
Like Swimply, you can also plan smartly and grow your revenue accordingly. Do not hesitate to make a move, because a smart move can lead towards a successful business. It helps your small business to create a win-win situation for all.
In this article, we have learnt about referral marketing from scratch and how it has the potential to support startups in establishing their market base in an era of competition. InviteReferrals has come up with unique features to help small businesses. Since you have come across its benefits and how it will directly lead to your sales. So, for which opportunity you are waiting? Join your competitors in this race and make your Startup, a leading brand in upcoming years.