Types of Referral Program: Businesses and customers have an inseparable bond. Goodwill is the most important essence of any business. No business can survive without gaining the trust of its existing customer.
In the era of competition, it becomes challenging for businesses to keep their customer. Every business is trying to lure its customers by offering them discounts and gift vouchers.
But are they following the right path?
The Referral program is one of those tactics that help businesses to grow continuously. Businesses can take advantage of that trust by making existing customers their advocates.
Thus, we have come up with a blog in which we will analyze different referral programs that can benefit your business.
Types of Referral Programs to Strengthen Your Business.
1. Word-of-mouth Referral Program.
Word-of-mouth is one of the traditional ways to promote its product.
According to marketing experts, 92% of people likely to follow their friend’s advice rather than a sales representative.
But word-of-mouth marketing is not that easy. Nowadays, people are too busy to share their experiences.
Here the referral marketing comes into the scene.
Businesses can generate a good amount of revenue.
This referral program is not only cost-effective. It also gives a win-win situation for both the business and the customer.
2. Referral Marketing Through Online Reviews.
Smart customers are entering into the market. And for tackling those customers, business requires smart strategies. Those days are gone when people directly buy the products from the market.
Nowadays, people prefer checking reviews before going to buy anything. Companies need to understand their importance and implement them.
So invite your customers to give feedback about your product on their website. This referral program is beneficial for your business in the long run, as well as in the short term.
3. Indulge in Social Recommendations and Sharing.
Nowadays, social recommendation and sharing come handy when we talk about social media.
Facebook and LinkedIn are notable platforms that create a massive impact on the customer. When someone asks for a recommendation on Facebook, make efforts to see your name in those recommendations.
Regularly sharing content helps you to engage your customers. Sharing valuable content that relates to your brand. It helps the customer to understand its benefits and features.
4. Referral Through Emails.
Referral through emails is getting popular day by day. It is as engaging as other social media platforms, or even better.
The most useful feature of the email referral program is it creates a personalized impression. The customer feels more privileged when companies send emails on their name.
The email marketing strategy also provides a direct connection between the company and the customer. Companies Sending emails to update customers of ongoing and upcoming events.
There are some examples of InviteReferrals clients who used these referral programs and increased their revenue.
a) Ava women.
Ava is a healthcare brand, which provides online healthcare services. Every woman wants to know more about her body. Ava provides this opportunity by organizing women’s health research, developing innovative products based on that research for women.
Ava aims to connect with every woman in the world. Therefore, they joined hands with InviteReferrals to make it worldwide.
Ava Women referral program launched on its website and connected thousands of customers with its brands. They made a huge profit after joining the InviteReferrals program.
HowDoo, a startup based on blockchain technology, is a messaging and social media platform that provides aims to revolutionize communication.
HowDoo aims to increase its telegram subscribers and for that, they have started to refer a friend program on their website.
HowDoo launched a referral program and get 40k new subscribers. HowDoo has created 70k referrals that help them to establish their name in the market.
Swimply is an innovative pool sharing platform. It involves both a pool owner and pool seekers. Their innovative program needed recognition so increasing their customer base.
Thus, they approached InviteReferrals to help them in increasing their revenue. InviteReferral provides them with a customized program that helped them to engage more customers.
They created refer a friend campaign and run that on their website. After using a referral campaign they increased their profit by 50%.
In this article, we have seen four types of marketing programs. And how they can make your business grow and connect you with your customers.
Our clients used different referral programs and increased their revenue as well as their goodwill.
One can not deny the fact that the referral program has created a lot of opportunities for businesses, without any extra effort.
You can choose one or two programs at a time and experiment with them. If you know of any other marketing program or strategy, do share it with us. Let us know in the comments.
Keep experimenting, and keep sharing.