Boost your business with referral marketing solution
What is referral marketing?
Marketing is essentially about communicating value. Marketing can even happen when you are not consciously aiding it. If you create something valuable people will automatically start talking about it. What a marketer needs to do is influence masses, making sure everyone understands the value of your product. Brand advocacy is a powerful tool; and within brand advocacy referrals are of the highest value that an advocate can take act on your behalf. Referral marketing should reach out to each of your customers, employees, and partners to advocate and promote your brand by referring to your valuable products. When a partner, employee, or customer advocates your brand and refers people to you, it is of the highest quality since it comes from a trustworthy source, who understands your brand, and also knows the person they are referring to you.
Referral marketing once implemented is one of the easiest and fastest ways to gain new customers, and also seal your relationship with the existing ones for a lifetime. Some of the impressive results that referral marketing solution boasts of are:
- 4X higher conversions than the typical marketing channels.
- From referral to purchase there are 35% higher conversion rates.
- When compared to non-referred customers, referred customers hold 16% higher lifetime value.
- Referred customers have 18% lower churn rates than non-referred customers.
How does referral marketing solution empower business?
Implementing referral marketing software will help in growing your business in an effortless way. Some of the features include:
- Nurturing referrals through buying process.
- Creating a database of your frequent customers and learn more about their preferred communication platforms.
- Creating loyal and lasting relationships.
- Incentivizing your prospects and advocates.
- Motivating repeat referrals by implementing more advanced reward structure.
- Integrating your CRM to provide customer engagement opportunities and optimal sales visibility.
- Keeping track of the performance of incentives and adjusting for success.
- Empowering marketers to send a steady flow of leads to their sales, in order to demonstrate their proven ROI.
- Resolving the challenges faces by the salespeople in order to find qualified leads.
Enhancing your referral marketing
Referral marketing solutions are enhanced using sales and automation implementation that provide direct sales and marketing professionals with some simple and few tools for generating a constant flow of leads. Salesperson should have all the information that they would need to contact and influence prospects and advocates and facilitate seamless communication with referrals to expand the brand. Referral marketing can also be enhanced by marketers who will constantly monitor all the referrals made by your advocates and work closely with the sales team to increase their leads, and provide direct data to ROI connecting closed sales.
Reasons for including referral marketing solutions in your business plan
Referral marketing is fundamentally when you get you get your customers tell their friends about your brand. Referral marketing is an organic process, like marketing in general. Even without the marketers being directly involved we like to share our experiences (good or bad) with our friends and family. This is a deliberate process where you make sure that your customers and advocates tell their friends about the awesome experience they had, with what your brand has to offer. Some other reasons to implement referral marketing software are:
- Referrals bring 65% of the new businesses: Even without any formal marketing plans, referrals can bring in a lot of new and steady customers. And the best part is that it isn’t expensive, which translates to more profit margins for your business.
- Referral marketing is cheaper than other platforms: This is because you have to spend a very little amount on media. There is almost no need of design assets, so that again your expenses are cut off in that domain. A little amount is needed to offer referral benefits to the customers, which is pretty low when compared to other expenses. Implementing referral bonuses and benefits will also help in increasing the amount of referrals and thus, bring you more business in the end.
- Referral marketing is very measurable: It is pretty easy to track down from where new business is coming, even when it is a word-of-mouth marketing. Referral marketing software comes to the rescue in this sphere. This also helps in tracking ROI, and collecting data about your most valued customer. You can keep a track on how many times a customer referred your brand to a friend, and can also track which of the new prospects were converted into customers. From here the circle begins again of tracking how many of your new customers referred to their network of friends and family.
- Referral marketing helps your customer become your best salespeople: Along with your awesome business development team, your customers become the best promoters of your brand because they have first-hand experience of your services and products. Their views are trusted more by their friends and family, rather than an expensive advertisement. If your services and products fit a client’s requirements, they become both loyal and thankful to your brand name.
- Referred customers are more valuable: Research has shown that the average value of a referred customer is higher than that of a non-referred customer. Even the initial amount spent on referral bonuses is nothing compared to the business that a client can bring through his network, which is a growing channel.
Why choose NextBee for your business’s referral marketing solutions?
In an incredibly fast moving market where technology is increasingly becoming specialized, it is important for every business to stay ahead of their competitors. NextBee will help you stay ahead of your competition by letting you focus on your core strengths and needs, while we take over the responsibilities of implementing and optimizing referral marketing strategies for your business.
NextBee is the referral platform of choice because its feature-rich solutions, that offers branded refer-a-friend and social sharing widgets. It allows referral rewards for sales, subscriptions and provides support for emails, microsites, and overlays.
Every product has its unique user-base and services. Therefore it is crucial to not just use some marketing gimmick for a short term success but a method that includes approaching users which will carry you through nearly any and every scenario. This is the reason why we have designed the PACE Methodology. By implementing your customer referral program and our Pace Methodology it assures you success.
Some of our key features include:
- Unmatched Participation: NextBee’s Single Sign-On module ensures that all of your Facebook Fans, customers, and email-list subscribers are automatically registered for your referral program. NextBee’s referral program helps users to join and also get them involved. Our specialized referral software optimizes repeat referrals through regular sweepstakes, smart auto-responders, special limited-time offers, dynamic leaderboard widgets, and tiered rewards.
- Intuitive and Contextual: Innovative referral program software includes a variety of form factors to create custom tell-a-friend widgets. NextBee has the most recent social and web technologies covered, from overlays and inline links, to social media referral apps and microsites. You will get the best result from your referral marketing implementation when you embed a branded refer-a-friend widget directly with the context of the transactions of your customers, and by matching the interaction flow on your website.
- All the Features You Need: NextBee’s user friendly interface encourages your clients and customers to import their contacts, and share referrals socially, and send messages to their friends on Facebook. They can also share access to the special offers. Our flexibility helps you to personalize messages, include various rewards based on your customers’ profiles, and test multiple ideas. We can easily extend the functionality of any module in serving your word-of-mouth marketing needs, by implementing our web service-based APIs.
- Fun and Exciting: When you contact us you will find that everything we do, and everyone here has only one focus, i.e. to make your referral programs exciting and fun for your members and customers. We are always on the hunt for new referral program ideas to engage and attract your customers, customize messages to see your users smile, and design exciting graphics to fascinate your customers. We are always striving to help you structure your referral rewards program in such a way that will evoke a strong communal and festive spirit.
If you have tried all the marketing policies and you are still not sure why your business scales are not going up, you can contact us for a demo session. We guarantee you success. You can also give us a call at 1-800-547-1618 for further queries.