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  • 25 Types Of Businesses That Benefit Most From Referral Programs
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    For the past few decades, many business professionals and entrepreneurs have realized the importance of networking and referrals. According to a survey – “people are 4 times more likely to buy from a business when referred by a friend or an acquaintance”. Consumers use word-of-mouth communication to spread awareness of their favorite brands via social media, email, natural conversation, and other marketing channels.

     

    The tremendous power of referral marketing can be utilized by all kinds of business organizations. In fact, many brands are already enjoying the good results of it by implementing referral programs. However, it has been researched that a lot depends on the nature of business in terms of getting quick and effective referrals. Let’s discuss the 25 types of Businesses that benefit most from referrals.

     

    25 Types of Businesses that Benefit Most from Referral Programs

     

     

    1 – Hospital

    Hospital and Healthcare industry is booming and will continue to flourish. They offer health related services like medical tests, treatments to illness, and provide a stay in hospitals to cure complicated physical issues. For a planned medical check-up and health related treatments, people often ask for suggestions from friends and acquaintances. Depending on their feedback, they decide which hospital or clinic to visit. Thus, if you are in a hospital and healthcare business, most of your leads will come through referral programs.

     

    2 – Travel and Tourism

    Travel and Tourism purely belong to the service industry and mostly run by referral programs. People avail the service to organize a tour, and the tourism company generally provides a package to the holiday goers or may be for a business trip. People associated with this type of business get enough referrals from their existing and loyal clients. This industry is very sensitive. If anyone maintains the standard and implements referral program effectively, it can bring great success.

     

    3 – Garment Business

    Garments are meant for fashion, comfort, and necessity. Three important factors are related to it and people make buying decision based on these factors. Brands offering custom made and ready made garments, make special efforts on referral programs and experience good returns.

     

    4 – Academic and Education

    The educational industry has always been in demand. It can be a school, college, university, private tuition center, vocational institution, etc. Whosoever is offering quality education and training will get most referrals. In fact, this is the type of business which hardly needs to promote itself once the brand is established. The business goal can be attained and take up to great heights with the help of the referral program.

     

    5 – Event Management

    Event Management companies conduct events like award functions, parties, concerts and many more. They get business calls primarily from referrals. Events are generally sophisticated and hold great importance. That is why, no one wants to take any risk and try a new or unknown company. Thus, for an event management company, most of the business comes through referral marketing program.

     

    6 – Restaurant

    Restaurant business runs mostly on the quality and goodwill. Offering good food and service can bring popularity within a short span of time. When people plan to dine out with family or friends, they ask for feedbacks from their known circle and check whether anyone has been to the particular venue earlier. Based on their responses as well as reviews from various online portals, they finalize the event. Being in a restaurant business, you can get enough customers referrals by offering worthy rewards and implementing an effective referral program.

     

    7 – Parlor and Grooming Center

    Parlors and grooming business belong to the beauty and wellness industry. It caters to hair styling, beauty treatments, spas, gyms and other body grooming activities. This type of business receives referrals from their happy customers and most of their revenue generates via well-planned referral program.

     

    8 – Private Medical Practice

    People tend to visit a Doctor or a private medical practitioner who has already treated their friends or family members. Prior going for a medical counseling, they check the doctor’s past record and goodwill. Organizations who are dealing with a set of medical practitioners will get ample referrals from their registered patients rather than new patients visiting them.

     

    9 – Electronic Product

    A business that deals with the manufacturing of electronic products generate enough revenue through customer referral program. Electronic items like mobile phones, televisions, laptops, etc. acquire enough business leads through word-of-mouth marketing. People often share feedback after using the product, which influences their friends’ or acquaintances’ buying decision, those who have similar needs.

     

    10 – Consultancy Business

    Consultancy business organizations are such entities where everyone needs to visit at some point in their lives. This type of business can be of different forms – tax consultancy firm, legal consultancy firm, financial consultancy firm, HR consultancy firm etc. Since most of their services are sensitive in nature and reliability factor plays an important role, loyal clients refer their friends and acquaintances so that they can avail the service with trust and assurance.

     

    11 – Advertising Agency

    If you are in advertising business you can be easily benefitted from referral programs. Advertising agencies deal in promoting and branding the products/services for other businesses or for individual clients. Whatever they are doing the quality of work is visible. Thus, a client who is getting good results will certainly refer the brand to others, those who have similar needs, so that they can also avail the service.

     

    12 – Software Service Provider

    With the advent of latest technologies and useful discoveries, many companies are planning to automate their business workflow with the help of software. They are interested to streamline the activities in a systematic manner without any hassles. And for that, they are taking help from IT companies to set things in order with software. In order to stay on par with the competition or to surpass, if anyone implements a software, others also follow the same path.

     

    13 – Automobile

    People do a lot of research before buying a car or vehicle. First, they will ask for expert advice from their peer groups, those who already own a car. Generally, friends and acquaintances tend to advise the very brand they use and on rare occasions suggest some other brands. In this way, referral programs benefit the automobile business, to a great extent.

     

    14 – eCommerce 

    ECommerce portals and Online-Shopping sites invest a lot in referral programs, since most of their business comes from client referrals. Each and every time they come up with something new and offer worthy rewards to their customers with the intention of getting enough referrals. And they also succeed in their endeavor.

     

    15 – Real Estate

    Clients who are looking for a property take idea from real estate agents. The agents refer the most suitable real estate company who can suffice the clients’ needs. The referral program is in the heart of this business.

     

    16 – Hotel

    People generally do not want to compromise with comforts when they are paying for it. Hotels are meant for a nice stay during holidays and business trips. So, prior staying in a hotel, people read reviews on online portals and gather necessary feedbacks from friends and acquaintances. Since hotel business are most benefitted from referrals, they also spend more on implementing referral marketing strategies to generate enough leads and also reward their loyal customers.

     

    17 – Appliances

    Appliances are of various types – Purifier, Iron, Refrigerator, Microwave-Oven, Air-Conditioner and many more. The market demand for such items is mainly determined by referrals. If you are into this type of business you will get many referrals from the customers who are satisfied using your product. A successful referral program can further enhance the process of bringing good results.

     

    18 – Fashion and Interior Designing

    Organizations that work in the designing segment, receive new leads through referrals. Though the preference of every individual varies, an eye for art and craft connects well with good taste. Fashion designing, Painting, Handicraft and Interior designing houses build a strong network with their customers and constantly promote referral programs.

     

    19 – Movie and Entertainment

    When do you think a movie becomes a big hit?  Prior the release of every movie, producers and distributors promote the films to an optimum extent so that it can create enough buzz in the market. But, despite taking the necessary steps, some movies fail at the box-office and others get the desired success. The parameters responsible for it are – referral programs, word-of-mouth communication, referring via online marketing channels.

     

    20 – Furniture

    Furniture manufacturing companies also engage in the referral program in order to drive customer growth and increase revenue. Furniture can be of many types – table, chair, wardrobe, beds, sofas etc. These are generally placed in office and at home, and the demands are also overwhelming. For requirements like custom-made items and ready-made stuff, referral programs can turn out to be most effective.

     

    21 – Organic Food 

    Packaged food products are in high demand in today’s busy world. People often ask for feedbacks from various sources regarding a newly launched product. The feedbacks further help them to make a decision whether to buy. Hence, brands offering packaged food products earn good revenue from referral marketing and referral programs.

     

    22 – Beauty Product

    Cream, soaps, conditioner, aftershave and other items fall under the category of beauty products. This type of business benefits a great deal from referral programs. Brands who have got such products focus a lot on customer referrals.

     

    23 – Packers and Movers

    Quality service remains on top for packers and movers business. These companies help in transferring and relocating household stuff and other items. Since this business belongs to the service industry, most of their leads come from referral programs and they seem to enjoy good benefits from it.

     

    24 – Medicine and Pharmaceutical

    Brands offering medicines for different health related issues draw enough customer referrals. When people get good results after taking such medicines, they share it with their friends and relatives.

     

    25 – Gifts

    Retail outlets and online portals who are selling gift items, get new leads and customer mostly from referral programs. In fact, some brands have come up with awesome services where they deliver gifts to any destination. There are several online gift shops from where people order gifts for their near and dear ones. By offering better service and good quality, this business has come to the limelight and earn good volume of customer referrals.

     

     

    Though the aforementioned business houses benefit most from referral programs, referral marketing strategy is applicable for any business organizations. It creates wonders in getting new leads and increase sales. For a complete referral process re-engineering and a fresh implementation of a referral program, NextBee is always at your service. It offers essential and innovative features, such as – branded refer-a-friend and social sharing widgets; allows giving referral rewards tied to sales and subscriptions; provides support for overlays, emails, and microsites; etc. To get more insights and ideal solutions to your business needs contact at
    1-800-547-1618

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