Referral 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 the masses, making sure everyone understands your product’s value. Brand advocacy is a powerful tool, and within brand advocacy, referrals are of the highest importance that an advocate can 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 endorses your brand and directs people to you, it is of the highest quality since it comes from a trustworthy source, understands your brand, and knows the person they are referring to you.
Impressive results
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 usual marketing channels.
- From referral to purchase, there are 35% higher conversion rates.
- When compared to non-referred customers, referred customers hold a 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 effortlessly growing your business. Some of the features include:
- Nurturing referrals through the 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 a 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, to demonstrate their proven ROI
- Resolving the challenges faces by the salespeople 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.
The salesperson should have all the information they 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 continuously monitor all the referrals made by your advocates. It works closely with the sales team to increase the leads and provide direct data to ROI connecting closed sales.
Reasons for including referral marketing solutions in your business plan
Referral marketing is when you get your customers to 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.
It is a deliberate process where you make sure that your customers and advocates tell their friends about the excellent experience and 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 many 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:
Because you have to spend a minimal amount on media. There is almost no need for 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 compared to other costs. Implementing referral bonuses and gifts will also increase the number of referrals and 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. It helps in tracking ROI and collecting data about your most valued customer. You can keep a track of how many times a customer referred your brand to a friend. This way, you can track which of the new prospects were converted into customers. The circle begins by monitoring your new customers referred to their network of friends and family.
Referral marketing helps your customer become your best salespeople:
Along with your business development team, your customers become the best promoters of your brand because they have first-hand experience with 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 loyal and thankful to your brand name.
Referred customers are more valuable:
Research has shown that a referred customer’s average value is higher than that of a non-referred customer. Even the initial amount spent on referral bonuses is well within budget compared to the business that a client can bring through his network.
Why choose NextBee for your business’s referral marketing solutions?
In an incredibly fast-moving market where technology is increasingly becoming specialized, every business needs to stay ahead of their competitors. NextBee will help you stay ahead of your competition by focusing on your core strengths and needs. At the same time, 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 offer branded refer-a-friend and social sharing widgets. It allows referral rewards for sales, subscriptions, and 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.
The reason why we have designed the PACE Methodology is to implement a customer referral program successfully that can assure 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 involve them. Our specialized referral software optimizes repeat referrals through regular sweepstakes. Also, through smart auto-responders, special limited-time offers, dynamic leaderboard widgets, and tiered rewards.
Intuitive and Contextual:
Innovative referral program software includes various form factors to create custom tell-a-friend widgets. NextBee has the most recent social and web technologies covered, from overlays and links to social media referral apps and microsites. You will get the best result from your referral marketing implementation. When you embed a refer-a-friend widget directly with the context of your customers’ transactions.
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 special offers. Our flexibility helps you personalize messages, include various rewards based on your customers’ profiles, and test multiple ideas. We can easily extend any module’s functionality 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. We are always striving to help you structure your referral rewards program that can evoke a strong festive spirit.
If you have tried all the marketing policies and are still unsure why your business scales are not going up, you can contact us for a demo session. We guarantee your success. You can also give us a call at 1-800-547-1618 for further queries.
