Are there any better ways to promote your business other than referral marketing?
Let’s find out why.
Experts say – “Due to tremendous competition in the business world, Word-of-Mouth promotion is always crucial and on top priority. This is simply because it has the capability to boost the sales strategy”
To support this fact here are some of the statistics on referral program that is taken from various surveys:
- 85 percent of the customers initiate the purchasing process based on referrals.
- Leads that come from referrals close 70 percent faster and have a 60 percent higher lifetime value.
- 80 percent of satisfied customers are willing to refer your company to their peer group.
Looking at the reports, you can easily figure out that building a successful Referral Marketing Strategy is paramount for the development of your business. And, if you still don’t have referral program in place, it’s time to have one.
Now, an obvious question arises – How to create the best referral program for your business?
In this article, we’re going to discuss some secrets that will take you through the process of creating a referral marketing platform that is custom-made for your business.
Things to do to build Referral Program Software
There are innumerable ways to put up a truly booming referral marketing strategy to boost referrals. However, to channelize your referral program in the right direction, it’s important to implement the solution in a systematic and organized manner.
Are you aware of PACE methodology?
PACE methodology is the brainchild of NextBee. It’s an easy-to-follow guide for shaping the success of your business under any circumstances.
Every product, service, and user-base is unique. That’s why you also need a solution that will correspond to your business’s uniqueness.
And, to achieve that, what is needed is not some marketing gimmick that will work in the short term, but a method of approaching users that will help you to ride the ladder of success.
Let’s explore PACE Methodology in detail
P – Personal
Nurturing a strong personal relationship through your program requires active collaboration with your users. This helps them establish emotional touchpoints and provides them with a sense of purpose, which will keep them feeling fulfilled. Offering a personal relationship through your program is one of the best ways to provide a quality experience and earn support.
A – Adaptive
Designing a structured program which can adapt as your users progress leads to both stability and growth. Listen as your customers’ actions tell you what works. Discover the rewards and incentives that inspire them. Focus your best efforts on bringing the program to your users. Both your program’s functional operation and its design layout should continuously match the demonstrated preferences of your users.
C – Controlled
The difference between flexibility and chaos is smart control. Extensive tracking of user activity allows you to maintain momentum and direct your users’ engagement in the most effective way possible. This approach also ensures secure data with automated protection protocols to ensure that the integrity of your program is never in question.
E – Exciting
Keeping your program fresh, intuitive, and fun works to increase excitement and helps your program users remain engaged. Developing a strong focus on both how customers interact with your program, and why, requires constant dedication to clarity and consistency. By following how your users enjoy using your program, you can develop increasingly addictive activities that your users will return to again and again.
“Every encounter with a friend, online or offline can become the first step towards a new customer, a new fan, a new follower, a new advocate who wears your brand like a badge of honor on their profile and in every regular interaction they have.” – NextBee
How to give Referral Program a unique touch?
Many programs are designed around a set of features, often considered key to a program’s success.
But that’s not enough.
Personalizing your customer’s experience is considered to be the most ideal approach towards making the referral program unique to your business. Keeping this criterion in mind, you can begin building your program using the tools that are right for them.
- Maybe your users enjoy sharing their experience after receiving an email from you which asks them to do just that.
- Maybe they would prefer the ease of posting a picture of a great product on social media directly from order confirmation.
- Some customers might even love the thrill of sharing a cool find from inside their online shopping cart, just before the purchase – especially if it means a small reward when they do.
If you do not currently possess actionable data on your customers’ preferences, go with your gut. Trust that you know your customer. You will likely discover that you are correct in your assumptions.
Also, plan on testing.
Learning what really gets your users excited leads to developing activities your users will find addictive. Listening closely to what their actions say is the best way to remain adaptive.
From there you can begin to re-evaluate and build on your incentives to create a structure that directs your customers’ energy towards the outcome you seek – more and better referrals that lead to a measurable increase in sales.
You create this type of control through incentives. Once your customers are excited, the excitement itself will be the incentive that directs this energy toward a productive outcome.
An incentive does not necessarily have to translate into something with a clear monetary value. The right incentive, or series of incentives, involves three primary characteristics:
Thoughtfulness – The incentive should express a deeper than casual knowledge, much like choosing a gift for a significant other.
Understanding – A shared point-of-view demonstrates empathy beyond the mere knowledge of what your users’ value. An incentive can demonstrate an outlook on the world that you and your users share. Sometimes, the real reward is helping others.
Reflection – Your users, clients, and employees must see themselves in the incentive. The rewards must invoke those values you actively wish to see expressed in this world.
Incentives are an investment. They induce future behavior that will be profitable. Keeping your incentives fresh is how your referral program will remain exciting for the long-term.
Again, this does not mean providing always-greater rewards with an increasingly expensive price tag. An engaging incentive can be a badge on a profile, special access to VIP offers, public acknowledgment, and encouragement, or something as simple as a one-phrase, hand-written, thank-you note sent to a single random customer each and every month.
An abundance of attention to detail is typically required when designing a new referral program. It needs to be technically integrated and aesthetically pleasing; it needs to offer initial messaging and includes incentives that grab the attention of casual users and long-term customers.
When designed well, a program will almost always create excitement and gain some of the needed attention on its own. A strong plan and solid execution will accelerate results.
Key features of Referral Marketing Software
You are well aware of the effectiveness of a successful referral marketing software. But, understanding the features and functionality will help you to gauge the solution in a much better way.
A) Key Motivators for Program Participants
– Users easily send customer referral invitations through email widgets featuring no-fuss current contacts importing.
– NextBee’s social dashboard creates simple referral sharing with nearly every social media portal.
– Printed Cards extend customer referral tracking offline, allowing for easy introductions to take place anywhere and anytime.
– Dynamic program Leaderboards provide motivation and keep everyone reaching for more points.
– Customized vanity customer referral links help encourage email marketing and active sharing by personalizing the experience.
– Personal coupon codes encourage specific behaviors through user segmentation and targeted rewards.
B) Guaranteed Results through Smart Controls
– Generate viral buzz, featuring internet meme images with embedded tracking links to always know what your users are sharing.
– Telephone sales tracking increases program optimization and tracks all sales and customer referral activity.
– Pro-actively recruit key social influencers and deploy specialized engagement strategies just for them.
– Promotional sweepstakes and contests maintain a high level of enthusiasm for the program.
– Follow up on every prospect. Build opt-in wish lists and reminder lists, and even create your own lists from all referral program recipients.
– Develop your own rewards custom combinations of popular referrer, referee rewards, and even promotion partner rewards.
C) Best of the Breed Technology Platform
– Secure SSO – make it easy on everyone by using current customer account login for the referral program.
– Track each step and every part of any multi-step sales process to identify and reduce key friction points.
– Increase confidence with integrated fraud detection and proactive blocks of suspicious behavior patterns.
– Cross Channel entry points allow for complete integration of ‘my account’, Facebook, and order confirmation pages, as well as specialized micro-sites.
– Grow your referral rewards program beyond your borders with easy internationalization roll-out and 24/7 support.
– Stay current with intelligent, responsive and mobile-friendly pages and on-the-go referral features.
D) Commitment to Success of the Program
– Expert assistance in deciding incentive structures based on a knowledge base of extensive experience.
– Quality graphic design assistance to enhance your referral program’s message and increase its effectiveness.
– Creative copywriting services are included to support the growth of your referral program.
– Custom support portals to quickly assist any user who has a question and provide needed guidance.
– Regularly occurring one-on-one focused meetings to analyze and evaluate program performance.
– Fulfillment support for nearly any reward – cash, gift cards, physical items, and much, much more.
Now, you have gotten a broad idea about creating a custom-made Referral Program Software. Still there are few things you need to fulfill. Here we go:
First and foremost, have a strong product or service. Let’s accept the fact – you’re never going to get referrals if your product/service is not good enough. Make sure to have a product/service that is of supreme quality. This will make the referral process more smooth and effective.
Seamless Experience – Who doesn’t like simplicity? A simple, intuitive, and easy to use solution always generates increased engagement. Thus every step of the referral submission process must be easy and enjoyable for the referrer.
Process Automation – Automating the referral process for capturing leads is actually a great way to boost referrals. It helps in qualifying the leads and thereby making the Referral Software more powerful. NextBee certainly aligns the Referral Reward Program in line with your business workflow thereby making the solution hassle-free.
Appropriate Reward – Customers must find the referral process valuable. Why not make it two-way traffic where your business as well as the customers will be mutually benefited? For every referral made or for a bulk of referrals, incentivize the loyal customers. Also, thank them each time they recommend your product/services to other business houses.
Relationship – Maintain good relationship with your vendors as you are not the only stop for them. These vendors tend to move to many other B2B businesses, and there are some who have a higher probability to become probable clients for you. The higher respect and likability the vendors have towards you, there is a higher possibility that they spread the word about your business.
Customer Gratification – Put into practice a customer referral program, gratifying your existing customers for getting more clients for you. This is a straightforward way to enhance brand advocacy and motivate the customers to refer again and again. You just need to make your existing customers aware of the reward they are going to get for every new client they bring in.
Take care of Employees – Customers are not only the people who spread the word. Deal with your employees well, and they can get you referrals as well. You can also incorporate a reward system for an employee referral program.
Since it’s a tech-savvy world, any referral marketing strategy cannot be successful without taking them Online and making use of email marketing to get hold of a wider audience. Everyone, these days is bonded to several online channels or platforms. So, make sure to take full advantage of it. For example – If you are not having a social media presence, it’s high time to build it. Get your B2B business drawn in social media and continue the engagement regularly.
This list is never-ending. Still, we have covered some prime points in order to share strategies on how to make your referral marketing program work. The significant thing to keep in mind is to toil to bring top-notch products and services to the people. This, on its own, can fetch you quick referrals and you can have a successful referral marketing process.