Broadening out a business venture is a vital aspect to sustain in this highly competitive world of technology. Every organization is competing to increase its client base by adopting several methodologies, and customer referral is one of them.
Marketers design referral programs that could influence customers to bring new buyers. To measure modern strategies’ impact, the brand’s primary goal is to understand the buyer persona and introduce behavioral-based rewards to induce them.
What is the need for referral program then? Why can’t brands multiply their business growth without referrals?
A study showed that 18% of referred customers have lower churn than customers coming from other channels. And, 16% of profit can solely be expected from referred customers.
Creating a long list of engagement tactics eventually helps build customer-centric strategies and have ever-lasting business growth. Ultimately, such techniques would benefit the companies in every way possible.
Referrals are the most admirable and powerful marketing tools that brands optimize for their promotion. The benefits associated with the referrals create excitement in customers to promote the brand through word-of-mouth advertising.
It is one of the most sought-after strategies that guarantee to offer instant results soon after implementation. However, the condition to see promising results is based on how precisely a brand has done customer segmentation and how well it is strategized to satisfy customers with rewards, deals, discounts, et cetera.
Rewards are one such reason behind most of the customer referral programs. It helps to keep the selling-buying with potential buyers runs smoothly. Organizations need to know how to keep these buyers happy and when is the right time to ask for customer referrals.
Here are some of the right ways to develop better relationships with regular buyers before asking for referrals:
- Know the customer’s preference
- Offer them standardized good quality products or services
- Provide exceptional customer services
- Pay heed to their requests closely and precisely
- Involve buyers through multiple engagement activities
- Engage them in several programs and showcase the outstanding results
- Offer substantial value for the money they invest
Expand Your Client Base In 3 Days Via Customer Referrals
Increasing the customer base is an essential aspect for every organization because no companies can survive without buyers. Establishing an impressive strategy to expand the list of customers is imperative to grow followers and increase ROI exponentially.
As the market’s referral trends are growing at a rapid pace, companies are leveraging the benefits of marketing programs that help expand the business.
Some of them are listed below that can instantly assist in growing customer base via customer referrals.
Harness the Power of Rewards
Rewards never go out of the game – it is there and will remain always. It is the first preference of every brand to entice its customers before asking for referrals.
Allure existing shoppers with rewards and take a referral recommendation from them as many as possible. Rewards, incentives, discounts are some of the ideal ways to keep harnessing its power for taking customer referrals.
A survey revealed that 39% of the people who receive a monetary incentive would make them “much more likely” to recommend someone to a brand they adore the most.
Introduce Membership-Based Offers
A customer who shops regularly from any specific company would always expect and love to receive recognition from the brand.
To make regular shoppers feel valued, brands can enroll high-end buyers in special memberships through which they can have access to all the exclusive offers that are not publicly open.
It is also one way to make customers feel relatively comfortable giving recommendations to try their products or services.
Nielsen’s survey in different 58 nations revealed that 84% of people only trust recommendations from close people they know.
Trigger to Improve Lacking Areas
Every brand has a particular group of people who never came back to purchase for multiple reasons. Start a touch-base with those customers by taking their feedback from their previous buying experience.
Introduce special offers for them utterly different from the rest of the other buyers and leverage that moment to win their trust.
Run deals for those buyers so that brands would get to know where precisely the improvisation is needed and why that customer never returned!
It is a moment of delighting your leftover customer and showcase them how valued their presence is for the company.
Benefits of Customer Referrals
Delighting loyal buyers with best-of-its-kind types of rewards and, in return, asking the customer referrals sounds like a brilliant ideology.
However, brands use referral marketing to design attractive giveaways by seeing the buyer’s shopping patterns. It is quite simple to amplify their shopping experience by adding extra value to their trust in the brand.
Whenever a customer referral strategy gets much admiration, it is likely to be backed up by several good advantages that make it a success. Similarly, here are some of the benefits that come along with such type of programs:
- Enhanced trust in the brand and its values
- Improved customer retention rate
- A broader reach through word-of-mouth marketing
- Referred customers stay for a longer time
- A great deal on Return on Investment
- A good reputation in the market that boosts brand awareness
How can NextBee Help?
NextBee offers an engagement solution that entirely works on gauging customer behavioral characteristics. It works on an AI-driven automated engine that tends to provide reasonable solutions based on its predictive analysis power.
It enables brands to build customized programs that give more power to organizations actively looking for ways to expand their customer base. NextBee’s solution eliminates the daily hassles of manually organizing the customer’s list.
NextBee’s robust solution helps companies in different ways like:
- Track customer’s record of purchases with the brand
- Analyzes the buyer’s behavior and offer relevant deals
- Higher customer satisfaction with automated reward options
- Tier-based incentives according to customer segmentation
- Engage customers through multiple engagement channels
- Smart PACE methodology to drive programs to fetch desirable results
Referral marketing solution has brought immense benefits to brands that are good to go a long way with existing customers and new buyers. As business needs are evolving, NextBee’s exclusively designed solution helps funnel its sales channel with its latest marketing methodologies.
To know more about the customizable features that could suit your business, contact our marketing team who can understand the company needs to align with the overall growth of your business.