A customer recommending a product or service to another has a higher tendency of making conversion happen than any other marketing tactic. Thus, businesses actively seek to create a positive word-of-mouth around their brand. In this article, you will find how referral marketing program can work for your business.
If you’re looking for a way to get higher ROI on digital marketing company in delhi, referral marketing should be your go to. This mode of brand promotion can help you generate quality leads, optimize sales funnel, multiply loyal customers. On top of all these benefits, it is such a marketing model where you pay based on performance. Thus, it is also highly cost effective.
Moreover, a successful referral marketing program helps develop a positive narrative around a brand. This adds to the company’s credibility and trustworthiness. Therefore, more and more online businesses are now sorting to referral marketing.
How to lead a successful referral marketing campaign for your business
# Have a clear objective
This is a basic step before starting out with any marketing program. Having a clear objective is necessary to determine success of your efforts. Don’t do referral marketing before your competitors are or just for the sake of it. Set a clear objective and plan accordingly. Common referral marketing objectives are customer acquisition being the primary focus, database building, loyal customer community and so on.
# Give exciting incentives
Okay, first thing first. You’ll have to give some incentive to your customers to make them refer your brand to others. In fact, customers have now come to expect some sort of incentive for recommending your brand to others. For example, you can give away discount coupons, gift cards, free subscriptions, a portion of profit, or some other form of incentive to those customers that recommend your product to others.
# Have goods/services worth recommending
Not being at the top of this list, don’t mistake this point to be somehow less important than the above two. Having goods/service worth recommending holds paramount importance in referral marketing. Many of such marketing campaigns went flop because businesses failed to focus on the most important thing—the quality of their product. Your product must be central to your referral marketing program. Thus, provide such goods and/or services of which the quality itself becomes an encouraging factor to recommend it further.
# Improve client onboarding process
The point of client onboarding process is to welcome new clients to a business and familiarising them with the project. To encourage your customers to market your products, a positive client onboarding process is critical. Curate a list of benefits your customers can get by doing referral promotion for your brand and make it through to them effectively. Ensure a smooth and personalized client onboarding experience for your customers to turn them into your advertisers.
# Merge it with influencer marketing
Influencer marketing employs influencers to market a brand in exchange of some portion of profit made out of sales driven by them. If the same influencers become your actual customers, you can take your digital marketing to another level. Thus, another way to get the most of referral marketing is to merge it with influencer marketing. An influencer marketing your product as just another customer instead of an influencer-marketer can be way more effective than any these marketing models in isolation. This will help your target audience trust your brand better and increase the chances of conversion.
# Monitor your performance
Just like any other model of digital marketing, this one too requires constant monitoring. Keep an eye on which customer is driving giving more referrals and driving quality leads. Concentrating your focus on such customers can help you gain higher ROI. Moreover, keep testing your methods and constantly try to locate problem areas to get the best out of referral marketing.
Final word
Referral marketing is a cost-effective way of sales cycle optimization. Moreover, it helps create a positive word-of-mouth and develop a community of loyal customers. By developing a high quality product, setting a clear marketing objective, giving exciting incentives, improving client onboarding process, merging it with influencer marketing and constantly monitoring your performance, your business can greatly benefit out of referral marketing. Thus, optimizing your digital marketing model with referral marketing can be a game changer for your business.
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