In almost every industry, referrals are the gold standard of customer acquisition. Research has repeatedly shown that referred leads close faster, buy more, and stay longer — all with significantly less effort and at a much lower CPA than non-referred prospects. A University of Pennsylvania study[1] found that referred customers are more loyal and profitable — by a 16% margin — than their non-referred counterparts.

In an age where marketing is increasingly driven by technology, most marketing leaders know that one of their most important responsibilities is evaluating, buying, and implementing the right marketing technologies and then building strategies around them. And that rings especially true when it comes to scaling with affiliate marketing software.

Having a channel partner program in place is becoming an important piece of the overall customer acquisition plan for B2B marketers today. And it comes as no surprise. B2B buyers are researching your brand before actually engaging with you. In fact, roughly 80% of the B2B buyer’s journey is complete before a buyer reaches out to sales. Which is why it’s crucial to build relationships with customers using the help of partners.

If a friend or colleague refers their favorite product, service, or platform - what would be your first response? Typically, people ask “why do you like it?” or “what makes it different?” or “what was your experience with it?” Which is why it’s no surprise that online reviews can play a vital role in your brand’s referral marketing program. In fact, according to BrightLocal, 88% of consumers trust online reviews as much as personal recommendations.

Word-of-mouth marketing is all around us. Whether it’s in the form of reading product reviews or texting a friend for a referral before making a purchase, word-of-mouth marketing strategy now plays a large role in the buying process for consumers and businesses.

 If your company is new to referral marketing, how do you develop a program from scratch? How do you harness the power of your existing customers and turn them into your most vocal fans? What do you offer as rewards? How do you ensure that your program optimizes for new leads and brand loyalty, all while remaining manageable and measurable?

Securing partners (and figuring out incentives) for your partner affiliate program are crucial first steps in building a successful partnership. However, maintaining and nurturing relationships as well as delivering the best experience possible can be more important aspects of your partner program. While these elements are sure to be time and resource intensive, they are also closely tied to long-term success.