As most marketers are well aware of: Facebook is making significant changes to what users will see on their News Feed. Before your ad team erupts in chaos about how terrible this announcement is for brands, publishers and other third-party players, let’s take a look at how your company’s referral program can actually use this new algorithm to its advantage.
The best referral marketing strategies share a common thread: Referrals are embedded into every aspect of the user experience. For a referral program to consistently deliver truly exceptional results, your brand’s referral marketing strategy must take all marketing channels into consideration. Basically, your program should be woven into who you are and how you operate. Without structure and commitment, you’re largely hoping that good things happen and that customers inherently know to refer ...
Let’s say you came into work tomorrow, opened your marketing analytics dashboard (better yet, a referral program dashboard), and saw that an Instagram influencer campaign had driven 20x ROI for your fashion eCommerce brand. Or maybe you’re the Head of Marketing for a B2B business and found that a partner webinar had driven 1,000 qualified leads and 200 new customers with an average lifetime value of $5,000. How would you react?
If you’ve ever researched successful referral program examples, you’ve probably run into a lot of the same examples over and over again - Uber, Tesla, and Airbnb. While their campaigns are truly inspiring, what if you don’t have the luxury of a full team, ranging from developers to marketing experts, who can focus solely on creating and managing your referral process?
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 found that referred customers are more loyal and profitable — by a 16% margin — than their non-referred counterparts.