If your brand has a referral marketing program in place, but no one knows about it - does it really exist? Is it bringing in new customers or interested leads? Or is the program collecting dust on your website?
No longer is a referral program a "nice to have"; it's now a must have for most high-growth businesses. In almost every industry, referrals are the gold standard of customer acquisition. Research has repeatedly shown that leads coming from a referral marketing program 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 ...
We've written a lot about the effectiveness of referral marketing programs and the power of referrals to drive sustainable, scalable growth over time. And one of the most commonly asked questions we receive is "what's the best referral program incentive structure?"
Are you contemplating why referral software should be part of your marketing strategy? Whether you're a marketer in the B2B space or with a consumer brand, you're not alone. Especially since referral programs drive some of the highest conversion rates among all marketing channels, it's no surprise that more and more businesses are leveraging referral software to scale this customer acquisition channel.
Having a referral program as part of a customer acquisition strategy is continuing to gain traction amongst marketers with large revenue goals. And it's no surprise. In fact, 82% of people seek recommendations from friends and family when considering a purchase. So what are the do's and don'ts of referral marketing that successful campaign managers follow in order to bring in more new business?
If you're wondering how to make your referral program more effective, you've come to the right place! We're going to share 10 tips to running a highly successful (and revenue generating) referral program.