In almost every industry, referrals are the gold standard of customer acquisition. Research has repeatedly shown that refer-a-friend 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 study¹ found that customer referrals are more loyal and profitable — by a 16% margin — than their non-referred counterparts.
More likely than not, customers joined your referral program because they love your product and the incentives offered. While not every customer referral program or referral program software will yield the same results, there are some steps you can take to set your brand’s program up for success. In essence, your aim is to help your customers help you. Here are five best practices you can share with members of your referral program so they can effectively engage their networks and send more ...
It’s no shock that more and more businesses are investing in referral marketing these days, but executing like marketers running the best referral programs out there is no easy task. Especially since numerous research has shown that a well-executed referral program has the power to fuel higher conversion rates than any other channel1.
While not all effective referral programs yield the same results, there are some steps you can take to set your brand’s referral program up for success. Long story short, your goal is to help your brand ambassadors help you.