3 Reasons to Get Customers Now with Referral & Introduce Loyalty Later
If you’re a marketing leader in, say, a retail business, you might think that a customer loyalty program is the best way to build up
June 10, 2016
If you’re a marketing leader in, say, a retail business, you might think that a customer loyalty program is the best way to build up
Referral doesn’t just get more customers—it also gets better customers. And today, there are more communication channels than ever that referral can penetrate organically, from traditional SMS to chat, and email to the social network.
It’s easy to confuse referral and affiliate— both drive new customers to you through a separate third party. But while affiliate is motivated by a predetermined financial arrangement, referral leans on personal relationships between friends and families to build increased engagement with a brand.
Look at your referral marketing program from the customer’s perspective and ask yourself how you can make sharing and accepting referrals a no-brainer.
While marketers understand the power of referral, many are stumped when it comes to using it effectively.
At around 80 million strong, Millennials are now the largest generation in American history, and they hold over $200 billion in combined spending power.
Rather than thinking about the people involved in referral, you need to be thinking about the critical moments when those referrals happen.
Feel confident knowing that even the tiniest of improvements to your referral funnel will rebound through all of your customer acquisition.
The very rare outlier companies like PayPal and Dropbox have hogged the headlines by driving insane, viral growth with their customer referral programs.