If you want to acquire new customers through your existing customers, check the calendar first. You’ll probably find more customers sharing your offers on Tuesdays and Thursdays than on any other day of the week — and you’ll find that more people click on what they share. And, if it’s Monday, be prepared to see the highest conversion rates of the week from referrals (even though you’ll likely see fewer shares and clicks that day).
Whatever you do, think twice…maybe three times…if you only ask your customers for referrals on weekends. Saturdays and Sundays feature the lowest rates of shares, clicks, and conversions. Wednesday and Friday rates for all three metrics, even though they are only average, still substantially exceed weekend rates.
These findings come from a new analysis of sharing activity among companies with at least 400 customer shares. The data set comprised more than 275,000 shares, almost 500,000 clicks on referral offers, and 25,000 conversions. Digging into the results a little further provides more insight into the conversion rates that marketers can expect throughout the week:
As you can see, Mondays are the clear winners when it comes to both the rate of conversions per share and conversions per click. In addition:
- Tuesdays see the second-lowest rates of conversions per share, though average rates of conversions per click
- Wednesday and Friday conversion rates are about average in both categories
- Thursdays feature the lowest rates of conversion per share per week (though keep in mind that they do feature the highest rates of sharing)
- While weekend conversions per share are about average, rates of conversion per click are lowest on Saturdays and Sundays
All this goes to show that while the referral marketing channel drives purchase, your program isn’t something to simply set up and ignore. Just as with SEO and SEM, many variables contribute to success. There are lots of opportunities to optimize how your referral program works for you, including taking into account when the most sharing happens and when that sharing converts the most purchases. Want to learn more about how to build, maintain and grow a successful referral program? Grab a copy of our referral marketing best practices guide for 2014 and get started, no matter what the calendar says.