The rising cost of advertising on Facebook demands that marketers find alternatives to Facebooks ads. More than any alternative channel, customer referrals deliver the quality of Facebook acquisition at a cost that is considerably lower.
If you're considering refer-a-friend as an alternative to ads on Facebook (and you should be!), Extole's expertise and capabilities will help you determine who to partner with to build a scalable referral program.
Analytics & A/B Testing
Pick a solution that has rich, complete, accessible analytics. That means they are readily available in dashboards and via API. In addition, you will likely require some element of custom reporting to reflect your business’s unique measurement and analytics infrastructure. The main purpose of rich analytics and benchmarking is to focus on activities where they can most improve program performance. A key capability, therefore, is A/B testing. Look for the ability to test share experience capabilities, as well as offers, journeys, rules/limitations, and marketing placements.
Options for Rewards and Rules to Manage Them
Extole offers the expertise and platform capabilities to make sure your referral rewards are motivating yet cost-effective. After all, the reward is part of the CPA, which is a key consideration when looking for alternatives to social media advertising. Standard rewards for retailers are coupon codes, account credits, and loyalty points. Most banks and financial institutions use points or account credits. Thoroughly evaluate all of these possibilities but also the ability to offer custom rewards and even gift cards.
As your program grows and expands, having these options will be increasingly important. Get feedback from your customers as you diversify and test your rewards. Ensure that your reward is competitive in the market as well as against other active promotions.
Capabilities for Your Call Center
When an advocate calls your call center asking about an unreceived reward, you need to be able to provide a fast and accurate response. Look at your provider's customer care screens and resolution capabilities to make sure that this important part of the referral experience isn’t overlooked but, rather, is a strength. Your customers and CSRs will all benefit. Extole has built specific and powerful tools to make sure your advocates and friends are rewarded when they should be and have a good experience even when they have met program requirements.
These considerations are only a few to weigh when determining how to build, measure, and grow refer-a-friend. Getting right means creating a powerful customer acquisition channel that helps retain existing customers while reaching new ones who are perfect for you. Please download our guide to learn more and request a demo to see Extole in action.
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