Reward programs come in all shapes and sizes. Some work. Some don't. Referral programs take your rewards and loyalty programs to the next level, either working in unison, or as a stand alone strategy. While rewards play a role in referral programs, it's just a part of why referral programs work. Sure, incentives for your customer who is doing the sharing - the advocate - is what can drive the action, but people share for a whole bunch of reasons. The main reason is that they truly believe in your product. A share is your customer advocating to your brand. Here are a few reasons why referral programs are about more than just rewards:
1) It's Personal
Extole powered referral programs are geared towards promoting a brand culture of everday advocacy. People share because they know someone who they think will love your brand just like they do.
2) It's Easy
Some people never think about sharing until they're asked. At moments of delight, promoting a call to action for your referral program can have a great benefit. For your brand, and for your customer, who earns a reward once their referred friend makes a purchase.
3) It Feels Good
People like helping people. The dual-sided incentive makes your advocates feel good about sharing. It's not about spamming. It's about being thoughtful. A referral program provides a quick, easy, and impactful opportunity for your advocates to do something nice for someone they care about by sharing with them a referral incentive.
See how the pros use incentives to drive sharing in Extole's Referral Guide. Get your copy now.
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