Advocacy is special in that it's universally effective.
If you've got customers, you've got advocates. Referral marketing will help you leverage your brand advocates to get more customers – regardless of your industry.
The biggest brands on the planet understand the power of customer advocacy and invest heavily, but that doesn't mean it's out of reach for your business. Since we're all familiar with retail, let's take a quick look at how advocacy scales in the retail industry.
Biggest brands: amazon vs. walmart
Let's compare two of the three biggest retail brands in the world. One is known for putting a big box in every neighborhood, the other for customer product reviews. Walmart, founded in 1962, spent more than $2B on advertising in 2015. Amazon, founded in 1994, spent $2.2B. By focusing on customer advocacy, Amazon generated over seven times the revenue from roughly the same marketing budget.
Big Brand: Hanna anderson
Where else are you seeing a better than 20% conversion rate? Through advocacy and referrals, this kids' clothing brand recouped the cost of their referral marketing program in the first month. And then, acquired 25% of their annual new customer quota by the end of the second month. How might your end-of-year holiday campaigns look with an engaged audience of brand advocates eager to amplify your message?
Ready to scale your customer base?
From retail to financial services – and everything in between – advocacy marketing is the best avenue for growing your customer base and revenue. So jump on board and contact your rep today to get your referral program scaling big!