How to Create an Effective Referral Program in 6 Simple Steps
From choosing rewards to technical setup, learn how to create a referral program that accelerates growth and boosts profit here.
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Did you know that your voice has power? Eight in ten people say they trust the recommendations of their friends and family more than any other source of information, according to Nielsen research. Yet, brands often overlook how creating a referral program can increase these brand mentions and help them:
· Raise Brand Awareness
· Improve Conversions
· Decrease Churn
· Boost Customer Lifetime Value (CLV)
· Increase Profit
If you know someone who’s missing out on these benefits, please share this simple six-step process with them.
Step 1: Set the Stage for Success
Ensure all other areas of digital marketing — from your website to email and social media — as well as customer satisfaction, are all strong before implementing a referral program.
Step 2: Define Clear Objectives
Identify which personas the program will be designed for, overall objectives, and which metrics will be used to measure success.
Step 3: Choose Rewards
Use CLV as a starting point to determine an appropriate reward. Then, determine whether only the referrer or both the referrer and the referred party will receive rewards. Common rewards include:
· Product Discounts
· Free Products
· Product Upgrades
· Account Credits
· Gift Cards
· Cash
· Giveaway Items
Step 4: Select Tools and Develop Workflows
Most brands will benefit from leveraging a dedicated referral platform that automates the process down to delivering rewards, tracking, and reporting.
Step 5: Promote
Consider creating content for:
· Website
· Social Media
· Email
· Internal Team (so they can identify good referral sources and direct them to the right resources)
Step 6: Monitor Referral Activities and Incentives
Track the results. Experiment with different rewards and approaches to see what works best to improve the results over time.
Let Me Know How I Can Help
If you know someone this might help, please forward it along. If you have questions about referral programs or digital marketing in general, I’m happy to help. Feel free to hit reply or contact me through my website.
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