Referral Marketing Strategies for Business Growth
Updated: Jul 20, 2021
Image Source: InviteReferrals
Every business wants to expand its boundaries further. Businesses aspire to become the customer's choice and wish to enhance their goodwill worldwide. In this business world, it doesn't matter if the company is new or well established; they are always looking for opportunities of growth.
Referral marketing is one of the favorite tools of the markets since it has the potential to boost sales. As we all know, marketing strategy is the backbone of every business, and we can’t ignore it's significance while planning to improve our customer base.
In this article, we are going to learn some effective referral marketing strategies that every business should try to earn new customers while encouraging their existing customers.
Here are the topmost referral marketing strategies.
Integrate your referral program with every aspect of your business.
Referral program integration means you have to combine your referral program with all activities. The referral program should be visible to the website's visitors. It is the primary and most important strategy you should follow. Blend it with the user interface and with all social media accounts. Every channel should showcase the referral marketing campaign. You can showcase referral campaigns on your apps, newsletters, blogs, and many more channels.
Image Source: InviteReferrals
Don't forget that social media has the potential to drive a large number of customers, so use this platform wisely; it has become a powerful platform to improve a referral program. You can reach a wide variety of prospects through social media platforms.
Even employees should keep this thing in their mind that they are the representatives of their company, and in all conversations with the customer, they should mention that their company also does have a referral program so that they can also earn some rewards by referring products to their peers. In fact, you can also use email signatures of the employees for featuring the referral marketing program.
2. Attract customers through incentives and freebies.
Businesses using a consumer-centric approach are more likely to be referred by the customers because they are satisfied by not only with the product but also with the companies policies. They highly prefer those businesses that offer incentives, benefits, and discounts to their customers. Incentives should add value to the customer and don't break the business budget. Offering gift vouchers is an excellent way to retain your customers. Try to use both side incentive strategies because it motivates the referrer to refer further.
3. Build personalized relationships with customers.
Personal relationships with existing customers make them feel privileged and valued and they are more likely to recommend you to others. Try to create a friendly conversation with your customers every time they connect with your business and executives. Understand their needs and give them what they want. Work on their feedback, make them feel essential for your business. Customer support should be strong because it will help you know customers better and will improve your brand presence in the market.
You should even encourage your staff to be respectful and helpful with customers. Also take customer feedback time to time so that you can learn more about their needs.
For making them feel valued, you can also send personalized emails. You can share information about their preferable product and services. Such assistance leads to higher sales, as they cater to the customer's requirements and also leaves a positive impression.
4. Ask customers directly and appreciate their efforts.
The most straightforward way of referral marketing is to approach your customer directly. Asking them face to face creates a sense of credibility, and even asking them at the right time is a great way to involve them in your referral program. The right time could be the time of invoice because the customer has purchased your product and felt happy. At that moment, you can request the customer for a referral.
It is also important to acknowledge the referrals after they have made it. A reference is a sign of appreciation for your business by the customer. Thus, conveying your thanks for the referrals make customers feel valued.
5. Stand out among your competitors.
In the era of cut-throat competition, you must try something unique to grab your customer’s attention. Since referral marketing is the most effective and tested method in the world, make your products and services stand out amongst your competitors. Exceptional products and services always get people talking about your business to others. In no time, the company experienced unpredictable growth.
6. Keep your customers up to date.
Customers feel privileged when brands make them feel valued. Businesses can send them emails regarding the products. They can make it more personal by sending them wishes on their birthdays, festivals, and anniversaries. Since emails are considered to be an important source of information, so customers are more likely to open them.
Providing regular information about your business will also make customer experience better. You can share informative emails, it can be articles or blogs. Informative articles can help customers to get an insight into your brand or services, and you can also tell them why your business is leading the industry. Share your side of the story with them, and tell them how your brand is making efforts for them.
In this article, we have seen those strategies that have the power to kickstart your business growth. Many organizations have experienced the power of referral marketing first hand. These strategies will not only help you to increase your customer base but also lead to generate more revenue. Apply these referral marketing strategies to give a more considerable boost to your business growth. I hope this article will help you to understand referral strategies better.
Keep experimenting with these strategies.
Shivani is a content writer at InviteReferrals & NotifyVisitors. She writes SEO articles, blogs, and guest posts for businesses to improve website ranking on SERP. She follows a balanced approach for the quality of content and its marketing. She loves to do creativity, although she had an English major in her graduation.