The Power of Your Network
Who is an Advocate?
Any person that actively shares information about your company to their network. Examples are: customers, prospects, employees, partners, family, friends, etc.
Why are Advocates so Powerful to a Brand?
Each advocate generates on average 1.5 referrals within a 12-month period. Referrals close at a higher rate: 60%
Referral marketing is getting popular day by day. Many businesses do referral marketing whenever they need to spread interesting information about the new product or service through the existing customers.
Sofi Bank is offering a free online bank account with a debit card that pays $25 to the enroller and $75 commission to everyone that refers someone to the account.
So YOU set up your account and receive your OWN $25, and then you will set up your family and friends and THEY will all get the same $25, and you get $75 for everyone that gets the $25.
This marketing method is a bit different than traditional advertising. Undoubtedly, customer referrals work as the most cost-effective way to regain old customers as well as new customers.
But, how can businesses successfully generate higher quality referrals? Here are some simple tips to increase more Referral marketing for businesses in need!
Create a proper referral-generation plan: This is the most important tip among all other tips to increase more referral marketing.
You can’t generate referrals automatically! You need to do something that will trigger the generation of customer referrals.
Additionally, only a great product or customer service can generate huge referrals! So, you need to work on your referral-generation plan.
Exceed customers’ expectations: Go beyond what your customers expect from you. Until you surprise them with a new and interesting element, they won’t stick to your services.
Get referrals from the consumer tribe. They should contact family and friends to let them know how important and lucrative this referral program can be. This will benefit your products or services. If you’re already offering great customer experiences, then take a step further.
Offer financial incentives: Among all the tips to increase more referral marketing, this is the most interesting one! You can offer rewards for customer referrals.
Include this step into your referral marketing plan and boost up your business sales exponentially. You can offer limited discounts to customers whenever they share your services on Social Media!
Target the most influential customers: You need to target the most influential customers from your customer base so that they can refer to more and more consumers.
This tip is very much import for businesses whose resources are very much limited. That doesn’t mean that these customers have to be your best customers. Choose those people whose opinions are valuable to others.
So, if you can follow up these simple tips to increase more referral marketing,then you will be able to drive your business sales through customer referrals. Your customer base will increase with new customers!
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