Everything You Need to Know About Referral Marketing Program
From the past few years referral marketing has been acquired by many top brands and this is really helping them to grow faster than any other strategy for their business.
In Digital Marketing world when you plan about growing business online than you can’t ignore the referral marketing program.
What is referral marketing?
According to the New York Times, 65% of all new business comes from referrals. That means on average, two-thirds of consumers make purchases because someone they know recommended a particular product or service.
How Referral Marketing help you in your business
- 92% of consumers trust referrals from people they know – Nielsen
- People are 4 times more likely to buy when referred by a friend – Nielsen
- Consumers rely on word-of-mouth 2-10x more than paid media. – Boston Consulting Group
- It saves your marketing budget
- It retains your customer and acquire new customer
- It is user friendly and customer centric marketing strategy
- It engages customers and gives them benefits to retain with the brand
- This way you not only save your money but also bring new customer.
Referral Marketing Process
- Discuss with your sales and marketing team about the customers
- Understand the customers behavior and trends of the business in your industry
- Draw a plan with sales team about what they can offer to a customer if that bring another customer
- Discuss the finances with marketing team and chalk out the promotion plan
- Make digital marketing plan to advertise your referral marketing program