Referral marketing growing your business by using your reputation and rewarding your customers
Referral marketing is a way of getting existing clients to promote your business in return for a commission or reward. Traditionally, this was known as getting business by “word of mouth”. Happy customers can become great partners and our referral marketing service can help you benefit from this relationship.
Why is referral marketing so important?
Referral marketing is potentially the least expensive way to market your goods and services. It can increase brand awareness and also is a great way to measure customer satisfaction. Customers trust referrals, so conversion from a lead to a sale is more likely than if it was a “cold” lead. Our referral marketing service can show you how to leverage your existing customers on social media and the internet in general to get more business.
Key benefits of referral marketing
referral marketing typically offers a low-cost, high-return marketing strategy
more targeted prospects - the existing customer knows both parties and so is better able to determine the benefits to the potential new customer
improved customer retention rate - customers who participate in referral programmes are much more likely to stay with you
referral marketing is a great tool for measuring customer satisfaction
you can multiply the amount of loyal customers by offering incentives/rewards
Looking to build a referral programme?
Getting referral marketing right
While incentivising existing customers to refer friends and family to your business may sound easy, getting the referral programme set up and managed correctly is key. Offer the ‘wrong’ type of reward or incentive and your programme won’t work. You need to understand your customer base and tailor your programme.
Results
0-100,000 applications
With an affiliate programme as a part of a finance lender’s digital strategy, we grew a business from 0-100,000 applications in 12 months.
£1m in revenue
Helped take a client’s niche insurance programme to £1m in revenue in 3 years.
80% Leads
Launched a lead generation business that delivered 80% of the leads it generated via a multi-affiliate network strategy.
