Referral marketing is the method of marketing by referrals, the usual word of mouth. Many a time, such referrals take place spontaneously, but businesses can influence this through appropriate strategies like inducement prizes.
An employee referral program might appear as a new-age offering to some people. But it's really the most underused part of any compensation and benefits program. In fact, many studies prove that referrals are the most reliable form of advertisement. In addition, referrals are created by happy customers, who are usually eager to promote your business for free.
Many studies prove that referrals are the most reliable form of advertisement.
Referrals help bolster profits while keeping costs at bay. It's pretty easy to see why referrals rock. But how can you adapt your business for it to act as a referral generator? The simplest way would be getting referrals by utilizing referral program software.
To gain referrals, you have to offer products or services that people take a fancy to, while also having a well-equipped customer service. You have to ensure your customers are satisfied enough to want to refer you.
However, this won’t help much, because even happy customers wouldn’t always make use of word-of-mouth to talk about you naturally. This is where referral programs come into play.
For instance, an STB player may refer to some other businesses to you if they are incentivized. A good incentive, in this case, would be a position on the leader board. To get their referrals, even more gripped, you may offer the new customer a similar grant.
In the present era of technology and social media, businesses are aware of how crucial word-of-mouth marketing is. However, many don’t know how to keep track of their word-of-mouth or cause it to happen.
By integrating a referral program to a strong foundation, you can get referrals to skyrocket and also track them.
This is for the reason that not only does a referral program help with getting shares, but it also makes it simple. As a matter of fact, many referral marketing services have easy share buttons in place for customers. Moreover, they allow businesses to set up messaging, therefore, making it easy and convenient to share, all the while building a community as people share with friends and family.
Lastly, a referral program allows word-of-mouth to be tracked. Referral program systems track each of these engagements, meaning you have a handy way to measure your referral analytics, making it easy to figure out what is effective in getting leads to your business.
An example of community building through STB would be:
Sometimes, referral programs work best when they differ from the typical incentives and offer something with a little spin. Through STB, you could create a charity referral program that accomplishes just that, a program that would symbolize what its community is passionate about. Rather than giving a cash incentive to its players or a position on the leader board for referring, STB could donate on that player's behalf to their favorite charity.
Why It works
A charity donation is a creative way to both reward and builds community while making your customer feel good about their efforts.
Since referring someone is so easy, it's a win for everyone. A charity gets a donation, the player feels good for contributing to a charity, all the while building a community, and the brand gets a referral.
If you need help developing a competition site for your company, the experienced team at Tentacle Solutions is happy to assist. Based in Glasgow, Scotland, we deal with all facets of skilled games, including predictive analytics, testing, creative UI/UX services and more. Contact us today to learn how we can help you create a one-of-a-kind app to suit your unique needs.