‘Bro trust me this shoe brand is amazing, just go for it and I guarantee you’ll love it.’
‘I would recommend you buy a Dell laptop over Acer.’ and so on. Confused?
No need to be, this is how the referral strategy works.
Referral strategies can work wonders for your product/ service and boost your ‘Sales’. By incorporating ‘Referral Strategies’ into your existing marketing campaigns, you can significantly result in more leads to sales conversion. An efficient and effective referral strategy can also give you an edge over your industry competitors. However, executing one isn’t as easy it sounds. It takes many factors like in-depth market research, knowledge, competitive analysis,etc into account.
Are you looking for the perfect referral strategy for your business? If yes, you have landed on the right page. So let’s get started, but before that here’s an overview of ‘What is a referral strategy?’
To put it simply, Referral strategy is a marketing tactic that efficiently uses word of mouth and recommendations via your existing customer base. It simply means your happy and satisfied customers spreading brand awareness (brand advocates on behalf of your business), thereby bringing in more new customers.
Now, you know the basics of referral marketing strategy, so let’s move further and discuss how exactly you can execute referral strategy efficiently for your business.
Every marketing strategy picks up by defining its goals and objectives. If you jump in randomly without research and setting up specific targets, you’ll end up wasting both time and resources (until you are lucky enough). The same goes when you are building a referral strategy for your product/ service. Set a weekly/monthly/quarterly/ yearly goal for your referral campaign. Start with small and once you see results coming in, scale up the number of target referrals/ time period.
Well, the strategy is named referral for a reason meaning which, the more you leverage your network, the better results you will get. Also remember that you shouldn’t shy away from asking for referrals be it from your loyal customers, colleagues, friends, family, etc.
It is simple: The more people you ask for referrals, the better results it will fetch!!
Everyone loves discounts, gift cards, coupons, and other forms of reward. Rewards can attract existing customers to take an initiative and promote/recommend a product/service to others that they have been using already. While they may be happy and satisfied with your offerings, it isn’t necessary that they will recommend it to someone else. However, when you are willing to offer them something in exchange for their word of mouth, why wouldn’t they do so.
This can be a great way to both attract new customers as well as get a few referrals. People who are already in the group can become your customers while they can recommend it to others if they are satisfied with what you are offering. Social Media has immense potential and leveraging its power will only help strengthen your referral strategy.
Every marketing strategy including referral strategy will work in favour of you if you have knowledge and have conducted thorough market research.
Follow the above simple steps and make sure you are getting enough referrals each day!!