Referrals - the most powerful tool...... #80
- Adrian Dionisio - business737 owner
- Oct 27, 2022
- 2 min read
Updated: May 21, 2024
Having spoken to 1000s of business owners there is one common theme throughout. Their success has in some part been based on referrals. Often it comes organically through customer satisfaction and happiness. You can however drive the referral process.
You can easily implement a system for your customers to spread the word about your business - and get rewarded for it. A tried-and-tested methods of getting customers, and referral marketing is as reliable as it gets.
Small business referral programs are a proven way to get your customers to spread the word to others. This promotion comes at a much lower cost than other marketing efforts.
It allows you to develop on existing relationships. New customers you gain are more likely to have a high customer lifetime value and bring even more referrals to your business.
Two sided incentives work best because all parties are rewarded. The newly referred customers as well as the loyal referring customers
How to increase your referral rate
Invite past customers to join your referral program
Allow non-customers to benefit from referring friends
Use two-sided rather than one-sided incentives
Be generous with the offer
Communicate your referral program everywhere
Be clear
Avoid confusion
How a referral program will increase your profits
Creates loyal customers
Increases brand reputation and awareness
Increases customer lifetime value
Increases repeat purchase
Encourages word of mouth recommendations
Makes sharing easier and faster
Sparks virality
Cost-effective
Referral programs are easier and cheaper
You target already loyal customers at little to no cost
Builds solid relationships
Increases trust in your business
Customers feel valued
Help create better relationships
See below some referral program examples and start implementing them into your business today
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