Referral marketing
Unique to Mention Me, ECR data offers unparalleled insight into your customers’ spending potential, providing better insights and bigger opportunities for your brand this BF/CM.
Why is ECR important? Well, if you only focus on your highest spenders, you could be missing out on your most valuable customers: your brand advocates.
One of our clients, Brandalley, leveraged ECR data to get:
With Predicted ECR, you’ll have these unique segments:
With Network Insights, you’ll know:
It segments customers into two groups:
Read time: 4 minutes
Referral campaign set up? Great. You’re almost ready for the perfect Black Friday.
Next, identify and target your customer advocates. Why act now? Because accessing your referral data early can help transform your BF/CM strategy into a smashing success.
With our unique tools and metrics — like Network Insights and Extended Customer Revenue (ECR) — you’re already ahead. But you need to leverage them now to ensure success.
So, here are five tips to help you beat the competition and become your brand’s Black Friday hero.
Tip 1: Boost Profits With Extended Customer Revenue (ECR)
Extended Customer Revenue is the revenue a customer spends, known as their Individual Customer Revenue (ICR), plus the revenue generated by their referred friends.Unique to Mention Me, ECR data offers unparalleled insight into your customers’ spending potential, providing better insights and bigger opportunities for your brand this BF/CM.
Why is ECR important? Well, if you only focus on your highest spenders, you could be missing out on your most valuable customers: your brand advocates.
One of our clients, Brandalley, leveraged ECR data to get:
- +47% click-through rate
- +10% average order value
- +28% conversion rates
Imagine if you could boast similar figures in your Black Friday debrief. Thanks to ECR data, you just might. Unsure how to get started? Don’t worry, it couldn’t be easier.
You can already view your ECR data on the Mention Me platform. However, to export and leverage the data for Black Friday success, you simply need to be on the Advocacy Advanced package. Or, you can get an add-on.
To find out more, speak with your Customer Success Manager or contact our support team.
Tip 2: Plan for Success with Predicted ECR
Predicted ECR is our machine learning model that forecasts advocacy trends within your existing customer base over the next 12 months.With Predicted ECR, you’ll have these unique segments:
- Which fans are likely to keep advocating.
- Which fans may stop advocating.
- Who your future advocates will be.
How do we calculate this? We start by analysing historical patterns of customer lapsing, purchase, and referral behaviour. We then consider factors like the RFV (recency, frequency, and value) of orders and referrals.
With Predicted ECR, you can start confidently building your BF/CM strategy by understanding your customers' advocacy behaviours now and into the future.
4 ways to nail Black Friday with Predicted ECR
Predicted ECR provides five ways to beat the competition on Black Friday:
1. Precise and personalised targeting
First off, you can use Predicted ECR to create these smart segments:- Loyal advocates.
- At-risk advocates.
- Potential future advocates.
Then, target them with tailored BF/CM offers to maximise engagement and referrals. For loyal advocates, offer exclusive previews and early access to BF/CM deals, and for at-risk advocates, create special rejuvenation offers to rekindle their interest.
2. Customised and boosted incentives
Customise your referral rewards based on the segment. For example, offer loyal fans exclusive deals or merchandise, and send attractive discount vouchers to potential advocates.
During special periods like Black Friday, we recommend increasing your referral bonuses to incentivise more referrals, whether it’s by increasing the discount or offering free delivery.
3. Better timing and frequency
With Predicted ECR, you can easily optimise the timing and frequency of your communications based on predicted behaviours.
For example, send early-bird notifications to loyal advocates, but send last-minute deals to re-engage at-risk customers.
4. Continuous improvement
Track the success of your current referral campaigns and adjust strategies as needed for Black Friday. Use A/B testing to optimise conversions and understand what messages and offers work best for each segment, ensuring continuous optimisation of your BF/CM strategy.
Key takeaway? Start now to ensure you’re fully prepared with the most effective BF/CM offers, deals and messaging.
Tip 3: Outwit your rivals with Network Insights
Network Insights uncovers hidden groups of loyal fans growing in your customer base. It enables you to identify influential customers and map out their networks during busy periods like BF/CM, making it easier than ever to create personalised and direct engagement strategies.With Network Insights, you’ll know:
- Which customers are driving word-of-mouth referrals.
- Where these referrals are happening.
- Who they are referring.
3 ways to drive referrals through Network Insights
There are three key ways to leverage Network Insights for an impressive Black Friday:
1. Target your micro-influencers
Identify and engage highly influential customers, encouraging them to share exclusive BF/CM promotions with their networks to boost referrals. However, customers need time to spread the word, so prepare your messaging and start targeting this segment now.
2. Personalised rewards
Implement tailor-made incentives for your top referrers, acknowledging their value and enticing further engagement. For example, offer exclusive early access to sales or additional discounts for every successful referral during BF/CM.
3. Host referral-boosting events
Think outside the box with a ‘Refer-to-Win’ competition or virtual event — exclusively for your key referrers. With this technique, participants earn entries for each successful referral during BF/CM, so kickstart these events early to build momentum and anticipation.
Tip 4: Drive value with Propensity to Refer (PTR)
The Propensity to Refer® data model is our customer segmentation tool that predicts each customer’s likelihood to refer at the point of purchase.It segments customers into two groups:
- High Propensity to Refer
- Low Propensity to Refer
The AI model presents each group with tailored experiences designed to encourage action. Tired of seeing what sticks? This model removes the guesswork and maximises your chances of generating leads and driving BF/CM revenue.
How? It sends enticing referral offers to customers who are highly likely to refer. For Low Propensity to Refer customers, it sends alternative, valuable offers such as discounts or sign-ups to your newsletter.
Either way, PTR provides key ingredients for growth.
By acting now, you can ensure these segments are well-prepared, helping to maximise each interaction during BFCM, driving more referrals and optimising your customer engagement ahead of peak sales events.
Time is ticking!
Tip 5: Target more customers with Audience Builder
Want to bolster your PPC efforts for Black Friday? Well, of course you do. Our Audience Builder tool creates seed audiences from your first-party referral data and seamlessly syncs them with Meta.
This enables you to target more people like your best customers — through lookalike audiences.
With Black Friday around the corner, now is the time to leverage Audience Builder to maximise your reach and boost your sales.
Roundup
You wouldn’t leave Thanksgiving prep until the big day. Or your Christmas shopping. So why wait to access unique customer data that could put your rivals in the dust? Be your brand’s Black Friday hero.
With our unique tools and metrics, including Predicted ECR, Network Insights, and Propensity to Refer®, you have an arsenal of referral strategies that’ll have your brand firing on all cylinders during the busiest shopping periods.
So, ready to nail Black Friday? To get started, speak with your Customer Success Manager or contact our support team for details.
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