We all like things to be fast and easy; referring friends is no exception. Even when there's a tempting incentive up for grabs.
Making it straightforward for customers to share your brand – and for their friends to act on the recommendation – underpins a successful referral programme. That's what makes name-sharing so effective.
68% of consumers have recommended a brand in the past 6 months. But that doesn’t necessarily include your brand – even if your customers love your products and service.
And there's a simple reason why.
Did you know that acquiring a new customer can cost five times more than keeping an existing one?
But executing a marketing strategy that drives new customer acquisition while delivering strong results with effective return on investment (ROI) is becoming increasingly difficult.
You’ve heard great things about referral marketing. You know it increases new customer acquisition by 10-30%; that referred customers spend 10-25% more on their first purchase; and that these customers are three times more likely to become referrers themselves.
Whether it makes you swoon or cringe, Valentine’s Day is almost here – and it presents a big opportunity for your brand’s bottom line. Even if you don’t sit in the traditional gifting sectors.
