Referral marketing is the method of promoting product or services to new customer usually through word-of-mouth. Referrals increase the level of satisfied customers and sales revenue. Creating a referral program is a low budget high-impact marketing strategy for the business. All businesses should use it, no matter how big or small.
- Design a referral scheme
The referral plan must be based on refer and rewards model for design to attract the more customer. A company need to modify sales process with refer codes/ refer names. Referrals marketing can be boost by identifying the network of customer that help to build the image of the company. Referral marketing has many potential benefits, this type of marketing strategy can be customized to reach a variety of target.
- Set up interactive events
A company can bring the customers together to build the success of business. We can create a program or event to award the customers who have referred our business. It is very important to motivate the customer to bring them together to share the ideas & views for a team work for development of business.
- Identify opportunistic customers
Company need to learn about the customers to fulfill their desire with good networking. You can ask for favor to existing customer to refer our product to other people and can give some incentives to them. You also need to be clear about the terms and conditions while giving rewards on referrals.
- Repeated reward
To enhance the referral, appreciate the best referral customer and give them timely rewards. Meeting /gathering should be held to make strategy/plan regarding the referral program. Reward deceleration is the vital part in referral to motivate the best performer.
Company need to inform all the customers about the different referral schemes to attract them. Communication is a great way of doing referral marketing so you need to speak to the individually to all the customers for referral. Social media is also an important tool for doing referral marketing, so you can also increase your business with the help of social media by circulating news about company and its product.