If done right, a well-run e-commerce referral marketing program will almost certainly deliver on its promises: low-cost customer acquisition, higher average order values and longer customer lifetimes. Referral may seem easy, but there are some fundamental aspects that if not done correctly, can ruin every good referral program:
The past decade has seen a rapid rise in the of selling products online through ecommerce platforms such as Shopify, Magento, Big Commerce, and WooCommerce, which has made it easier than ever to launch products to a wide audience without having to invest in costly venues or stores. Companies who develop and sell their own products have never had more opportunity to bring their products to market. Because of this availability and affordability, the number of brands is inclining the quickest it ever has.
Editors’ Note: We’ve found one more — possibly the most important — thing to consider when encouraging your customers to refer their friends to you. This blog post now goes to 11. See below for item #11 and learn how to move from affinity to advocacy.
When you’re looking to scale your customer acquisition channels in order to grow your business, it can be tough to know in advance which platform will bring your site enough high-converting traffic to make a difference to your bottom line.
Even if you have killer content on your site and blog and you study your site analytics – so you know exactly which channel is bringing in the money – the question is how you get more and better traffic. Finding new channels inevitably involves some testing and learning, but you can always new test channels faster, be more flexible, and leverage existing customer data to plan your next testing hypotheses more efficiently.
At Buyapowa, we see many digital marketers wondering what is the difference between affiliate, influencer and referral programs and which is best to help boost sales via word-of-mouth.
While all of these can be genuine forms of word-of-mouth marketing (although affiliate marketing may have nothing to do with word of mouth, and can be can be click arbitrage or other forms of marketing etc.) they differ from each other in a number of ways. For retailers just starting out, the terms can be easy to mix up. And even experienced marketers can struggle to understand the best time to implement such a program and the relative benefits of each. So which program is best for your business?
While it’s tempting to shell out money for ads designed to put your content in front of potential new customers, there’s one money-maker you already have at your disposal: your email list. If done right, you can inform, delight, and drive your customers right to that “buy” button – and they’ll never once accuse you of cluttering up their inbox. Even more important for your business? Enticing brand-new audience members – and potential customers – to join your email list, so your online empire keeps growing.