Just over 4 years ago we began working with the Vodafone Group. Something we are immensely proud of, particularly as we are now represented across various different Pay as you go and Pay monthly mobile, Broadband, Fibre, SoHo and Business brands and segments and also across the United Kingdom, Ireland and The Netherlands.
NOTE: We’ve updated this article to include yet more fantastic examples of brands that are deploying creative and innovative ways of maximizing the performance of their refer-a-friend program.
What is a referral program? A referral program is growth marketing tactic that seeks to encourage existing customers to recommend a brand to their friends, family and colleagues. Often called word-of-mouth marketing, it seeks to supercharge natural or latent word of mouth with easy to use sharing tools and referral rewards.
Finding the right method to acquire new, valuable customers for your business is hard work. That’s where referral marketing companies come into their own.
Vodafone X has been offering young people in Ireland an incredible package of perks ever since its launch in 2017. Now, in addition to unlimited data and weekend calls, plus unique access to free online courses and creative studio spaces, Vodafone X customers and their friends will each receive a €20 Amazon voucher every time those friends activate and maintain a new account.
Word of mouth is already the largest source of sales for B2B businesses with 91% of B2B transactions being influenced by word of mouth, and so the opportunity to structure and formalise word of mouth with a referral scheme is one of the biggest opportunities in B2B. Particularly, when you consider that the average cost of a simple lead for a SaaS business is reportedly between US$50 to US$100 and telemarketing companies routinely quote US$750 and more per qualified sales lead.
About this time of year, we normally turn our attention to future-gazing and predicting the global trends that we think will define customer acquisition strategies in the year ahead.
As you may remember, last year we identified five key trends that we predicted would shape advocacy marketing in 2020. And, while admitting that predicting anything in the age of Covid-19 is fraught with risk, this year we are predicting just one macro-trend:
If you made it through Part 1 and Part 2 of this summary of our Best Practice Guide to Referral Marketing you will have learned the importance of choosing the right software, rewards and incentives, eliminating friction points in your funnel, and supporting your programme with regular marketing.