HOW TOP BRANDS PROMOTE THEIR REFER-A-FRIEND PROGRAMMES
Referral marketing works just like any other form of marketing: via a funnel. You put people in at the top. They go through several of stages of conversion as they share with their friends. Then, as those friends engage, successful referrals complete the process.
Working in marketing in telecoms can be challenging – it’s quite simply that all telecoms brands are competing for the same customers, who can get more or less the same thing from a long list of providers. And, not only can those customers can also get the same iPhones, Xiaomi or Samsung phones, they can also get a new 5G service from almost all of them too. And the price wars never stop. In other words, in a such a competitive market with little product differentiation, you have to know how to stand out from the crowd if you want to be the best.
Chances are high that you will have seen some form of email arrive in your inbox over the last few weeks inciting you to take part in the latest sweepstake, lottery or competition for ‘a chance to win…..’.
As the world’s most advanced referral marketing platform, we spend all day every day digging into what makes people share invites to their favourite brands and retailers and what makes their friends shop. Over the years, we’ve acquired a vast wealth of insight… now it’s time to share it with you.
In this dispatch from our labs, you’ll learn which sharing channels, rewards and incentives work best. We’ll identify which kinds of customers refer the most, the best time to get them involved and how long their referrals can take to come in. And we’ll debunk a myth or two along the way.
Referral marketing is the fastest-growing form of customer acquisition – so much so that it’s becoming increasingly hard to find a successful brand which doesn’t operate some kind of refer-a-friend scheme.
It’s also fundamentally simple: your existing fans and customers are rewarded for telling their friends about you, those friends are incentivised to shop, everyone’s happy.
Once a function of PR, but now very much embedded within everyone’s marketing strategies, influencer marketing is the biggest game in town. And by big, we mean soon-to-be $15 billion big. Yep, you read that right.
But, in the light of recent reports highlighting the difficulty in the influencer driven game, is it time to think again? We explore the past, present and future of influencer marketing, and take a look at the technology that’s helping marketers engage millions of genuine voices with genuine influence, delivering genuine results.
Let’s start by going back – and I mean way back, when internet just about reached every household. Gone were the days of super-expensive billboards and celebrity driven ads. This was a new dawn, apparently saving us from marketing overload, where everything was measurable, where scale kept prices down and where campaigns could be tweaked or switched in a heartbeat.