How to win back lost customers with referral marketing

Looking for lost customers, reward offered

Every business loses customers, regardless of whether you’re a major telecom, a large bank,  a popular retailer or even just a small local business. Sadly, it’s one of those universal truths like death and taxes. And just looking at the average churn rates across industries is enough to send chills down any finance director’s spine: retail has an average churn rate of 37%, finance and banking have a churn rate of around 25%, and telecom customers churn at a rate of 21% churn rate.

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How to get customers to become Brand Ambassadors

How to get customers to become Brand Ambassadors

When it comes to trying to market a brand or product, there is no asset more valuable than a Brand Ambassador; those who evangelize you, your brand or your product or service to their friends,  family and colleagues. No matter how well you personalize your messaging, no matter how much data you pour into your targeting, and no matter how much effort you put into reaching niche audiences, you simply can’t compete with the power and credibility of a trusted friend, family member or colleague.

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Why success requires so much more than just referral marketing software

If you have been regularly reading our blog, you will have seen that the Buyapowa Referral Marketing Software platform is a sophisticated and powerful tool, packed with value-added features, fully configurable and capable of integration with a whole host of other platforms. And it’s also capable of extending to many use cases far beyond simple refer-a-friend marketing.

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How we would improve Netflix’s referral program

Netflix referral program

Referral marketing is one of the most successful techniques that companies can employ to ensure they stay on top of their market. And many iconic companies like Uber, Airbnb, Dropbox and Netflix, owe much of their incredible initial growth to supercharging natural word of mouth with a referral program. But a mistake that we think many of these titans have made, is in not realising that no brand is too big for referral marketing and, once they have become established household names, they have often failed to update and upgrade their referral program to support the continued growth of their business.

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How do leading telecoms brands stand out from the crowd?

Smarty referral programme

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.

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