Everything we know about referral rewards and incentives. (Hint: it’s everything there is to know.)

Everything we know about rewards and incentives

You learn a thing or 39 working at Buyapowa, the world’s leading referral marketing platform. And, day in day out, we share what we know with our hundreds of clients across all kinds of industries – from fashion and beauty to telecoms and financial services, and everything in-between.

One of the topics we’re asked about most often is how to choose the perfect referral rewards and friend incentives. What are the different options available? Which ones work best in which circumstances? What value should they have? And what are the roles of rewards and incentives in the first place?

Well, here’s everything we know. And, now, you do too!
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Why ethical fashion is made for referral marketing

The days when consumers would support brands without knowing anything about them are over. The internet has made it easier than ever to learn about the ethics and practices of companies which consumers support. Companies with track records of ethical missteps or questionable policies can’t hide those blunders anymore. Instead, they bear the brunt of bad social media buzz, which can have a very real impact on their stock prices and overall reputations.

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Yoo-hoo, we’re working with boohoo!

Boohoo

Smashing it since 2006, the UK-based fashion firm boohoo is both an ecommerce icon and a multi-billion-pound empire, parenting other hugely-successful brands including Pretty Little Thing and the US phenomenon, Nasty Gal.

So, it goes without saying that Buyapowa are incredibly honoured to be powering their first ever refer-a-friend programme. As of today, millions of boohoo customers can introduce their friends and earn £5 credit to spend at boohoo.com (we’re guessing a lot of that credit’s going to be spent on boohoo’s headline-grabbing new collaboration with the ultimate It girl, Paris Hilton), while their friends will each receive 25% off their first shop. Better still, thanks to Buyapowa’s unique gamification feature, everyone who successfully refers a friend will get the chance to win a holiday worth £1000.
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IT’S NOT ME….BUT IT’S SO YOU!

Whenever we chat with our friends and clients in the world of fashion, two topics keep coming up. First, the schism between the see-now-buy-now collections and the more traditional see-now-buy-later model. Secondly the contrasting approach taken by the likes of Zara and Gap (respectively the biggest and third-biggest apparel brands in the world). Zara trickles collections into stores and online throughout each season; Gap dumps their entire lines out in big seasonal avalanches. In the techie world, they’d call that agile vs waterfall. In the world of fashion, they probably call it seduction vs exposé, and they’d probably say it in a very sexy French accent, too (well maybe in a Galician and San Franciscan accent in this particular case).

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Black Friday Sales: Getting the most out of the inevitable bargain hunters

credit_card_run

Sales exist for a good reason!

While clearing out last season’s left over stock frees up warehouse and display space and provides cash to reinvest in your business, the main reason you, as a retailer, sacrifice short term margins is in the hope that deep discounts will tempt good customers into your stores to begin a long term and profitable relationship. Of course everyone knows that sales also attract price sensitive bargain hunters with little notion of brand loyalty, but as long as there are enough good customers to compensate for the bad, sales make economic sense.

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