Sometimes clients and prospects ask us whether they really need to give an incentive to a referred friend. As if giving an incentive will attract the wrong type of bargain hunting customer? Or, where you feel your product or service is high quality, then surely the recommendation of the friend should be enough? Particularly, if your service is invite-only, like a private shopping club.
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!
Your customers are the lifeblood of your business. You can have a fantastic team, a great catalogue of products, and an amazing intended path forward, but none of it matters if you can’t keep your customers happy, engaged, and willing to tell their friends about you. In ecommerce, your customers are arguably the most important and effective sales tools you have at your disposal. Your customers talk, and their friends listen. You can spend your entire marketing budget on precisely targeted Facebook ads, compelling email campaigns, and clever CRO tests, and you’d still never get as good of results as you get when a loyal customer—a brand advocate—convinces a friend or family member that your products are worth buying.
Good news: You have decided to delve into the realm of referral marketing and launch a customer referral program for your e-commerce site. If you read the first blog of our two-part blog series dedicated to customer referral programs for e-commerce sites, you were enlightened on what referral marketing is, what a referral program looks like for an e-commerce business and how you can identify the program ROI to determine if a customer referral program will work for your e-commerce business. If you haven’t read the first blog, or are still uncertain, please check it out.
