When you think of referral marketing, customer retention may not be the first thing that springs to mind, with most considering referrals as a channel for acquisition. But referral marketing is more than a one trick pony. In addition to generating leads from a new audience, it also offers creative and organic ways to nurture loyalty and encourage repeat business within your current customer base,
At Harviist, we believe that your customer should feel like a part of your brand, not a target of it, so we’ve put together a few ways you can use referral marketing to make your customer feel connected.
The Chosen One
Nothing makes us feel more special than a little bit of exclusivity, especially in the competitive world of social media. So, offering your best customers the opportunity to become brand ambassadors is a great way to build trust and loyalty – almost like they are part of the team. Our referral software creates, tracks and analyses influencer campaigns and offers full segmentation, so you can target your best customers who will then showcase your products to a look-a-like audience. The result? A stronger, more personal connection with your favourite customers and exposure to new potential customers.
Rewards = Retention
According to a 2018 study, 83% of satisfied customers are willing to refer products and services, but only 29% actually do. In other words, your customers want to recommend you! Close that gap by offering a simple way for your customers to share your brand and don’t forget to offer an incentive. A customer will tend to follow through if they are going to get rewarded for something they would have done anyway.
In terms of retention, incentives add value to the customer experience which helps you stand out from the competition. Consumers generally prefer to return to a brand who has credited gifts and incentives in the past over a new one that hasn’t. Personalise these gifts to increase brand loyalty even more; customers love it when you’re paying attention to their individuality.
Include a loyalty program in your marketing strategy so you can really roll out the red carpet to encourage customers to come back. With the Harviist software, rewards can be tiered depending on spend/frequency so you can tailor your program to your different customer segments. By offering a loyalty program you’re acknowledging that your success is down to your customers and they deserve to be rewarded for choosing you. Demonstrating an appreciation of give-and-take is a great way to develop a strong, trustworthy relationship with your customers.
Referral marketing is fast becoming the new frontier when it comes to building a growth strategy and it’s easy to see why. It covers both customer retention and acquisition and, with your customers doing your targeting for you, it’s cost-efficient too. At Harviist, our referral marketing software plugs straight into your current campaign platform, making it quick and simple to use. With no complicated integration, you just turn it on and let it do its thing. We’ll track your campaigns in real-time and our intuitive dashboard gives you results at a glance.
Contact us at [email protected] to find out we can help mobilise your customers to become your most valuable growth asset.