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Why Referral Marketing is Awesome

Why Referral Marketing is *:AWESOME: Created by S ReferralCandy Naturally. we all tend to Share our experiences with our friends. I just had the most amazing ´ burger in my Tife! Humans intuitively understand Referrals. We're wired to! In the ancient times. Ay. Daelus. your chainmail is bespoiled. Go to Balthazar the Blacksmith, and tell him I sent ye Oglaf Daelus Oh, you're a friend of Oglaf? Fantastic! Here's a discount! Balthazar the Blacksmith Business is booming thanks to you. Oglaf! Here's an axe for you! Later. Let's see what happened here: I helped my friend, and my favouríte blacksmith rewarded me! Happy customers and more business! I got my chalnmáil fixed! WIN + WIN + WIN We naturally make referrals because everyone wins. So you'd think customers who love your product would tell everyone about it, right? Sadly, most don't. Oops I totally forgot to tell my friends how good this is! DID YOU KNOW? 29% of satisfled customers „but only 83% are willing to refer products and services. actually do. You mean, these satisfled customers are not telling their friends about my shop? DON'T LEAVE IT TO CHANCE. Good marketing is about dellberately Influencing the process. Nicel How about I love your stuffl l'll be I love your stuffl l'll be Thanks! Vs back for more! friends too? sharing the love with your Ok cool. back for more! THIS IS REFERRAL MARKETING Referral Marketing is deliberately encouraging your customers to tell their friends about you. I'm still not convinced it's worth the effort. Can you back that up? HERE YOU GO: People pay 2X to recommendations from friends Referred customers are more attention less likely to leave ATTENTION TO FRIENDS RECOMMENDATIONS 200% STRONGER LOYALTY ATTENTION TO RECOMMENDATIONS FROM OTHER 5OURCES 100% 92% of consumers trust 7o recommendations from people they know° "Word of mouth is our best form of advertising" - ShopifyE TRUST RECOMMENDATIONS FROM PEOPLE THEY KNOW 92% TRUST SEARCH ENGINE ADS 37% OH WOW. Referred customers bring you TRUST ONLINE BANNER ADS 24% higher profit margins 25% HIGHER of our growth is from word of mouth" - Matthew Stinchcomb, Etsy REFERRED CUSTOMERS PROFIT MARGIN 90% NON-REFERRED CUSTOMERS PROFIT MARGIN Sounds good Referral Marketing simply works . It helps you attract customers who are 'more loyal and profitable. So why don't all businesses use Referral Marketing? Because it's so hardddd to manage on a larger scale. With just a few customers. It was easy. Thanks for telling your brothers about my shop! Here's an axe for you! But as business grew, It became much harder to handle. !!! 00 How do I use Referral Marketing as my business grows? SOME SOLUTIONS TO CONSIDER: USE A CUSTOM-BUILT SOLUTION If you're a massive brand, you can afford to hire specialists to build a custom solution for you. REFERRAL GURU REFERRAL WIZARD REFERRAL FAIRY You have full control. but this can be a long and tedious process. USE A REFERRAL APP A referral app allows you to get started quickly. so that you can focus on your core business. Don't forget to share the love with your friends and family! Going to make the best axe in the world! We love your stuff! We'l| be back for more! REFERRAL APP Simple and easy. let's'do this! A referral app allows you to: Help their friends get what they need Focus on improving your core business Make your customers happier Grow your business WIN + WIN + WIN + WIN This is why Referral Marketing is awesome. YES! YES! YES! Sources: A - Texas Tech University & Advisor Impact, "Anatormy of the Referral: Economics of Loyalty Decermber 2010 B- Lightspeed Research, "Global Web Index" October 2008, via eMarketer C- Nielsen Global Online Consumer Survey, July 2009 D- http://www.slidesharenet/pooya-rajamándjm-referral-programsandcustomervalue E - http://www.shopifycom/blog/ebeoš37-refeř-5-frlends-fo-shopify-and-your-store-ls-free F- Created by S ReferralCandy

Why Referral Marketing is Awesome

shared by ReferralCandy on Nov 07
1 comment
While content marketing and social media marketing are discussed and debated regularly, referral marketing is often neglected. This is an infographic we put together to remedy that. Enjoy!






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