About Referral Marketing
Referral Marketing is a powerful marketing tactic that helps you stand out from the marketing competition. Usually, people trust the brands and services recommended by their friends, family, and celebrities. Referral marketing, as the name defines, uses Internet Marketing and word of mouth to take the business into customers.
Sunlight IT Digital Marketing team offers goal oriented referral marketing strategies to grab quality traffic and increase ROI. With a commitment to bring digital success for your business, we Sunlight IT offer several other Online Marketing strategies like SEO, Social Media Marketing, Content Marketing etc.
Online referral marketing generates a steady flow of leads. Existing customers can refer products and services on social media platforms like Facebook and others. In simple words, it influences people to buy products or services through reference. Referral marketing can be tied to Social Media through Emails, messages, and customer support.
It is moreover considered the best Marketing strategy, as people trust recommendations of known persons more than advertisements. In this type of marketing, businesses encourage existing customers to refer about their products and services to friends and family. According to studies, people are four times more likely to buy the products referred by friends. For customer’s efforts, businesses reward them with gift cards, points, and discounts. This organically boosts lead generation, builds trust, strengthens existing customer relation, and grows your business.
Businesses can build a customer base organically on social media and word of mouth. In this, customers also receives incentives for their references from the companies. Further, this leads to a win-win strategy and increases customer loyalty. This strategy works best in an online environment, as the references spread faster and reach a broader audience in a short period.
5 Benefits of Referral Marketing
Referral Marketing is considered one of the most efficient and cost-effective strategies. It offers a wide range of benefits to the businesses like
- Reach targeted audience: Businesses can reach a wide range of audiences with word of mouth and Online. By giving incentives, businesses encourage customers to refer business in front of their friends and family circle. With this strategy, companies can also reach many people, which might be not possible otherwise.
- Increase leads: Customers put your business in front of their circle who benefit from your products and services. These people are more likely to give your brand a try. Secondly, this increases quality leads, which is the ultimate goals for every businesses.
- Increase loyal customers: This strategy creates a sense of trust and loyalty as a close circle recommends it. Referred customers are more likely to make repeat purchases and refer the business for the incentives they receive.
- Cost-effective strategy: Above all, Referral marketing is definitely cost-effective when compared to the traditional marketing. In this type, customers spread the word about the brand at low-cost rewards. Most of all, the reward/ incentive is fixed and is only paid per performance.
- Extend brand awareness: Referral Marketing is a significant contributor to building brand awareness. The more the customers talk about the business, the larger the brand awareness.
Contact the expert team of Sunlight IT, to expand your business reach through Referral Marketing.