Genius Referrals
 

Knowing Genius Referrals: Why Promote A Referral Marketing Program?

Referral Marketing currently stands out as one of the most profitable techniques to increase customer acquisition and also sales in all types of businesses.

Referral marketing is considered one of the most efficient models to convert users into customers and improve income, thanks to the company-customer-referred trust, which helps improve brand reputation.

How does Referral Marketing work?

Referral Marketing is based on trust, as we explained earlier. People trust the experiences and recommendations of acquaintances, friends, or family.

If they provide positive opinions about products or services of which they have obtained satisfactory consumption, our predisposition to acquire them increases.

Such is the effectiveness of Referral Marketing that according to statistics, 90% of consumers trust the suggestions of family and friends, and 70% trust the opinions of other consumers.

And that is precisely the basis of referral marketing.

Direct recommendations, made by people known about the products or services of a company or brand, attract more attention.

The basis of this strategy is word-of-mouth, recommendations from satisfied customers who become brand promoters, and the main source of sales.

Rewards based referral programs

There are numerous referral programs and many other strategies to promote them. One of the most popular is the reward or remuneration for referrals.

Many companies, to drive referral customer acquisition, implement types of rewards programs to promote word of mouth.

A referral marketing strategy over rewards involves:

  • Identify loyal and most active customers
  • Establish a personal relationship with them
  • Create a link that motivates them to become ambassadors of our brand
  • Provide our customers with the right channel to refer
  • Offer them a reward that interests to them
  • Promote the campaign
Let's look at some tips to create a good referral program and get referrals that drive our business:
  • Choose the right reward
One of the main decisions we have to make when designing our referral program is what to offer as incentives or rewards, what type, and for what value.

Providing the right incentives will allow us to get more and more customers. Of course, to choose an appropriate reward for both customers and our business, we need to analyze some indicators such as the cost of acquiring our customers (CAC), the value of their useful life (CLTV), or the average value of their shopping cart.

Thanks to this, we will determine what is the maximum value of the rewards that we can afford and what our users prefer.

Some incentives can be:
- discount coupons
- store credit
- a gift or surprise box
- cash reward

  • Personalized communication
An automated, optimized and personalized referral program will always be effective. The strategy will work much better if we are creative and personalize the messages, for example, allowing our customers to write their texts, suggest products, etc.

  • Provide better experiences
Current marketing aims to offer innovative and satisfying shopping experiences regardless of the physical or online environment, device and channel. Therefore, we must also ensure that our program encompasses all possible communication with the user and offers educational content through Mails, Social Networks, blogs, Social Ads, etc.

  • Encourage referred customers to become referrers
Referred customers tend to be more loyal. So, we must think precisely of them when programming the strategy. Let's remind them that they discovered our brand through a referral and now they could pass on their experience with us to other friends. The longer the chain of references, the broader the reach of our brand.

  • Promote brand image
We must promote the quality of that product or service that our clients recommend because, through them, we are exposing our credibility and reputation.

That risk is one of the reasons some consumers refuse to participate in referral programs. They fear the recipient's assessment and how it could damage their image if it does not match their own.

To avoid these barriers we must promote a positive brand image and design a reliable and attractive referral program.

Driving customer service is key to making them feel comfortable signing up for our program so we can reap the benefits.
Knowing Genius Referrals. Automated recommendation programs for optimal strategy
The Genius Referrals development team puts at your disposal automated referral programs with the latest technologies for their optimal development and positive results.

That's why we propose a comprehensive platform, constantly updated with custom tools to create, manage and track links, advanced reports, a full dashboard with real-time metrics and statistics, email and banner reports, registration auditing, direct link tracking, various and multi-tiered rewards, etc.

Our goal is for our customers to be able to carefully check the subscription plans and the list of features so that they discover how quickly their user base and therefore their income is growing.

The Genius Referrals platform covers every stage of the process in your referral program.

We take care of Empowering Promoters, Obtain Referrals and Increase your sales through several steps:
- Building
- Design
- Integrations
- Analysis and optimization of the strategy
- Releases
- Promotion
- Tracing
- Payments
- Rewards
Automated software for all types of businesses
We offer various automated software to power an effective referral program. For example:

  • Customer Referral Programs
We grow your customer base by taking advantage of word of mouth, increasing your exposure on social networks, and generating flexible campaigns with constant monitors.

  • Affiliate Marketing Program
A program that maximizes your ROI (Return on Investment), offers affiliates a superior and simplified experience and puts metrics, reviews, links, payments, and content at your fingertips.

  • High Growth Influencer Marketing Programs
Genius Referrals Influencer Marketing software drives brand awareness to an unprecedented level and increases customer base and sales.
Plus, we equip your influencers with all the tools they need to share personalized content.

  • B2B Partner Program Solutions
A program that allows you to build relationships with partners and use their reach to drive brand promotion.
POSTED ON AUGUST 16, 2022
BY: ELIZABETH ALMEIDA