10 things you didn't know about referral programs

Referral omnichannel Talon.One

Marketing

Sep 14, 2022

Talon.One Writer

Content Team

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2 minutes to read

Ever get the feeling your ad campaigns aren’t working? Does cutting through the noise online seem impossible?

If your business is struggling with growth and promotion marketing, try implementing a referral program.

According to Nielsen, about one third of online advertising campaigns don't work — they don't generate awareness or drive any lift in purchase intent.

With an effective referral program in place, you can increase profitability, lower customer acquisition costs, drive sales, etc.

Customers acquired through referrals are 16% more profitable than those acquired through other channels. -Harvard Business Review

Why you need a referral program

Here are some compelling reasons why your marketing strategy needs a referral program today. See the infographic below:

referral program

Sources: Nielson, Sales Benchmark, HBR, Wharton, Forbes, BCG

To run an effective referral program, it isn’t enough to expect customers to start talking about your business. Asking the right customers at the right time is a crucial element of a successful referral structure.

You might hesitate to ask your customer to promote your brand, but with the right reward and well-designed referral program, you will quickly see the return on investment.

referral program

If your company has a powerful referral solution in place, setting up an effective referral program should be easy to implement. Please get in touch if you have questions about the right referral software for scaling your business.

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