Find out what it takes to build a great referral program

Referrals at Talon.One

Marketing

Jul 18, 2022

Henry Bewicke - Content Writer

Henry Bewicke

Content Writer

Time to read icon

2 minutes to read

Our new Referral Program Playbook takes an in-depth look at referral programs. It covers how and why they work, and how to make your own referral program stand out.

Referral programs are a popular way for businesses to source new customers. They follow a pretty simple format: 

Get existing customers to find new customers with the help of incentives or rewards.

Specifics can vary from referral program to referral program, but generally both the existing customer (advocate) and the new customer receive a reward following a successful sign up.

Why are referral programs so popular?

Referral programs are obviously popular with customers because they get rewards. But why are they so popular with businesses?

Firstly, referral programs are proven to aid businesses in the pursuit of a number of different business objectives, including:

  • Customer loyalty

  • Brand awareness

  • Customer engagement

  • Customer retention

These are all key parts of a successful business, and ultimately they serve to increase revenue in the long run.

Secondly, when you look at the stats, customers brought in through referral programs are much more valuable than average.

37% higher retention rate for referred customers/ 25% higher average lifetime value

Seeing stats like these, it’s no surprise that so many businesses are eager to run their own referral programs.

Our new Referral Program Playbook explores the topic of referrals and referral programs in detail, including:

  • How referral programs work

  • Why referrals give such good results

  • How to implement your own referral program

  • Ways to make your referral program stand out

To learn all this and much more, get your own copy of Talon.One's Referral Program Playbook.

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David Hartery

Content Lead at Talon.One

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