Referrals are a great way to grow your business through your top customers. Plus, referrals have a 16% higher lifetime value and a 37% higher conversion rate. An endorsement from friends or family is the perfect reason for people to try out your brand and they are more likely to stick with you.
The difficulty with building a referral program is knowing which method. From mixing free credits with a coupon to creating a tiered reward structure, referral programs can be a powerful tool that helps generate traffic or sales. Quip, for example, offers a $5 refill credit to customers who refer a friend. The referrals help this subscription company reach new people by word-of-mouth.
If you considering launching a referral program or trying to grow your current program, consider a strategy that will align with your customer’s needs. Get inspired by other businesses who’ve seen success and know that not every tactic will work for yours.
What makes your product or service unique and what does your customer base value most? There are helpful strategies to consider in building a successful referral program that will advertise your business well. View the infographic below for referral program strategies and helpful tips to get started.
Infographic was originally published on Valpak.com.