Spending money on different forms of advertising is, for the most part, a bit of a gamble. Even if you have done your research and know you are reaching your target market, there are still no guarantees that prospects will buy from you. You create and pay for the adverts upfront, long before you see the possibility of customers bringing you a return on your investment. But referral programs turn all of that on its head. What if you only had to pay for marketing after the referred customers had already bought from you?
Smart Marketing By Referrals
One of my favourite examples is offering an incentive of driving a Porsche Boxster for a day. This works really well if, for example, you run a hotel. All the customers need to do to qualify is refer four new customers to you. How many people do you know who would turn down the opportunity to drive a Porsche for a day? For most people it’ll be a real treat. Here’s how this works in real terms. If for example your average profit from a sale is £50, then four customers will bring you £200. To hire a Porsche Boxster for a day costs around £175. So you give out the incentive because you already have four new customers. Most importantly those four customers didn’t cost any money to acquire. In addition you are still left with £25 pure profit.
Compare this to spending £200 on advertising. You may get four customers, one customer, or no customers from the advert. Regardless of the return you still have to pay for the advert. Plus you have spent the money upfront. With a referral program you only pay out the incentive after you’ve already got sales from the referred customers. All you are doing is taking some of your profit and spending it on your customer as a way to say “thank you”. It’s worth it because you still retain some of your profits and, most importantly, you’ve gained four new customers.
But the benefits of referral programs don’t stop there. If you’ve won the incentive to drive the Porsche Boxster for a day, are you just going to park it in your garage? Of course not! Most likely you’re going to spend the day enjoying driving around and showing it off to your friends. This is where the second benefit to referral programs comes in. When friends ask your customer where they got the Porsche, your customer is going to tell them about the incentive. Immediately it makes their friends think: “I’d better sign up and refer people to that hotel so that I can also enjoy driving a Porsche for a day”. It gives your business and your referral program even more exposure, without you having to pay a cent for it.
Top Reasons Why Referral Programs Make Marketing Sense
It makes happy customers even happier by rewarding them
It provides an incentive for customers to refer people on to you
You can attract new customers without having to pay for advertising
You can choose what type of incentive or reward you offer your customers
You can tailor your profit margins to accommodate the incentive
You can still make a profit from acquiring new customers
You only have to pay the incentive after new customers have already spent money with you
The incentive rewards create conversation points that give your business further exposure
You get better returns on your marketing budget and it becomes easier to manage
Referral programs are one of the simplest and most effective ways of marketing your business. It requires no initial outlay. You only pay for the incentive once you have already got the sales in from the new customers. Best of all, you develop loyalty with your existing customers by thanking them for their business and helping you to grow your business.
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