See the infographic below for the full story.
What are you doing?
You advertise; you slave away on PPC campaigns and retargeting. There are Tweets for days, content marketing pieces written to engage your audience, and hours dedicated to distribution and placement.
It’s an uphill battle on an growing, increasingly crowded mountain. Everyone’s distributing, producing, and projecting their announcements to the world but very few are utilizing the best, and most valuable, channels that are already available: customers, fans, and partnerships.
All my friends said...
What got you started with your current advertising channels anyway? Can you pinpoint that “Aha” moment when you said, “this is the type campaigning we should do”? Can you remember who pitched you the idea if it wasn’t your own? Was there some data-driven research that prompted you to start along this path or was it just a feeling? You were likely swayed by word-of-mouth and continuously being referred towards those ends.
Take this article for example; If you’re reading our content, it’s likely because you heard about it through someone you know or trust, who saw a link from someone else, who found it through an endless loop of referrals. Dozens of tweets later, it arrives at your screen and here you are.
(Marketing Interview - comic from xkcd.com)
Why referrals rock.
Forewards, a complete referral marketing solution for your business, has created the infographic below that highlights some awesome ways that referral marketing brings valuable customers to your brand.
Trends to take away from their data:
- Referred customers have a higher retention rate.
- It only takes a small number of raving fans to drive positive brand sentiment.
- The Referral Marketing / Advocacy field is fresh and novel for many people.
- Many purchases are influenced primarily by “Word of Mouth”
- Brand advocates are more positive, share more, and influence more purchases
Your advocates have super-powers.
One specific bit of information from the graphic really emphasizes the potency of human referrals and advocacy for your business.
“It only takes 10% of a population holding an unshakeable belief to convince the rest of the population to adopt the same belief. - SNARC”
There’s a good Freakonomics explanation of the research here.
So if you can incentivize just ONE in every ten customers, clients, or readers to become a dedicated brand advocate, you have not only ensured repeat business, but you have also increased the potential power of that user exponentially.
How Forewards empowers your users
Forewards targets users who are already predisposed to accept your marketing materials: your happy customers. These are users who are already receiving transactional emails, have opted into your mailers, and are likely to accept further relationships with your company.
It works like this:
- You’ve already converted a number of customers
- Select the demographic of the customer you want to reach
- Choose a coupon type / amount
- Set up 2 versions for A/B testing
- Run the campaign and measure results!
The idea is to re-engage customers to generate secondary purchases from them by having them share your product, service, etc. with their contacts. They refer and are treated with discounts. It’s simple, there is a direct correlation between referral and reward.
With a referral program, especially like those offered through Forewards, you can generate insanely valuable traffic through brand and product advocacy.
How much is referral traffic worth to you?
Check out the actual numbers below and consider adding referral marketing to your current advertising channels. Warning: the numbers are insane and you WILL likely consider finding a referral marketing solution after reading them.
And don't forget: if this article ended up being of use to you, refer us to someone you know with one of the share buttons above or by subscribing for updates!
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