Everyone wants to grow their business, retain current customers and crush revenue goals but how? Three words: customer referral program. Referral program creation is almost as easy as it is satisfying. Of course, your business goals go above and beyond. So, now the question is, why aren’t your current customers buzzing to their friends about your raving fan customer service? Providing your customers with a reason to refer you is key.
Ask Yourself the Tough Questions
What (honest) feedback have you gotten from clients?
What’s your growth rate?
What are common product complaints
Who are your raving fans?
Do the Math and Identify Your Incentives
What's an existing customer worth? Compared to time spent monitoring and managing onboarding programs, how many referrals do you need to break even? A 10% conversion rate for referrals, on average, is a great starting point (and this, of course, is dependent on your business size and growth goals).
Timing is Everything
Leverage happy moments when bringing up your new program. Using a call-to-action in emails or face-to-face after a major purchase or resolution to a problem is the best time to mention your new referral program. You can also use a call-to-action via blogs and social media in order to get your referral program in front new people.
It’s crucial to devote time for relationship-building. Treat your clients like royalty because they’re your brand promoters. Keep them engaged with priority treatment, tailored content and other incentives and they’ll be sure to help build up your business.