As businesses look for ways to do more with fewer resources, customer referral programs are gaining popularity. Referral programs allow you to reward customer loyalty while generating new leads at a fraction of the cost of other marketing campaigns. Your customers’ friends, family, and colleagues are going to trust your brand more when your customers recommend you. And, when you launch a referral program, you can reach people who may not have realized they needed the product(s) or service(s) you have to offer – you build awareness and create demand for your brand.
Here are 7 super-simple things to keep in mind when you’re thinking about a customer referral program.
1. Incentivize both your current customers and their friends by offering a compelling reward – such as a gift card for each when a friend becomes a new customer.
2. Promote your referral program in-branch or in-store through posters, take-ones, and active personnel participation.
3. Take your referral program online, where your customers can quickly and easily share it with friends, and friends can become customers in just a few clicks.
4. Give your customers more ways to tell their friends about you by maximizing your online channels – let them use avenues such as email, LinkedIn, Twitter, Facebook, and Google+.
5. Keep promoting the program through banner ads on your website and reminder emails.
6. Allow your program to run continuously, not for a limited time only, so that more people can learn about it and spread the word.
7. Analyze your program’s results continuously to see where you’re making the most impact and test creative messages and rewards to see how they affect response.
Want to see how easy it is to get more new customers through customer referrals? Call David Johnson at (205) 458-8312 today or email firstname.lastname@example.org to set up a WebEx online demonstration of our Tell-Your-Friends online customer referral program.
Your current customers are the most likely to buy your products and services, but studies show that financial marketers aren’t as effective as they could be when it comes to cross-selling. So how can your bank or credit union be Read more →
When tried-and-true customer acquisition programs aren’t doing it for you, it’s time to try something new – like the New Movers market. According to the U.S. Postal Service, 45 million people move each year. New Movers spend an average of $9,400 Read more →
Checking accounts have changed a lot in the past decade. They’ve gone way beyond the simple checkbook and debit card combo to include features such as e-statements, online and mobile banking with bill pay, and check deposit capability using one’s smartphone. Read more →