Referral Marketing Strategy: A Successful Form Of Advertisement
Referral marketing strategy is a form of advertisement in which some companies turn their loyal customers into brand advocates who want to share the products with their friends, family, or colleagues. In short, they refer to the products or the brand with their loved ones.
It is a fact that people love to share things that they love with their close people. It could be either online or through an offline medium. This is the reason why many businesses were able to find great success with this plan for many years.
What Is The Best Referral Programme?
The best referral programs are those that make your loyal customer feel special. Basically, when the customer refers your brand to their friends or family members, and the referral becomes successful, then you must encourage them with certain incentives, goodies, and rewards. Remember, spreading positive publicity about your business’s products is the best kind of marketing. To sum it up, with the help of a referral program, your company will establish a working plan to reward your previous clients for referring a new one.
You can visit the Best IT company in Ludhiana to get the best referral programs.
You would have different types of referral programs. We have listed some examples for better understanding. Use them as a template for your referral program.
Examples can give you an idea about the insights of any business model and its marketing strategy. This process helps you build your confidence with utmost caution and understanding.
Referral Program Examples
- Single-sided Referral Program
- SurveyMonkey Apply
This application is a management tool that assists foundations, non-profit organizations, private sector organizations, and education. They help select candidates for scholarships, grants, sponsorship, and many other programs.
In case you know someone at an organization who can benefit from SurveyMonkey Apply, then it is the perfect time to announce it.
Because you might get $500 as a reward for your organization every time someone signs up for SurveyMonkey Apply Subscription.
We have established that happy customers are the first in line to move in with this method regarding SurveyMonkey Apply’s one-sided referral program. Besides that, an excellent referral reward often promotes such new prospects.
- Double-sided Referral Program
Undoubtedly, many people consider Tesla as one of the most iconic and even interesting referral programs in history, and rightfully so.
I do not think anybody can imagine a company without a 0$ marketing budget; it is next to impossible. However, Tesla made it do it; how?
Well, Tesla mainly prioritized referral programs as their strongest marketing strategy. And did it do wonders for them? Absolutely!
Rather than investing in expensive ads to lure new customers to them, they focus a lot on relying on their current or loyal customers to make brisk sales.
Besides that, in the Tesla Referral program, both the advocates and the newly-referred customer would get around $1000 in credit apart from a successful Tesla purchase.
They were basically making an army of loyal customers and creating a unique referral program unlike any before.