Reward existing customers, add value to an existing product to boost referrals

New Ideas in MarketingEssential news for marketers, summarised by YouGov
November 04, 2021, 1:41 PM UTC

Referrals are crucial for businesses primarily since they function on the element of trust.

Consumers may read brand brochures, visit their websites and make a proper assessment of the business. But referrals from friends and acquaintances are all the more effective in generating leads. Marketers need first to identify “referral champions” or existing customers who already refer the brand to their friends and family.

Such customers need to be rewarded for the referrals. Marketers must also check which other brands and businesses their customers are associating with. The brand can then collaborate with such businesses and add more value to the product already being offered to the client.

Companies must focus on their employees as satisfied employees refer the brand to others. Businesses can also consider clubbing all their clients and teaching them how to create referrals.

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