You’ve tried different marketing tactics to reach your prospective customers. Now, it’s time for something genuine.
Ever wondered why traditional marketing channels like digital ads, email marketing, and content marketing are just not as effective to grow your ecommerce business anymore?
Maybe you’ve tried increasing your budget and spending. Or, you’ve tried to engage highly experienced consultants or agencies who have helped grow brands similar to yours in the past. And they might have helped you grow your sales incrementally.
But in the end, neither helped propel your business to the next level because the problem isn’t that you’re not doing the right things for these channels…
The real problem is that much of today’s ecommerce marketing is manufactured to drive sales and your prospective customers have to learn to see through. it. all.
They are more resistant to your marketing tactics today than ever.So it’s time to reduce your reliance on these traditional channels and tap into something more genuine.
Your most loyal customers are already trusted by potential referred customers and they know how to convince their friends and family to buy your product better than you do.
They will also be more likely to refer new customers that are similar to them, who will go on to become loyal and great customers themselves, at a rate that can’t be matched by traditional marketing channels.
Ready to get started on building your referral program? In this playbook, you’ll learn the A-Zs of referral marketing. By the end, you’ll be able to build, launch and optimize your own referral program and grow your ecommerce business with the help of your best and most loyal customers.
Download NowLet’s say you’re invited to a dinner party in a few weeks, and you want to bring the host a nice bottle of wine. You normally drink white, but the host drinks red.
What do you do? Instead of looking through the wine rack trying to find the right bottle, you reach out to a friend who you know drinks red.
What do you do? Instead of looking through the wine rack trying to find the right bottle, you reach out to a friend who you know drinks red.
Because you trust your friend, you make that purchase, and your friend gets 10% off their next order in return. You bring the bottle to the party, the host loves it, and they want to know where you got it. You refer them to it with the same incentive bonus, earning you another discount.
When you think about customer acquisition channels, your mind probably wanders toward strategies like SEO, paid advertising, and influencer marketing. But there’s a missing piece to the puzzle that multiplies the effectiveness of all your acquisition efforts: referral marketing.
Until now, paid advertising channels have been the primary acquisition source for brands, but the new iOS and third-party cookie changes are making this harder. In fact, in the second quarter of 2021 social media ad prices increased by 14%, according to Barron’s
With referral marketing being a tactic that relies on direct recommendations from trusted shoppers, it’s one of the strongest acquisition tools that result in a high return on investment.
To see the best results, referral marketing needs planning and dedication from your entire team.
From the marketing department to product, and even customer support, your program’s success all comes down to the right planning and promotion.
Referral marketing is a strategy to encourage a brand’s customers to organically recommend products to family and friends, usually through an incentive like 10% off for both the referrer and referred friend.
The goal? To acquire new shoppers and track customer advocacy.
Here’s a fun graphic below that breaks down how referral marketing works.
And truthfully, creating a referral strategy is worth it: not only are referred customers four times more likely to refer others to a business they’ve purchased from, but there are several other benefits.
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