Marketing Strategies to Increase Referrals

[Martech Cube]

Marketing Strategies to Increase Referrals

A business referral is when somebody in your network endorses your business to a new prospect. This process takes place instinctively during organic conversation or as a result of referral marketing efforts. Trust factor plays a key role in increasing referrals. The significant entities in this sphere of influence are existing clients, business acquaintances, and friends. Let’s have a look at the marketing strategies to increase referrals.

Providing a great customer experience results in word-of-mouth referrals that ultimately provide higher ROI from the company’s network. Also, a referrer provides a vote of confidence by making the endorsement, which is an influential part of social proof. For example, a referral may come from an influencer’s Facebook commendation, through authenticated word-of-mouth, or via a telephone call. For this reason, referral marketing undermines additional marketing campaigns in numerous ways.

Social media marketing - Social media is an essential channel for increasing referrals, especially for e-commerce businesses. After providing an excellent service to a client, business owners should remind them to share their experiences on social media platforms like Facebook, Instagram, Twitter, WhatsApp, and LinkedIn. One can also use strategies like awarding each referral with a gift, sending individual discount codes, distributing giveaways, etc. Customers then can share the program on their Instagram profile in return for rewards. As a company, there is a wide range of tools that can be used to do things like enhance imaging, and increase engagement on social media.

Inbound marketing - Inbound marketing is the procedure of helping probable consumers find your company. It is a strategy that uses numerous methods like pull marketing, content marketing, blogs, events, and search engine optimization for creating brand awareness. Inbound marketing emphases on visibility, to attract future clients. Inbound marketing provides content that is educational, and informative. It can give the best outcomes than traditional marketing that disturbs prospective buyers rather than giving them an open invitation to participate.

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