Referral Program Strategies to Grow Your Business

Referral Program Strategies to Grow Your Business

A happy customer is one of the best brand advocates for your business. The power of word-of-mouth helps create strong leads to grow your business in ways other marketing efforts couldn't. Referrals are stronger leads with a higher conversion rate since they are typically sent through close friends, family or colleagues. Because referrals are coming from a credible or trustworthy source, they tend to have higher lifetime value.

Customer referrals often lead to even more referrals too. Happy brand advocates will be willing to send you trusted leads who turn into high-quality customers. However, referrals may not come easily or without a simple ask of your customers. One way to generate referrals is through a referral program. A successful referral program has a strategy in place that motivates customers to make referrals to your business typically through an incentive or reward.

As you’re building your own, there are many strategies to think about and not all will work for your business. Think about how to market your unique product or service and what your customer finds most valuable. For more details on how to set up a referral program, check out the infographic below.

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