Leverage Your Referral Marketing Network by Effective Referral Tracking Software
Evolution in marketing and advertising has paved way for unique methods to be adapted to promote a brand or business. Digital marketing has evolved over a period of time with people utilizing the full potential of social media marketing, email marketing, inbound marketing, referral marketing, affiliate marketing, etc.
Besides the traditional marketing methods, having a strong digital footprint is equally imperative in todays’ competitive world.
However, at times most of us remain quite unawares about the use of these different techniques. Through this piece of content we hope to let you get a glimpse in the world of referral marketing and its working.
What is Referral Marketing?
Referral marketing is a way to promote different products or services to new / potential customers through an effective referral system.
This is also called word-of-mouth marketing, which is a phenomenon that we have experienced almost all our lives.
Most of the times the referrals attach a contingency to their promotion, such as monetary benefits; this is the traditional way of referral marketing.
When we apply the similar concept online, it is called online referral marketing. It is a specific internet based / SaaS (Software as a Service) approach to outdated referral marketing.
Online referral marketing has the potential to increase brand awareness as well as revenue through a systematic referral tracking system.
The tracking takes place by studying the online behavior of the customer by using web browser cookies as well as other types of technology.
As per statistics, there are more than 72% of customers who make a purchase on recommendation of a friend; more than 50% have recommended a friend or family member to purchase a product has resulted in a sale and more than 80% of the marketers vouch by the fact that referral marketing is an effective way to promote your product.
How Does Referral Marketing Work?
Referral marketing mainly includes focusing on communication between clients. This can be attained by way of using various digital outlets such as pre-scripted messages, personalized links or unique referral codes; even advertisement through emails, instant messages and blogs, on their website or the one they are visiting.
If there is a product purchase that takes place through the referral link, the referrer gets rewarded as per the terms of the seller.
It is an improved and a much more sophisticated way of marketing by spreading the word around, than the traditional one.
A referral can engage his family members or friends in the circle of referees and then generate revenue as well as gain traction in the market.
There are some online referral marketers that make use of traceable business cards to make sure that the sale generated is genuine or not.
Traceable business cards usually content sophisticated QR codes that link them seamlessly to the online content for sale; all the while providing a way back to track that particular sale to the person whose specific card was scanned.
Online referral marketing provides a great platform to customers to share their views, opinions, product experiences, specifications as well as the company’s own website via different social media platforms like Google+, Facebook, LinkedIn, Pinterest, Twitter, Instagram, etc.
What is Referral Tracking System?
Online referral tracking is a web-based referral tracking software that aids you and your network to send, receive as well as track your business referrals along with sales leads.
Referral marketing is an inexpensive and an amazing way to market your business to the audience. We, at Leaddyno.com help to effectively automate most of the traditional steps by setting up default email messages with the brand, one-click social media sharing as well as reward benefits.
This tracking system works much in a similar way as it is with helping a friend. Whether it is a small business or big, referral marketing system works wonders for every entity.
Using an effective automated tracking system is highly secure and helps to protect personal information at every level.
An online referral system is less inclusive and protects your privacy. A great way to ascertain whether a referral tracking system is working is to calculate the Net Promoter Score to see whether your customers are actually willing to refer someone to your business.
If your customer proclaims that they are willing to try this system, then the best way is to invite them first. This way you assure them that the data provided by them is not being misused and it creates a great trust factor with them.
Unlike filling out a piece of paper and not knowing what will happen with that piece of information; create a better level of understanding by using an automated system.
Does Referral Marketing Lead to Better Customer interaction?
Yes, generating leads through an effective referral marketing program helps in generating better leads. The person who has been referred is assured that their online data has not been used in any other way than what it was intended for.
Everyone is just a click away from sharing and referring someone they think could be your potential customer.
When a friend knows that they have been referred by you, there is a high probability that you will get a better retention rate. Since the trust is built, there is little scope of potentials not being turned into customers.
Like referral programs in companies where a person refers someone for a particular position, online referral marketing program also works on a similar pattern.
There is higher chance of the referral staying than an organically sourced candidate. The advent of social media has made it even easier to connect with a lot of individuals through mutual connections.
If a connection is established at the beginning of the relationship, you can see a higher return on investment than other modes.
Leaddyno.com provides you with a comprehensive referral tracking software that helps you to keep a track of all your referrals.
You can easily see how your referrals are performing and whether they are actually getting converted as customers.
A great way to leverage your business in the online world, a strong referral marketing program coupled with some incentives; prove to be a promising combination.