Jul 22, 2020 9:47:08 AM

Why you should build a referral scheme into your loyalty program

Customer Engagement, Blog Posts, the entertainer business, Customer Experience, Loyalty Trends
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Misconception: Customers acquired through referral schemes are typically low-value, one-off transactions.

Fact: Customers acquired through referral schemes have high retention rates and strong loyalty.

Referral Scheme Loyalty Program

The Stats

When it comes to the benefits of referral schemes, the stats speak for themselves. 

  • 28% of millennials say they won't try a product if their friends don't approve of it.
  • Word of mouth is the primary factor behind 20-50% of purchasing decisions.
  • 84% of B2B decision makers start the buying process off with a referral. Referred prospects also convert 30% better than leads generated through other marketing channels, and have a 16% higher customer lifetime value.

With so many options and competitors, customers put their money into brands they trust. According to Nielsen’s Trust In Advertising report, 84% said they found referrals to be the most trustworthy source when making a purchase.

In the world of referral programs, there is no getting without giving. 

What are your customers looking for? What incentive will get them to show your product to a friend? 

There are key differences between referral schemes and loyalty programs. In referral schemes, customers are rewarded for referring a friend who becomes a customer and in loyalty programs, customers are rewarded for repeat business. By including a referral scheme in your loyalty program you can sway customers away from competitors AND net new business.

 

The ENTERTAINER business takes the complexity out of referral marketing and makes it easy for your brand and your valued customers. Get in touch today.

 

 

Misconception: Referral Marketing is complex and difficult to implement.

Fact: The ENTERTAINER business takes the complexity out of referral marketing and makes it easy for your brand and your valued customers. Get in touch today.

Oh, would I could describe these conceptions, could impress upon paper all that is living so full and warm within me, that it might be the mirror of my soul, as my soul is the mirror of the infinite God! O my friend -- but it is too much for my strength -- I sink under the weight of the splendour of these visions!. A wonderful serenity has taken possession of my entire soul, like these sweet mornings of spring which I enjoy with my whole heart. I am alone, and feel the charm of existence in this spot, which was created for the bliss of souls like mine.

By the trickling stream; and, as I lie close to the earth, a thousand unknown plants are noticed by me: when I hear the buzz of the little world among the stalks, and grow familiar with the countless indescribable forms of the insects and flies, then I feel the presence of the Almighty, who formed us in his own image, and the breath of that universal love which bears and sustains us, as it floats around us in an eternity of bliss; and then, my friend, when darkness overspreads my eyes, and heaven and earth seem to dwell in my soul and absorb its power, like the form of a beloved mistress, then I often think with longing.

Oh, would I could describe these conceptions

All that is living so full and warm within me, that it might be the mirror of my soul, as my soul is the mirror of the infinite God! O my friend -- but it is too much for my strength -- I sink under the weight of the splendour of these visions!. A wonderful serenity has taken possession of my entire soul, like these sweet mornings of spring which I enjoy with my whole heart. I am alone, and feel the charm of existence in this spot, which was created for the bliss of souls like mine.

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