Marketing can be expensive but referral marketing is one of the cheapest and most effective ways to connect with consumers. Referral marketing is a way build trust with new consumers of all ages. It only makes sense to incorporate referrals to any business plan seeing as we already take suggestions from friends and family on anything from TV show suggestions to places to visit.
According to a Nielson survey, people of many different ages take referrals into consideration. Gen Z at 83%, Millennials at 85%, Gen X at 83% and Boomers at 80%. With such high percentage rates, there’s no wonder so many companies have formed their own referral marketing programs.
Here are some things to consider:
Incorporate it in your marketing strategy
Referral call-to-actions can be added to your newsletters, social media posts, blogs and even email signatures. You must consider who you’re targeting, how will they become active and what will influence their actions. Referral marketing delivers results and must be part of your business. Without any plan or commitment, you’re going to risk not having any revenue come through.
It’s all about trust
Trust goes a long way when trying to persuade someone to buy something. If they don’t trust you, they will not listen. When consumers are referred to you, they will walk in knowing their experience will be better than if they went to a competitor. According to Nielson, 92% of consumers trusted referrals from people they knew.
The power of social media
From creative content to social media influencers, your possibilities of social media use are endless. Social media can help drive traffic back to your website and influence consumers to being interactive online as well as using your services. Consumers don’t have to have tried your product or services they just need to have a positive look on your brand.
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