Referral marketing is an effective form of marketing for increasing sales and conversions. Referral marketing is about purchasing products based on someone else's opinion or influence. Two of the most famous cases of referral marketing done right is Dropbox's referral program and PayPal.
- Queue – Referral Marketing / Viral Growth
You have probably heard the word viral growth. If you don’t, this sounds nice, doesn’t it? To explain it simply, having a viral growth means that your users invite 1 or more friends to join. Let’s say 1 user uses your product. If this user invites 2 friends to use your product (And let’s say these 2 users actually use your product), then, you’ll have 3 users. After that, if these 2 new users also invite 2 of their friends; then, you will have 7 users, and so on… Viral growth – also called referral marketing – has been used by successful companies like DropBox, Paypal, Candy Crush, Uber, AirBnb and many more. So, trust me, referral marketing when done right can have a huge impact.
Check those 14 referral marketing examples.
Another tool to help you with viral growth. InviteReferrals has an reputation as one of the most efficient growth hacking tools for both mobile and web-based applications. This tool is particularly advantageous because it transforms customers into marketers as they refer and recommend your product to their friends.
InviteReferrals also has a very effective tracking mechanism that monitors the rate of referrals and conversions as well. To expedite the rate of referrals and registration which is a prerequisite for growth, the growth hacking tool makes use of incentives for referrers and eventual registration. InviteReferrals is a formidable growth hacking tool with a heightened chance of success as people have an inclination to accept offers when it is referred by a friend or a satisfied customer. There is a variety of referral programs on which are summed up by the following three:
– The Giveaway campaign offering immediate discount coupon on referrals. The Giveaway campaign usually causes sensation that propels exponential traffic growth.
– Top Referrer Contest encourages competition amongst referrers by identifying the three highest referrers for incentive once the referral program is completed.
– The Goal based customer referral program is focused on the conversion of referrals in the form of sales, registration which would attract incentives to the referrer.
Customer.io is a tool that assists you in delivering personalized messages with features that allow for easy segmentation, detailed monitoring and A/B testing. Customer.io is applicable both on desktop and mobile devices. They even offer features that monitor conversions that are stimulated by messages. It’s a customer-centric behavior marketing tool that can see what customers are doing on your website, and help you target them with emails to help close the sale.
Pros. Expensive $100/mo-$1,250/mo. Great support team. Segment based on user data from The Web or mobile app.
Cons. A limited number of integrations. Requires engineering resources to get the data you need.