Do you remember when you were in school and you had to do a science fair project? Well, a lot of the principles that we learned still apply to create a proper A/B test. Ultimately, running A/B tests can increase the performance of your refer-a-friend campaigns and provide valuable learnings for future marketing initiatives.
Referral marketing provides the unique opportunity for businesses to tap into their existing community to gain new customers. By using incentives for referrals, loyal customers and potential consumers win by getting a limited time offer that provides them with a new item, a percent off, or a dollar amount reduction.
A/B tests provide marketers with key learnings to help them decide where and how to optimize. By optimizing referral campaigns, marketers can generate more referrals. By increasing your referral rate, companies are able to lower customer acquisition cost (CAC) and increase their conversions. For example, on average 4.94% of Talkable’s referred friends convert by making a purchase.
We’re excited to announce our new Customer Service Portal. The new Customer Service Portal now features full referral journeys, quick access to fraud setting details, and a rewards tab.
Disclaimer: This blog post is not legal advice for your business on complying with data privacy laws such as the General Data Protection Regulation (GDPR). This content is to offer information to help you gain a better understanding of the regulation. If you need legal advice concerning the GDPR, please consult an attorney.
Growing an e-commerce business requires sustained lead generation through growth marketing. Recently, companies are trying marketing tactics that can quickly generate leads like paid search. Other marketing channels may create a significant amount of contacts, but they don’t produce large amounts of qualified leads. If your e-commerce business wants to gain new customers efficiently, try referral marketing.
Looking for new effective marketing tactics for your company is an ongoing task. Referral marketing is an opportunity to utilize your engaged customers to generate new referrals. Referral marketing is low cost, social media friendly, and a revenue generator. These are just a couple of referral marketing benefits. Keep reading to learn all seven reasons why your business should starting using referral marketing.
Referral marketing is a beneficial channel that generates new customers by asking your current community to share referral incentives with their friends. In this blog, we’ll also cover the difference between word-of-mouth marketing and referral marketing, the benefits of refer-a-friend programs, impressive referral marketing statistics, and how referral marketing can generate revenue.
Now that you have asked for the referral, what are you going to prompt them to do? Analysis from a recent B2C study revealed that 62% of survey respondents cite referral is one of the most effective strategies due to its ability to generate tangible results, compared to other marketing channels.
Have you been asked to put together a marketing plan? You’ve come to the right place. Whether you’re making a marketing plan for the first time or the hundredth, it’s a good idea to review the basics. Keep reading, because we’re going to outline the steps you need to follow to get the confidence in your vision and plan.