{"id":42906,"date":"2022-05-27T17:00:19","date_gmt":"2022-05-27T21:00:19","guid":{"rendered":"https:\/\/www.arffinancial.com\/development\/?p=42906"},"modified":"2022-05-27T17:01:31","modified_gmt":"2022-05-27T21:01:31","slug":"build-a-better-referral-program","status":"publish","type":"post","link":"https:\/\/www.arffinancial.com\/development\/build-a-better-referral-program\/","title":{"rendered":"Build a Better Referral Program"},"content":{"rendered":"

\"Build<\/a><\/p>\n

Referral programs<\/a> have been a great method small businesses can use to increase sales, traffic to their website, awareness, etc. You may already have a referral program in place, or perhaps you\u2019re just starting to think about one. In any case, we\u2019re here today to talk through some of the ways you can build a great referral program\u2014or improve upon the one you\u2019ve already got! Let\u2019s get to it\u2026<\/p>\n

The idea of a referral program is to turn your most loyal customers into advocates for your business, in a sense. You incentivize them with discounts, gift cards, or freebies; in return, they spread the good word of your business to friends and family\u2014even their social media following. We already know that folks are more likely to stick with a brand when people in their network have recommended it, which is what makes (and keeps) referral marketing a top tactic<\/a> used by business owners. According to Signpost<\/a>, \u201c92% of consumers trust referrals from people they know.\u201d<\/p>\n

Get the Scoop from Customers<\/strong><\/p>\n

The first step to creating a great referral program is to go straight to the source: your customers. Talk to them and find out what would incentivize them to be an ambassador to your business. Perhaps you were thinking a free trial of a new product would work, but upon talking to your base you learned they\u2019d rather have a discount on their entire purchase instead. You\u2019re not going to get referrals if the bonuses you\u2019re offering don\u2019t align with what your customers really want. This type of communication also allows your customers to feel like they\u2019re truly a part of your business.<\/p>\n

Get the Scoop from Your Network<\/strong><\/p>\n

As a small business owner, you\u2019ve likely got a nice network of peers or mentors you turn to for advice. Outside of your customer base, these people are the most likely to have sage wisdom to share about the creation of a referral program, tips and tricks, things to consider, and tactics to avoid. Reach out to them for assistance as you build out your plan.<\/p>\n

Find the Right Format<\/strong><\/p>\n

There are essentially 3 types of referral program \u201cformats\u201d: rewarding the referrer, rewarding the referral, or rewarding both parties. Rewarding the referrer is generally the most common tactic, since they\u2019re the one doing the work of promoting your business. Rewarding the referral (or the friend\/family member) obviously incentivizes the person \u201csigning up\u201d for your program. But the most effective strategy\u2014albeit the most expensive\u2014is to reward both parties. Test these varying formats to learn which works best for your business model. You may find that incentivizing the referrer doesn\u2019t work as well as incentivizing the referral, or vice versa.<\/p>\n

Seek out Influencers<\/strong><\/p>\n

Influencer marketing<\/a> is huge these days, what with the prevalence of social media and the fact that there are so many new brands out there to keep up with. One thing is for sure: influencers are a key demographic to get on board with your business. They have a trusted following of sometimes millions of people, and their reach can go far beyond anything you may be able to do on your own. Consider implementing a specific referral program just for influencers. You could do this by creating a referral program targeted solely at the preferences of the influencer\u2019s followers.<\/p>\n

Make it Simple<\/strong> <\/strong><\/p>\n

You could build the best referral program on the face of the planet. But it\u2019s likely to fail if it\u2019s impossible to navigate. Above all else, make sure it\u2019s simple for customers to refer your business. Don\u2019t make them jump through hoops to sing your praises, and definitely don\u2019t make it tough on the people being referred to. This can be done by creating automated email referral templates, templated social media posts, even unique URLs that can be sent to friends and family in a snap. The easier it is to refer your business, the more folks will contribute.<\/p>\n

Referral programs are an excellent way to bring awareness to your business. And done right, they can bring a significant boost to your revenue. For even more marketing tips and tricks, stop by the Financial Pantry<\/a> at ARF Financial for industry news and advice from our expert staff.<\/p>\n","protected":false},"excerpt":{"rendered":"

Referral programs have been a great method small businesses can…<\/p>\n","protected":false},"author":5,"featured_media":42907,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"content-type":"","om_disable_all_campaigns":false,"footnotes":""},"categories":[111,128,698],"tags":[398,402,941,400,399,443,386,578,535,220,939,213,345,116,173,536,117,597,594,516,401,224,222,172,226,142],"class_list":{"0":"post-42906","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business-financing","8":"category-day-to-day-business-operations","9":"category-small-business-financing","10":"tag-affordable-business-loans","11":"tag-affordable-small-business-growth","12":"tag-build-a-better-referral-program","13":"tag-business-expansion","14":"tag-business-growth","15":"tag-business-line-of-credit","16":"tag-business-loans","17":"tag-covid-19-pandemic","18":"tag-equipment-leasing","19":"tag-flex-pay-loans","20":"tag-introducing-bankroll","21":"tag-line-of-credit","22":"tag-restaurant-expansion","23":"tag-restaurant-financing","24":"tag-restaurant-funding","25":"tag-restaurant-leasing","26":"tag-restaurant-loans","27":"tag-restaurant-reopening","28":"tag-restaurant-reopneing","29":"tag-restaurant-trends","30":"tag-small-business-expansion","31":"tag-small-business-financing","32":"tag-small-business-funding","33":"tag-small-business-growth","34":"tag-small-business-loans","35":"tag-working-capital"},"acf":[],"yoast_head":"\nBuild 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