refclix flyer v3 analytics
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This document discusses the benefits of referral marketing programs for driving customer acquisition, retention, and sales. It notes that referral marketing is underutilized by many digital marketers despite evidence that people are more likely to buy from and remain loyal to brands they hear about from friends. The document then provides examples of how to configure a referral program through tools that locate advocates, empower referrals, and reward loyalty. It outlines common analytics from referral programs and how referrals fit into an overall digital marketing strategy at lower customer acquisition costs than traditional channels. Finally, it gives best practices for designing a successful referral program.
refclix flyer v3 analytics
- 1. CUSTOMIZABLE REFER-A-FRIEND PROGRAMS DRIVE TRAFFIC, BRAND AWARENESS, AND NEW SALES. A HOTB Company 1
- 2. USE REFERRAL MARKETING TO ACHIEVE YOUR GOALS LOW COST CUSTOMER ACQUISITION RETENTION CONVERSION MARKETERS TOP GOALS ACROSS THE FUNNEL People are 4 times more likely to buy when referred by a friend. The lifetime value of a new referral customer is 16% higher. 80% of purchase cycles involve word of mouth recommendations. 65% of new business comes from referrals. On average, referred customers are 18% more likely to remain clients. On average, referred customers wil generate 16% more in profits. 2 Nielsen Wharton School of Business Forrester Research New York Times Harvard Business Review Harvard Business Review
- 3. GAIN A COMPETITIVE ADVANTAGE REFERRAL MARKETING: THE DARK HORSE Although increasing, many digital marketers fail to implement a referral program, leaving customer acquisition, retention, and conversion to less efficient and more expensive channels. Marketers who use referral marketing will be greatly rewarded and those who don’t are making a mistake. About half of marketers who choose referral marketing acquire over 30% of their new customers with it. 18 20 19 16 27 30 25 20 10 5 0 15 0-10% 11-25% 26-35% 36-50% Over 50% SHARE OF NEW CUSTOMERS FROM REFERRAL MARKETING Shareofrespondentslisting referralmarketingintop3(%) SOURCE: GIGAOM Research 3
- 4. ACQUISITION Acquisition friction is reduced when a friend recommends your brand. CONVERSION Word-of-mouth coupled with an incentive is powerful and converts with much higher success. RETENTION Refer-A-Friend programs create stickiness and retain customers by adding incentives and additional benefits of staying with your brand. AWARENESS Referral programs virally spread customer reviews and product recommendations through the use of email and social media channels, achieving unparalleled brand awareness. PROFIT People that arrive at your site through a recommendation spend more money than other marketing channels. REFERRALCLIX = VIRAL GROWTH TURN YOUR ECOMMERCE ENGINE INTO A SELF SUSTAINING USER ACQUISITION MACHINE Viral marketing creates potentially exponential growth through referrals. TRADITIONAL FUNNEL VIRAL FUNNEL K=i*conv% 4
- 5. REFERRAL PROGRAM CONFIGURATION Control all aspects of your referral program with our simple admin tool. CAMPAIGN WIZARD Quickly create and deploy referral campaigns. CART ABANDONMENT Turn abandoning visitors into customers. BUILD YOUR REFERRAL NETWORK Segment your customer profiles and target your top advocates. REWARD MANAGEMENT Create many types of rewards seamlessly. VIRAL MARKETING Leverage the power of social media and email to extend your reach and exposure. FEATURE LIST WHAT WE DO We build customized loyalty and refer-a-friend programs that drive traffic, brand awareness, and new sales for ecommerce companies. We provide robust tools to help locate happy consumers, empower them to refer friends, and reward them for being loyal and sharing your business. We produce consumers who are more loyal, shop more often, and spend more money. 55
- 6. COMMON REFERRAL ANALYTICS EXAMPLES BASED ON MEMBER BASE SIZE OF 10,000 SEEN ACROSS DIFFERENT VERTICALS TWITTER 10% FACEBOOK 35% WHEN REFERRING, PEOPLE USED: 360 NEW CLIENTS 4,500 VISITS 1,500 CLIENT REFERRALS EMAIL 55% 15%Referral Rate % of clients that referred when asked 3 VISITS Per Referral # of visits per act of referring, 3:1 ratio (result of email, social sharing and viral activity) 8%Client Conversion % of visitors that became new clients 6
- 7. REFERRAL MARKETING TRIFECTA AT THE CENTER OF DIGITAL MARKETING STRATEGY Customer acquisition costs, on average, are 50-70% less expensive than traditional display and digital marketing channels. PLATFORM CUSTOMERS REFERRALS FRIENDS PAID MEDIA OWNED MEDIA EARNED MEDIA PPC Display Retargeting Paid Content Social Ads Web Properties • Website • Mobile Site • Blog • Social Channels Mentions Shares Reposts Reviews 7
- 8. CREATE A PATH TO SUCCESS WITH REFERRALS CLEAR CALL TO ACTION REFERRAL PROGRAM DESIGN COMPELLING CONTENT MEANINGFUL REWARDS PROVIDE WAYS TO SHARE SHARE ENTRY POINTS Make available to all users Promotion Program placement Treat every sentence like a paragraph Less is more Optimize the call to action (A/B testing) Facebook, Twitter, Google+ Email Mass Uploader What’s in it for sharing with friends Friend offer must be easily redeemed Reinforce the offer when the friend clicks and lands on website How and when to earn a reward Match reward to buyer preference Meaningful reward to friends Landing Page Pre & Post Purchase Overlays Blogs All Emails Dedicated Webpage on Site Ribbons Member Account 8 REFERRAL PROCESS-AS-A-SERVICE: IT’S NOT JUST ABOUT THE TECHNOLOGY
- 9. SOME OF OUR CLIENTS 9