How S.P.E.E.D. Drives Viral Growth in Referral Marketing
Posted by Diana Faye Cichon / September 13, 2024
Referral marketing has been a key driver of growth for businesses around the world, but scaling efficiently requires more than just a good product and a strong network. Back in the early stages of NaXum, the team coined the term S.P.E.E.D., an acronym representing the five core functions that determine how quickly a referral marketing company can grow. The principle is simple: your company will only grow as fast as its weakest component. This means the slowe\st area of your business could be limiting your overall success.
At NaXum, we’ve built smart technologies that guide your team, providing on-demand coaching that feels like a top leader is sitting right next to your newest member. This technology supports a culture of growth and progress, while the S.P.E.E.D. principle pinpoints exactly where businesses can improve to reach viral growth.
What is S.P.E.E.D.?
S.P.E.E.D. stands for Sharing, Presenting, Enrolling, Elevating, and Duplicating. Each of these functions plays a critical role in scaling a referral marketing business. To figure out where your business is struggling, ask yourself these key questions:
- What does it feel like to share our story?
- How do promoters present the products?
- What is the process for enrolling new promoters?
- What systems elevate and train new team members?
- Can new promoters easily duplicate the process?
Let’s break down how you can apply the S.P.E.E.D. framework to address these core areas and open up your business for growth.
1. Sharing Your Story
If starting conversations is challenging, you may need to invest in technology that helps your promoters communicate your story easily and effectively. Many companies are now using compliant predictive apps that guide promoters through the process of engaging with potential customers. These apps feel like having a top leader nearby, offering suggestions on what to say and how to create curiosity.
Promoters can sync their phone contacts, and the platform will walk them through sending initial messages on social media or via text. This automates and simplifies the first steps of engagement.
2. Presenting Products Effectively
When presenting becomes a hurdle, video sales funnels and immersive surveys have become go-to solutions for referral marketing companies. These tools introduce prospects to a brand and its products in an engaging and informative way.
Replicated video funnels allow members to share the company’s story 24/7, so all the promoter has to do is invite prospective customers to watch. This approach empowers promoters to focus on connecting with their audience while the video sales funnel handles the heavy lifting of explaining the product or service.
3. Streamlining the Enrollment Process
If enrolling new promoters is where your team struggles, it’s important to look at the entire recruitment flow. Outdated methods, like asking guests to manually contact the person who invited them, are being replaced by smarter technology.
With replicated webinars, the best presenters can lead the charge, recruiting new promoters on behalf of the entire team. These webinars track which guests were invited by each promoter, streamlining the recruitment process and allowing the best presenters to shine.
4. Elevating and Training Team Members
Elevating new promoters’ mindsets and skills is critical, and it’s no longer a one-time event. Many companies have moved away from traditional video libraries to interactive learning management platforms that promote daily learning.
These platforms encourage promoters to commit to daily tasks, helping them grow their mindset and skills gradually, rather than overwhelming them with information all at once. Consistent learning ensures promoters are always improving and contributing to the company’s success.
5. Duplicating the Process
One of the keys to viral growth is ensuring that new promoters can easily duplicate the process. By using predictive platforms, companies can track member actions and identify where promoters are succeeding and where they need help.
Reports generated by these platforms provide insight into which actions are being taken by promoters and which are lacking. This data creates coaching opportunities, allowing companies to give clear guidance on what needs to improve, ensuring the process is replicable and scalable.
NaXum’s Role in S.P.E.E.D. Implementation
NaXum’s platform takes the guesswork out of implementing the S.P.E.E.D. model. We provide referral marketing companies with the tools they need to track key activities, streamline processes, and reward behaviors that lead to success.
By using our predictive apps and platforms, businesses can easily support their promoters in each stage of the S.P.E.E.D. framework, ensuring that every area is optimized for growth.
Conclusion
The path to viral growth in referral marketing doesn’t happen by accident. By identifying and strengthening the weakest areas of your business, you can open up new opportunities for expansion. The S.P.E.E.D. model is designed to help businesses do just that—identify where they’re stuck and make meaningful changes for the better.
Curious about how NaXum can help your business grow through the S.P.E.E.D. model? Book a demo today to see how our platform can work for you.
To learn more about S.P.E.E.D. for your referral marketing business, download here.
