#MLMMonday 253: How To Maximize A Referral Marketing Channel in 2022Posted by naxumadmin / August 30, 2022
Referral marketing as a channel is a unique opportunity to provide value to the customer in a fresh way.
If we look at many of the ‘buying’ experiences in traditional sales models today, referral marketing stands out as a ‘truly human’ experience.
We reviewed the models in the space and discussed the different cultures each created. In the data we have, we are seeing hybrids of models and systems for feedback making all of the difference today.
Picking The Right Model
More than ever today, we’re seeing combinations of traditional models win in referral marketing.
You might have a customer rewards program, where all your retail customers earn rewards for consistently purchasing your products and for sharing coupons with their friends.
In addition to the customer rewards program, you may have a certified influencer program, where top influencers are rewarded for referring new retail customers that make their first purchase or subscribe.
In addition to the rewards program, you may have an ambassador program for your company’s greatest fans. The Ambassadors program can expand into a full-blown business opportunity engaging your greatest fans in taking daily actions to bring new customers into your company.
Platforms For Feedback
So how can you maximize your referral marketing channel?
No matter what style of referral marketing concept you create, your referral marketers are a volunteer army. By providing fun shareable content and engaging gamified mobile apps that feel like a top promoter suggesting what to do next, you engage your volunteers to take daily actions sharing your brand.
The key is to then have predictive insight tools that gather the data on the actions your members are willing to take.
By tracking the actions your members take and discovering which actions are creating new sales, your team can double down on creating content that actually works and quickly iterates new programs.
Most companies in referral marketing are lacking real feedback loops and are stuck blindly experimenting in the space. To build with confidence you must have the right kind of predictive analytics in place to track your member’s actions.
To explore how referral marketing companies leverage NaXum’s predictive action technology, book a discovery session here.