Why Your Business Needs a Referral Program

Author

Kevin Urrutia

Category

Business

Posted

January 27, 2023

There’s no better brand advocate than a happy customer. The power of word-of-mouth can lead to solid leads and help grow your business in ways other methods couldn’t. Referrals benefit your business because:

  • They’re trustworthy: Referrals are more vital leads since they are typically sent through friends or family.
  • They have a higher conversion rate: Because it’s coming from a credible source, referrals tend to convert at a higher rate and have higher lifetime value.
  • They lead to even more referrals: Happy brand advocates will help you get more high-quality customers who can generate more referrals.

The best way to gain referrals is through a referral program. It’s a strategy that motivates customers to make referrals to your business, and a good program can become an engine that helps generate traffic. Some referral programs reward existing customers or incentivize new customers to try out your brand.

Think about your unique product or service and what your customer would value most. As you’re building your own, there are many strategies to think about, and not all will work for your business. For a closer look at referral program strategies and helpful tips, view the infographic by Valpak below.  

referral-program-strategies

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