It’s a simple question with a complex answer. In the first study of its kind, two Australian researchers conducted a study on the effectiveness of loyalty programs. With 88% of Australia’s population participating in some sort of membership/loyalty program, it is surprising this study hadn’t been conducted well before 2013.
As previously discussed, referred customers can be some of the most beneficial to a business in both the short and long-term. These are the consumers every business wants to acquire, but how to accomplish this? Referral programs are designed expressly to encourage customers to pass along a business’ information to friends and family.
What is a customer referral? A referral occurs when one customer recommends a business to another person, who then becomes a new customer. Studies have shown that personal recommendations are one of the primary driving factors in consumer purchases. This is applicable to small, family owned businesses in rural towns and large corporations in major […]
Customer referral programs have gained massive popularity over the past few decades and more so in recent times. These programs cut across all industries and are being utilized by firms in advertising, the automobile industry, hotels and financial services just to mention a few.
Marketers are going back to one of the most traditional forms of marketing, which is word of mouth. After all, it is the most effective marketing strategy and one that has stood the test of time even in this digital era. Customer referral programs rely on word of mouth but crafting a referral program that will […]
Having a client referral program is a great way to promote your products and services. After all, what better way is there than to have satisfied clients do the marketing for you?