When both sides in a deal benefit then you’ll almost always get a positive outcome.
We need to remind ourselves of this growth mindset, I know that I do. For a digital marketing idea, you should consider a 2-sided referral discount program.
A two-sided referral scheme rewards both sides; the advocate receives the referral offer, while the new client receives the offer from the acquaintance.
Referral programs are one of the most effective and often discussed methods of increasing business.
In a traditional referral program, which has been around for many years, you compensate someone for referring a potential client to you. Referral programs, however, have changed as a result of the new wave of social sharing and digital tracking, and yours should as well.
A two-sided incentive program is an excellent option.
While it may appear foolish and costly to provide an incentive to a potential client simply for visiting your business, obtaining customers through referrals has a lower CPA (cost per acquisition) or CAC (customer acquisition cost) than traditional digital marketing strategies.
How so, you ask?
Referred consumers are more likely to remain around longer since there is more social evidence surrounding your product or service. In addition, recommended consumers have a greater lifetime value than non-referred clients.
Referral programs enable consumers to undertake some of the most difficult work that we need to do as marketers. Customers want to know that the individuals to whom they are referring will be looked after.
A two-sided reward can boost your referring customer’s confidence mostly because they are at peace knowing that their recommendation will receive something helpful as well as a good experience. This also helps the referring client appear to be a greater buddy to their target demographic.
We all want to be thought of as a nice friend and a helpful person, and by allowing your customers to “give” a fantastic experience and a reward, we can meet that desire for them.
Dropbox was an excellent illustration of this, and it was responsible for the company’s rapid growth: every reference and recommendation received extra data storage space in their accounts, resulting in a perfect “win-win.”
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