- Refer-A-Friend
- Key Advantages
- Challenges Met
- Top Strategies
Personal Connections Drive Growth
Savvy organizations employ referral initiatives to tap into the inherent trust and credibility that individuals have within their social networks, allowing businesses to expand their reach and acquire new customers through directed word-of-mouth recommendations.
The act of referring becomes an active and positive participation in the company's success. This approach not only fuels customer retention but also harnesses interpersonal relationships to amplify brand presence, attract new customers, and foster enduring customer loyalty.
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Increased conversion rates
In general... Referred customers are 4 times more likely to convert than non-referred customers.
Invespcro, 2021Referrals convert at a rate of 10-30%, much higher than other lead sources.
Forbes, 202284% of consumers say they either completely or somewhat trust recommendations from family, colleagues and friends about products.
Nielsen, 2015 -
Better retention
Referral program members are 83% more likely to be very satisfied than nonmembers.
Salesforce, 2014 -
Higher ROI
The probability of selling to a referred service lead is up to 70% higher compared to non-referred leads.
Market Logic, 2021Referred customers for service companies have a lifetime value around 25% higher than non-referred customers.
Forte Consultancy, 2017
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Failure to promote the program & keep it relevant.
Too often, a program is forgotten soon after launch. LeadTrust provides omni-channel marketing and new ideas for programs. -
Making the referral process overly complex.
LeadTrust makes it easier for residents, employees, and partners to refer others to your community. -
Forgetting who referred who.
Using a digital process like LeadTrust for referrals is key for connecting prospects to the right resident referrer. -
Offering inadequate incentives.
LeadTrust has template programs with suggested incentives to motivate residents to make referrals. -
Failure to pay out rewards.
LeadTrust tracks the approval and redemption process to ensure that recipients get the rewards they've earned. -
Lack of program metrics.
LeadTrust monitors key program data, so it's easy to assess effectiveness and make improvements.
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Routine Program Rotation
Holiday, Seasonal, & Monthly Promotions -
Diverse Display Media
Billboards, Flyers, Business Cards, Front Desk Placards, Bulletin Boards, Newsletters -
Digital Messaging
Emails, SMS, Social Media Outposts, Website Embeds -
Community Encounters
Open Houses, Family Days, Job Fairs, Gatherings, i.e., Garden Parties and Food Truck Fridays -
Educational Endeavors
Lunch and Learns, Expert Tips and Tricks, Navigating the Road Ahead, Answers to Your Hottest Questions, You’re Not in This Alone