3 Reasons Why Now is the Time to Start a Referral Program
In the midst of the coronavirus pandemic, companies are focused on taking care of their most important audiences: their employees and existing customers. In the meantime, the business world is already claiming that this crisis will lead to a recession. As companies prepare for the unknown, marketing may need to take a backseat.
Despite this, we don’t advise growing businesses to pause all marketing activity. Why? Because although human health is of utmost priority right now, we recognize that for many of you, the health of your business is also at stake. When this situation does begin to turn around, you may feel as though you’re starting at square one, scrambling to make up ground as quickly as possible. You’ll likely increase your spend on lead generation, but you’ll be pitted against a more competitive landscape than usual, as many others will have the same idea. By keeping some lead generation tactics turned on, you will lessen this effect.
Being mindful of your marketing budget, plus social distancing, preventing face-to-face meetings for the foreseeable future, how do you attract warm leads and keep your pipeline humming?
Word of mouth continues to stand the test of time as your best strategy. Referral programs are built around word of mouth, and what better time to implement it than now, when your pipeline from other sources may be drying up? Here are three reasons why a referral program can drive your business forward during uncertain times.
Build More Awareness for Less
You already know that the only way to get new customers is to expose your brand to new people, but how can you do that if your company is cutting back on marketing efforts? Referral exposure isn’t just any exposure. Leads you earn through referrals have the most potential because they are brought in through networks of people already using your product or service.
Even if the referral isn’t ready to buy from you today, they know you are a trusted source and will remember you in the future or even refer you on to another person in their network. Not only have you increased your exposure without spending advertising dollars, but you may have gained a customer or two in the process.
Attract Higher Quality Leads
A customer referral is naturally a higher quality lead because it comes from a trusted source who knows the brand and knows the needs of the person they referred. Traditional digital can sometimes deliver unreliable results; however, when you market through referrals, your customer trusts you, and their contact trusts your customer. Starting with warmer, high quality leads can help shorten the sales cycle and gain new customers faster.
Automate Your Marketing
At a time when you may be forced to do more with less, a referral marketing program shouldn’t be one more thing you have to add to your already full plate. Gathering and tracking word-of-mouth referrals with paper and pencil or Excel spreadsheets might seem like the simplest approach, but spreadsheets require manual entry and allow little to no room for analysis for tracking and reporting. The best referral marketing software programs will run like a well-oiled, lead-generating machine once it’s launched allowing you to focus on other business activities.
WarmUp can help you generate and share referrals through your happy customers quickly, easily, and on cruise control.
Ready to experience all of the benefits of creating a referral program for your business? Contact us today for a demo of WarmUp’s referral program software.
Need more proof of the perks of referral marketing? Download our guide to learn the top 10 benefits.