Referral programs are the most influential form of advertising that attracts the best kind of customers – the type of customers that spend more, stay longer, and refer other friends. Using a well-timed nudge and an easy way to get people to refer their friends, referral programs get a marketing message from person to person in the best way we know how – through word of mouth.
We know that referred customers are 18% more loyal, generate 16% more revenue, and spend up to 13% more just because they were referred by a friend. We Cork Kids Bicycle Shop also know that one happy customer to spread the word about your business can result in nine new customer referrals. That’s nuts!
So whether you plan on building your referral program with the help of in-house developers or opting to use off-the-shelf referral software – this comprehensive guide will teach you everything you need to know about getting more referrals flowing into your business. It’s been compiled by me, with the generous help of my team at Referral Factory, after building and launching over 1000 referral programs in 2021. I hope it can be helpful for you and your business 🚀