When it comes to business growth, usage of tech is inevitable!
From a small mom and pop shops to big corporates, it’s undeniable that investing in tech pays big and that many business owners don’t realize the weight an investment into tech carries. But staying on top of advancing technology and software is no easy task. So many options, so many choices…
Investing in the right referral marketing software for your business is crucial and should be an integral part of any growth strategy. But referral marketing software investment isn’t about “get rich quick.” It’s a valuable investment.
Putting money towards referral marketing software and technology is all about scaling your business and maximizing profits over the long term. And, while that comes at a price, it’s probably lower than you’d think.
Can you, and your business afford not to pay it?
What Is A Referral Marketing Software Investment?
Every business owner has the choice of where and how to invest their money. This can be anything from buying inventory and hiring staff, to purchasing the equipment and products you use to run your business. But the decision of where and when to invest can be tricky.
Within a year, companies that make smart referral marketing software investments can see rapid growth and better profit margins. There are many referral marketing software products out there that can make your life and the life of your staff easier.
Happy staff = more growth!
With referral marketing software, it’s not so much about how much you spend; it’s how you spend it. You want something that aligns with your company’s ideals and makes your work easier and better? It doesn’t have to be a significant investment. It all comes down to making the best choice.
“Investing” in referral marketing software merely means obtaining licenses to the referral marketing software necessary to the day-to-day running, marketing or other operations of a business. Typically, business owners start by buying referral marketing software that they need to run the business while waiting to purchase licenses for “nice to have” software at a later stage.
With licenses costing anywhere from a few cents to thousands of dollars; and some having one-off costs, with others incurring a monthly recurring charge, it’s never been so crucial to weigh up all the options before investing in referral marketing softwares.
How Does Investing in Referral Marketing Software Help Business Growth?
Whether you own a startup or are a CEO of a multi-conglomerate operation, not everyone believes the hype that investing in referral marketing software stimulates business growth and that it’s arguably the safest investment for any business.
Here are nine reasons according to Kirsty McAdam; Founder and CEO of referral marketing software leader, Referral Factory who shares why investing in the most up-to-date referral marketing software is the best thing you can do for your business growth and marketing strategy.
Reason 1: Stay Ahead of the Referral Game
One of the best advantages you can have as a company is staying ahead of your competitors and the easiest way to achieve this is by having the most advanced and simple to use referral marketing software to operate your business. The better the referral marketing software your business uses, the less manual actions the team is likely to have to execute.
This ultimately means that they have more time to work on other crucial tasks like working with customers and making sales. When you have the newest tech, you’ll also have access to new ways to outperform other companies — whether that’s through modern marketing techniques, a more powerful system, or streamlined production.
Getting a leg-up on the competition means your business will naturally attract more clients and grow your revenue. Just think of the time that the social networks launched their advertising platforms. Those that were early to adopt (using smart software to launch thousands of ads to their target audience) crushed their competition.
Reason 2: Improved Referral Efficiency
Having the best referral marketing software also means making your business more efficient. Employing new referral marketing software may initially entail some bugs and growing pains, but once you leap, your business will flourish. Ultimately, the question you should ask yourself as an entrepreneur is this;
“Does a human have to do this?”
Often, we hire people to do tedious and monotonous tasks, only because it seems the path of least resistance. But the second that we start researching solutions for these referral marketing tasks, we find that many of them can be automated for little to no cost. This allows our human resources to focus on referral marketing tasks that can’t be automated.
A more efficient referral marketing workforce, that, on top of everything else, is happier not being tasked with mundane work. By buying the right referral marketing software, you’ll soon find that they regularly roll out referral marketing updates. Software updates are often brought out to make a service more efficient, introduce new features, and improve the overall user experience (UX).
Ultimately, software updates will trickle up and down your business hierarchy, making your business run smoother and faster. As referral marketing systems become more efficient, the capacity for products or services to grow expands too. In making a business more efficient, you create more chances for your company to meet more demands from customers.
The better you can serve your clients and niche; the happier customers will be and the more positively people will talk about you. Finally, optimizing referral marketing efficiency narrows the margin of error in production and services, making your business garner more revenue by improving fulfilment.
Reason 3: Offer A Tangible Platform for Referral Marketing Growth
Investing in referral marketing software is a solid business decision that can supercharge growth. When you start a business — in whatever industry — you typically start small. The hope is that you will grow indefinitely, both in the number of clients and the revenue of the company itself. No other field expands quite like technology.
When deciding what to invest in for your business, consider what will help it grow fastest and more consistently. By investing in referral marketing software, you’re investing in the potential of both the referral marketing software and your own company.
Reason 4: Gain Long Term Benefits With A Short Term Commitment
When you invest in referral marketing software, you’re making a long-term investment for your business. The great thing about investing in referral marketing software is that the benefits can last for years. As the third-party software you invest in improves in functionality and efficiency, it only grows in value and longevity.
While technology isn’t necessarily the most stable sector, it is one that is always growing. Investing in software that streamlines your business processes is rarely a wrong decision.
Investing in a referral marketing Software Platform – Buying into a referral marketing software program or SaaS means you’re laying a foundation for your business’s success. The money you spend now will grow in value as your business benefits from the investment.
By way of example, an investment you make for a year into a referral marketing software program or SaaS can yield much higher dividends than investing in an employee who only works for your company less than a year. Employee turnover has enormous associated costs. With referral marketing software, that’s not an issue.
Reason 5: Improved Client Retention
By investing in referral marketing software, you can realize a massive improvement in client-business communications. Thanks to its built-in processes, referral marketing software tends to improve communication with customers inherently.
Whether it be through email or social media, an investment in referral marketing software gives you more ways to reach out to your intended audience. In turn, your business can thrive from developing and cultivating positive relationships with current and potential customers. The referral marketing software also offers the chance to improve inter-business relationships.
If you make informed referral marketing software investment choices, you’ll form a professional relationship with the company you choose. You’ll also likely be able to connect and network with other businesses that use the same or similar technology.
Business is all about mutually beneficial relationships and finding ways to expand and diversify. If you use those connections to your advantage, both companies could see massive growth and innovation. With one financial decision, you can open your doors to a whole new set of connections that were off the table before.
Reason 6: Increase Your Productivity
Along with efficiency, the right referral marketing software can increase productivity. This is particularly true if the referral marketing software you invest in simplifies your current SOPs and renders certain business processes automatable. Depending on what referral marketing software you choose to invest in, you’ll likely enhance the productivity of your systems and staff.
A more streamlined company produces at a higher volume, with less human error. Your business can also use referral marketing software to schedule tasks and reduce the time it takes to complete other goals. With the right referral marketing software, you can easily delegate tasks to make sure work is done quicker and more efficiently.
Essentially, you’re buying back your employee’s time, and giving them more time to be productive in undertaking new ventures.
Reason 7: Access to Better Security
Many businesses fear hacking or cyber threats and with good reason. Technology makes these fears real. Hardly a day goes by without news of some devastating new hack. Paradoxically, the software is the best (the only?) defence.
When you’re using the most current, licensed software or third-party SaaS products to manage your day-to-day operations, your company operates with security at its core. The referral marketing software companies you’re investing your trust in, you should value that trust highly. Their reputation rests on keeping your data; and the data of your customers safe.
It’s just another way that investing in referral marketing software makes sense as a long-term decision. You expand your company while protecting your assets, ideas, and client data. Even if the price for a certain referral marketing software product seems high, it’s worth the investment if it means protection. Often, investing in the right referral marketing software can make or break a business.
Every business must take appropriate measures to secure the confidential information they’re storing. Investing in systems that protect sensitive customer data is not only a way to mitigate the risk of a data breach, but can also serve as a selling point when promoting your business to clients.
Reason 8: Improved Marketing
What gives your business the most growth, with or without the software?
Good referral marketing.
The best thing about technology is the advantage it offers when it comes to referral marketing. From social media promotions to advertisements, referral marketing software services enable you to spread the word and stimulate awareness about your business quickly.
Many referral marketing services are being used by thousands of users to manage and control their marketing strategies. By investing in referral marketing programs like these, you can streamline your referral marketing efforts while simultaneously upping your exposure.
Reason 9: Open New Doors
With new technology comes new opportunities. Everything up to this point mentions the opportunity for growth and development. That’s all true.
Technology opens doors you may not have imagined possible for your business. Companies in their early to the mid-growth stage are most likely to benefit from investing in new referral marketing software innovations and the innovators that create them.
Without investment in referral marketing software, your company could stall as systems become outdated, customers abandon your product or service, or team members quit due to disorganization.
Here’s a fact; only companies and products that evolve can survive the highs and lows of the global economy. When you make progressive choices with the finances of your business, you’ll discover your business won’t just survive; it will thrive. Without referral marketing software investment, your company will fail because it won’t be able to grow.
Investment is at the heart of every business. As a business owner or CEO, you decide where your money goes. The only way businesses grow is when reciprocity is a core principle.
You must make this principle of mutually beneficial opportunity foundational in your decision making; primarily when investing in referral marketing software. As you come back to the drawing board for the start of a new business year, consider what referral marketing software investments you need to make to propel your business forward.
Whether that means a small Software as a Service (SaaS) purchase to streamline your systems or to invest in a long-term partnership with a referral marketing software company, it’s undeniable there’s no time like the present to ask the hard questions. Once you’ve pinpointed where your investment should go, it’s time to make it happen.
Disclosure: This article includes affiliate links to Referral Factory.