Any business with limited advertising and marketing budgets will tell you that referrals are their most lucrative channel for acquiring new customers. I love referrals because the businesses that I've worked understand my strengths and can recognize with their colleagues need assistance that I can provide. Not to mention that the person referring me is already trusted and their recommendation carries a ton of weight. It's no wonder that referred customers buy sooner, spend more, and refer other friends:
- 92% of consumers trust referrals from people they know.
- People are 4x more likely to make a purchase when referred by a friend.
- Referral loops can lower your cost per acquisition by up to 34%
The difficulty, of course, is how to track those referrals through to a conversion. In our online world, referrals can be tracked using a unique link. Having a system that distributes those links and tracks each of those referrals.
Referral Factory is a referral marketing platform that provides your company with a self-service, simple, and complete referral marketing solution:
Don't worry about signing up and having to design and build out yet another platform. Referral Factory comes with hundreds of pre-built, mobile-ready landing pages that are unique or mimic the referral pages of proven brands. You can customize all the images, logos, copy, and rewards on each of those templates.
Once your referral marketing campaign is built, you can manually add users via the dashboard, or prompt users to get their referral links in multiple ways:
- Via unique distributed links for each referrer
- Via a QR code for each referrer
- Via an embedded referral program on your website
Your reporting in Referral Factory enables you to keep a close eye on the growth of your referral program so that you're always aware of who your top referrers are. You can access your data via the dashboard or send it off through a webhook – you can also export your data at any time as a CSV file.
Disclosure: I'm using a referral link built by Referral Factory throughout this article.