Referral marketing is a method of promoting products or services to new customers through referrals, usually word of mouth. Such referrals often happen spontaneously but businesses can influence this through appropriate strategies.

What is meant by referral marketing?

Is a marketing tactic that makes use of recommendations and word of mouth to grow a business’s customer base through the networks of its existing customers. Referrals can take many forms, but at its heart, it’s a way to get your biggest fans to help spread the word about your brand.
How does a referral program work?
A referral program helps make their mind up with a tangible reward for referrals. Modern referral programs, or a refer-a-friend-program, uses software to track referrals made by happy customers through either a referral code, a rewards card, or a referral link.

Using referral marketing for competitive advantage

The numbers don’t lie: Recommendations and referrals are not only useful, but crucial if you want to stand out from the crowd. Consumers actively go looking for them, and they can be the key differentiator between two otherwise similar products or brands.

The digital revolution has made launching and running a business easier than ever before, but that comes with a price: increased and fierce competition.

Referrals turn your satisfied customers into very convincing cheerleaders. They’ve paid good money for your product, and if they’re happy with it and the return-on-investment they’re getting from it, that’s a powerful selling point to others. Read more.

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REFERRAL MARKETING