Creating a successful referral marketing program involves more than simply pasting "Refer a friend!" buttons all over your web site. Multiple elements need to work in harmony, from the program structure and incentives offered to the overall shopping experience. But such programs are worth the effort:
- Referred customers typically convert at rates 1.5 times that of average shoppers;
- They can become strong brand advocates themselves, creating a "virtuous circle" of recommendations;
- Referral marketing programs can keep a lid on customer acquisition costs; and
- These programs allow brands to more accurately target specific customer groups.
This Retail TouchPoints Special Report will provide tips for implementing successful referral strategies and maximizing their ROI. Real-world case studies will highlight best practices from The Honest Kitchen, Backcountry and The Color Run.
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