I had dinner at this amazing new restaurant last weekend. The food was phenomenal, the hand crafted cocktails were refreshing and the atmosphere was the perfect mix of upbeat yet relaxed. My friend Jenn gave me a great recommendation!
When we sat down the server asked how we heard about them and I told them a friend of mine had been there and recommended I try it. After our meal, the server brought us complimentary, handmade truffles. It is part of their “referral program.” If someone comes in based on a recommendation, they reward the new customers with a sweet treat as a thank you for trying the restaurant. It is a different take on a referral program, but it works – I not only told my friend who recommended the place, I also excitedly told another friend about it who had not been. All of us were impressed.
Referral programs benefit all of us. Not only is it a great way to get new customers in the door to try your product and services, it is also a great way to thank current customers for being loyal. And nothing speaks more to a person than when someone is confident enough in a brand to recommend them to someone else. But it doesn’t stop there. There are other benefits of a referral program that a brand can enjoy:
Cost effective way to generate traffic
The more customers you have, the more money you generate and the more you can invest in your business
The more you invest in your business, the better your products and services can be
The better your products and services, the better your reputation
The better your reputation, the more customers you will have
And the more customers you have, the more revenue you will generate, which you can invest in your business, which leads to better products and services…..
Do you see where this is going?
A referral program is not a stand alone tactic. It is an ongoing, cyclical strategy to increase traffic in your door, increase sales and ultimately increase the value of your product and services. Once the customer is in the door and spending money, the journey doesn’t stop there. You have to think ahead to what you will do with that additional money and how it can propel your business forward.
Speaking of referral programs, do you know someone who could benefit from RICS’ product and services? If so, check out our referral program and you could gain two things if they sign on as a client: $200 and more money invested to make our product faster, stronger and more reliable. It is a win-win all the way around.
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