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Top 40 Reasons To Have A Referral Partner Program

David
October 31, 2021

Do you want to help grow your business but are not sure how? Referral marketing is a great way to increase sales without spending money. Referral marketing is also known as referral programs or a referral partner program. Referrals are the best type of lead because they come from people that already know and trust your company or product. In this blog post, we will discuss what a referral partner program is, how it works for businesses, and why you need to participate!

What Is A Referral Partner Program All About?

The referral partner program is a system businesses can use to encourage their customers or clients to refer other people. It's the best way for companies to expand because it doesn't cost money and has a proven success rate. Referral marketing allows your consumers, who already know about you - whether they are current customers or not - to introduce prospects into the mix so you can get more sales. In most instances, brands pay a referral fee to the person responsible for bringing a customer or sale to the business. Depending on the company, referral partners receive referral fees in cash, discounts, or other types of incentives.

What Are The Benefits Of Having a Referral Program?

Any business will benefit a lot from having referral marketing. Here are some of the many reasons why you should start planning about your referral program:

1. Setting up a referral program is very quick and easy. 

Setting up a referral partner program is so easy. It's easy enough that you can set it up in a few clicks. All you need is referral software. There are many software out there you can choose from. With the use of software, all you need is to input your reward and the details of your referral program. Then, the system will create everything else for you.

2. A referral program helps increase your business profit. 

No matter what your company type is, a referral partner program will positively affect your business profit. For some, it may happen slowly, in other's cases, it could be a drastic change in sales.

3. It provides easy advertising and promotion opportunities. 

A referral partner program is a revenue stream that offers secure promotion. You can easily advertise on different social media channels. At the same time, promote through word-of-mouth marketing. With a referral program, your business gets authentic promotions since it's done not to make money but to share reviews on your amazing product.

4. Referral programs promote a sense of belonging. 

With referral marketing, people get to review their products and services frequently, which helps boost your social proof and will drive your buyers' sense of satisfaction up. With that, they will feel a sense of belonging in your community. Eventually, your customers will buy your products and services not only for their benefit but also for the community.

5. Referral marketing helps boost customer engagement. 

Referral marketing opens a lot of online opportunities. Customer referrals help boost engagement to your brand, too. Referral marketing creates conversations around your brand or business. The more people talk about your brand, others are encouraged to do the same as well. Engagement is vital not only to drive social media attention but to gain better brand recognition as well.

6. A referral program can help build your brand. 

There are many types of referral marketing. But, one of the most effective ones is a direct referral. A direct referral program is a type of referral marketing wherein you simply ask your customers to generate a referral. In turn, that potential customer becomes a client of your brand. You see, through this method, you get to build your brand without spending so much on advertising or promotional activities. You offer something your existing customers can help you with.

7. It helps build a mutual relationship with your customers. 

Referral marketing helps build good brand and customer relationships. Once a customer signs up to your referral partner program, brand marketing becomes the client's responsibility as well. This creates a mutually beneficial relationship with you and your customers that allows both of you to earn from the referral. This drives excellent customer relationship management to benefit not only your business but your referral partner as well.

8. You earn loyalty from your referral partners. 

Having a loyal customer is every brand's dream. Loyalty lasts for years, and yes, it can help grow your business as well. It's best to have a good referral program in place to build loyalty among your referral partners and offer them great incentives, including cash rewards. The better your referral program model is, the easier it gets to have loyal partners.

9. A successful referral partnership helps reach more potential customers. 

An affiliate marketing referral program is a referral program wherein you give each customer a unique referral sharing link. In turn, you reward them for every successful referral they make. Having a unique referral link makes it easier to share online and reach potential clients.

10. It can help decrease cart abandonment cases. 

Cart abandonment is one of the major problems among businesses. With a great referral program model in place, it can help lessen the number of cart abandonment. It gives customers the drive to continue their purchases because of the rewards they receive in return.

11. Referrals help increase customer retention rate. 

Apart from amazing products or services and excellent customer service, a well-thought-of referral program also helps improve customer retention rates. Remember that your referral partners are your customers as well. So, providing great bonuses to referral partners will make them stay and love your brand. At the same time, it pushes them to work hard promoting the products and/or services you offer.

12. A referral program can help produce more repeat customers. 

Referrals can provide you with a fantastic quality of leads. When we talk about leads, we mean customers, which is crucial in making your business profitable. Having a referral partner program can be very helpful to get more repeat customers from your referral partners' downline.

13. Provides high converting leads. 

Referral partnerships also help bring a good number of qualified leads. These leads are likely to remain customers for a long time and also result in an improved customer retention rate.

14. Incentives attract more customers and potential referral partners. 

Effective referral programs have amazing incentives in place. After all, incentives are what draw people not only to the brand but also to become a referral partner. Designing a competitive commission structure helps your company keep up with your competitors.

15. Identify loyal customers and provide exclusive deals. 

A referral partner program makes it easier for you to identify who your loyal customers are. To keep their loyalty to your brand, you have to nurture them. One way to do that is by providing your ideal customer with exclusive deals. This will make them appreciate you more as a partner and help boost their eagerness to continue the partnership.

16. Helps close bigger accounts.

It is every business's dream to close big accounts. A successful referral program makes it easier to close an account or close sales, but only if the referral trusts your company. Making calls with customers' referrals from someone they respect makes them feel more comfortable placing larger orders and essentially generating lucrative revenue for you!

17. Creates an expectation for potential customers. 

When customers refer your brand to their family and friends, it creates a certain impression to the other person that you two work well together. It makes new customers excited and optimistic about your brand. As a result, they buy from you and essentially become a partner as well.

18. Customer referrals do not cost a thing. 

Referrals are very cost-efficient. When satisfied customers refer your brand to their family or friends, it won't cost you anything. In marketing, word of mouth has always been a powerful driver of sales. Imagine how many referrals you can get, which could turn into sales for zero dollars. That's the beauty of having a referral program.

19. A successful referral marketing program is a testament that you are doing it right. 

Customers with a positive experience with your brand are likely to refer you to other people. It's easier to convince people to refer your business when you offer them what you promised. In some cases, you don't even need to ask; your customers just do it.

20. Promote your brand on different platforms. 

The referral process these days has become so much easier. Using efficient referral marketing software, your customers can easily generate a referral link and post it on various social media platforms. It only takes a few clicks, and your brand gets to reach a lot of potential new customers.

21. Reminds your existing customers why they love your brand. 

A referral reward of any form goes a long way. It makes your customers feel important and valued. While rewards push your customers to scout for more potential clients, they also remind them of the very reason why they love your brand. When your customer refers you to a family member or a friend, they explain why the other person should buy your product or service, which is usually based on why they love it themselves.

22. A successful referral program is proof that your business is performing well. 

Successful referrals are proof of how well your business is doing. After all, it's easier for customers to refer your products or services to other people when they're happy and satisfied with them. Having lots of existing and new customers means you are on the right track. You just got to continue doing what you do.

23. Customer referral programs help grow customer acquisition rates. 

Customer referrals produce referrals, and those referrals produce referrals. The process continues. When someone referred to you bought your product and is happy with it, they're more likely to refer it to other people as well. It's like a domino effect -- in a very good way! When this happens, your customer acquisition grows, and the next thing you know, your brand is growing in reach and engagement.

24. Reminds you of why you established the business. 

As mentioned earlier, a referral program helps remind your existing customer of why they love your brand. It does the same effect on you as the business owner. It takes you back to the very reason why you established the business and your goals for it. It inspires you to keep pushing hard.

25. Generate an increased return on investment (ROI). 

Rewards are a small price to pay to how much you can make with a referral program. There are several ways to run a program. But, the most popular and cost-efficient is referral programs that give out points for every referral made. The points can be exchanged for cash, gifts, or discounts. This method attracts more customers without spending a lot of money. Thus, allowing you to experience a higher ROI value. 

26. A customer referral program inspires you to always be better. 

The competition will always be there. To keep your customers happy, you always have to think of new ways to show your appreciation. Provide them with new opportunities to grow as your business grows. Treat them as to how you should treat business partners. You nourish them by giving away better rewards each time.

27. Referral marketing programs grow your total audience reach. 

Customer loyalty programs allow you to reach more potential clients, which is vital for business growth. Imagine, one person can refer you to two or more people of different races or statuses in life. In a short time, a lot of people get to hear about how amazing your brand is. We are not talking about just one group of people in one area but more groups on different grounds.

28. Potential customers trust information from friends. 

Recommendations from friends make it easier for anyone to buy a product or trust a brand. When customers refer you to their friends, making a sale becomes a breeze. That's what makes referrals effective in marketing your brand. It is built on trust.

29. Makes your customers feel like they are part of the business. 

Referrals programs are designed to give clients rewards and be a platform to provide honest reviews. When they offer reviews, and you address them or acknowledge them, it makes them feel that they are a part of a whole. That's more than enough reason for customers to stay dedicated to your brand.

30. Customer referral programs can improve closing rates. 

One of the primary reasons why referrals exist is that to help companies generate more revenue. Well, it does! By using efficient referral program software, you can streamline your referral program from registration to sales tracking to reward fulfillment. You see, it makes things so much easier.

31. You don't have to look for new customers yourself. 

Finding new customers is the most challenging part of marketing. Often, you do not even know where and how to start. You save so much time and effort from finding new customers yourself with a referral program in place. Instead of you doing it on your own, your existing customers are the ones looking for them by reaching out within (sometimes even outside) their circles.

32. Makes your brand more valuable to your customers. 

In the process of finding potential clients, your business becomes more valuable to your existing customers. They take care of your brand. They become so careful not to tarnish your solid reputation. A reputation that they helped build themselves. It makes sense -- because if your reputation is messy, they lose people on their downline as well.

33. An opportunity to earn passive income for your customers. 

Giving out rewards is an opportunity for your customer to earn passive income. Whether you give cash or non-cash incentives, the effect will be the same. It makes your customers excited and as a result, they will end up looking for more referrals to earn more incentives.

34. Makes marketing your product so much easier. 

When there are many referrals coming in, it becomes so much easier to promote your product to those who were not reached by your customers yet. The number of customers you have makes a very good impression on your company. Just figure out the right rewards program design that would work best for your brand and your target market.

35. Lower customer churn. 

Customer churn refers to the percentage of customers that stopped using your products or services after a certain time. It's a serious issue that can have a lasting effect on your company. Having a rewards program can be very helpful to reduce it down. Instead, it helps attract more people to your brand.

36. Motivates your customers to share about your brand. 

It's easier to encourage people to get the word out there when they're thrilled and excited. A referral program with timely messages and striking rewards can easily push your referral partners to share about how great your brand is.

37. Outsources prospecting to your clients. 

Searching for and prospecting clients by yourself makes you do all the work. But, when you ask a referral partner to do the job instead, you get to outsource the work and hire other people. By outsourcing a referral partner, you get the ability to offer appointments to a larger market in different areas.

38. Provides an opportunity for business expansion. 

Any company dreams of expanding over the course of its business. When your rewards program becomes highly successful, it opens so many doors for your company. That includes expanding it to serve more customers in different areas.

39. Find the right clients. 

Referral partners don't just look for potential clients. They look for the ones who really need your product and would immediately say "yes" to it. It's like they screen customers before leading them to your company, which saves a lot of time and effort.

40. A referral software automates and tracks data essential to business growth. 

The majority of successful referral marketing out there use software designed to systematize and monitor the success of their program. The referral software collects data you need to improve your referral program and business as a whole. Also, since the software does most of the job, it leaves you so much room to grow and focus on other parts of your business.

What Is A Referral Marketing App And Why You Need One?

A referral marketing app is an online application that your business can use to implement a referral marketing strategy. Also known as mobile referral programs, this tool helps customers promote a brand by sharing it with friends and family members from their mobile devices. There are several referral marketing apps out there, and btwn is one of them.

Referral programs have many benefits. It helps create brand awareness without having to spend anything. At the same time, it helps increase the number of customers and sales. With the current technology, with people using their phones most of the time, having a referral marketing app will make it easier for your existing customers to spread the word about your products or services to a potential lead and drive more sales.

How To Set Up a Customer Referral Program?

Setting up a customer referral program is quick and easy. All you need is a process that will work for you. Below is a step-by-step process we developed to help you set up your referral program free from any hassle.

Step 1: Assess the image and situation of your business.

The first thing you need to do is to look into your business's image and state in the market. You need to know how well your business is doing, how many customers love your product, and if they are already referring your brand to other people. Having this information will guide you through the rest of the process.

Step 2: Set a clear goal.

Having a clear goal is vital to your program's success. You will need to ask yourself questions like what you are hoping to achieve out of your rewards program? Do you want an increased number of customers? Or do you want higher sales? These questions will help you determine the right referral program for your company.

Step 3: Make a list of your existing and possible customer referral sources.

Referral sources are anyone who shares about your product or service through word-of-mouth. These people share about your brand with their family or friends through conversations or online channels. To begin with, list down your family and friends, business partners, industry leaders, employees, influencers, and your past and current customers. If you have potential customers in mind, include them in the list as well. Having this list will get you off to a great start.

Step 4: Come up with an outreach plan.

Once done with the list, the next thing to do is to make an outreach plan. It is vital to know that each referral type has an appropriate marketing approach. Thus, it's best to research best practices for each referral type. For example, sending an email blast works for valued customers. But, it may not be attractive for potential or new customers. While rewards are great, your family members and close friends may not need them at all. Also, timing is crucial when reaching out to people. Know when to approach them and talk about the rewards program.

Step 5: Determine the rewards you will offer.

You have two options for a referral program. You either give a cash incentive or a non-cash incentive. Non-cash incentives include discounts, free products, etc. To know what works for your brand, you need to identify who will receive the reward first. Will you offer it to your existing customer, the new one, or both? Each type of customer may require different rewards. It also helps to check your competitors' rewards programs to come up with a better rewards program for your brand.

Step 6: Identify platforms to host your customer referral program.

Having an effective communication channel is key to making your referral program work. You need a platform that notifies your business and the referred customer every time a referral is made. This enables you to engage with the referred customer when that person buys from or signs up with your store.

Step 7: Promote your referral program.

Promotion plays a crucial role in a referral program's success. The good thing is, with the internet, it's easier to market or advertise. First, there are social media platforms. You can market your program across Facebook, Instagram, Twitter, or whatever channel that works best for you. Second, you can start an email campaign. Promote your rewards program by emailing your customer referral sources. Lastly, maximize your website. Websites are the best tools to promote your program because everything they need is right there. Apart from the program itself, they get to explore the products and services you offer.

Step 8: Track the referrals.

To run a successful customer rewards program, you need to keep track of all the referrals. The easiest and most efficient way to do tracking is by using a referral program software. This provides you with all the essential data you need to gauge whether or not your referral program is a success.

What Is btwn?

btwn is an online marketing platform developed in the United States. We created it to help businesses and their customers build stronger relationships. It is our company's pleasure to offer such an easy way to connect businesses and customers. At the same time, it helps increase business profits and customer satisfaction. Our app is perfect for buyers, sellers, and referral programs.

Why Choose btwn?

There are several reasons why you should use the btwn app. Let us share with you the major ones:

Affordable Promotion for Your Brand

Creating your own referral partnership program can be a daunting task. With btwn, you get to enjoy the same benefits without having to spend so much time, money, and effort in creating your own referral partner program. All you need is to put your brand out there and let people help you promote your brand.

Ease of Use

The btwn app is straightforward and quick to use. Once you have downloaded the app, you can easily make payments by linking your cards via the app's secure payment platform. You can buy products and services from your desired businesses and refer friends through the app.

All-In-One Customer Engagement Tool

By using the app, you get full access to an all-in-one customer engagement tool. The tool offers loyalty stamp cards to incentivize your customers. It also helps customers build a closer relationship with your brand or business. Customers also get access to exclusive coupons and invitations as a reward for their loyalty to your brand or company.

Access to Exclusive Business Perks

Businesses like yours that are using the btwn app get access to exclusive perks. This includes automatic verification, effective results, no hidden cost, and free registration. The app has all you need to run a referral partnership without having to spend a lot.

Rewards for Businesses and Customers

We provide a few rewards for businesses that use the btwn app. We also give out bonuses to customers through our referral program. Customers earn cashback rewards every time a family or friend buys in the shop.

Excellent Customer Service

Providing high customer satisfaction is important to us. That is why we work hard every day to attend to every need and inquiry. We are available during business hours to provide answers to queries and concerns regarding the app.

Final Thoughts

Having a referral partner program effectively boosts revenue and improves your brand's customer relationship. It helps promote your brand through word-of-mouth and customer loyalty. Meanwhile, a referral marketing app is your partner in realizing an efficient referral partnership program. While there are many options available, we at btwn offer great rewards and a quick and easy referral partnership platform that is mutually beneficial to you and your customers.

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