Today's post is by Dick Beedon, founder and CEO of Amplifinity. Hear Larry Angeli, senior vice president of sales and marketing at Amplifinity, present at the upcoming Sales 2.0 Conference in San Francisco on May 5–6, 2014. Read the agenda or register now to take advantage of discounted rates.
In a highly connected and social world, asking your brand advocates to endorse your company to their networks can be one of the easiest and fastest ways to generate qualified leads.
Consider the following facts based on our experience with our clients at Amplifinity:
Referral customers are less price-resistant.
Referral customers are less likely to question your product’s benefits after a purchase.
Referral customers are more loyal and more likely to refer someone else to you.
Our data consistently indicates that customers who register for our clients’ referral programs make more than one referral when they follow our Referral Program Best Practices. Further, the top 10 percent of brand advocates will make 10 or more referrals over the span of a single program, resulting in 1.5 new clients per advocate, per program.
This advocacy channel is always on and continually active – making referrals, passing on information about products and promotions, and creating brand awareness and goodwill on your behalf. Compared to more traditional advertising and marketing tactics, implementing a referral program as a first step in a brand’s long-term advocacy marketing strategy generates higher-quality leads more quickly and at a fraction of the cost.
Brand advocates step forward and help out because they trust and like a brand’s products or services and/or appreciate the brand’s relationship with their customers. Moreover, we find that our clients’ advocates actually want to share their positive experiences and recruit their friends to become customers too, so taking advantage of this network is often just a matter of the brand automating the process of asking for referrals. In this way, brand advocacy becomes a win-win situation for the brand and its loyal customers.
Today, what others say and write about you online defines you, sometimes more so than your own messaging and marketing materials. Using social channels to create advocates can pay huge dividends in the growth of your business.
Hear Larry Angeli, senior vice president of sales and marketing at Amplifinity, present at the upcoming Sales 2.0 Conference in San Francisco on May 5–6, 2014. Read the agenda or register now to take advantage of discounted rates.