Why Referred Leads Are the Secret to Skyrocketing Your Conversion Rates
Imagine having a superpower that could drive your business growth automatically. A successful referral program can do just that. Referred customers not only spend more, but they stay longer, and often become advocates too. Leads that are referred also have a 3x higher conversion rate!
What ROI Can You Expect?
Most people think of referrals as a way to get cheaper leads. While that’s true, the real value lies in something even more important: lead quality. Referred leads are 3x more likely to convert than those acquired through digital channels because they already trust your brand, having been referred by someone they know.
Imagine the difference between spending $1,000 on PPC vs. $1,000 on rewards for referrals:
What’s the Setup Investment?
Investing in referrals is like investing in SEO—the upfront work benefits you for years to come. Referrals compound as your business grows, generating more and more referrals over time. When you want to launch a referral program, you should expect to invest a fair amount of time initially to design your program, choose rewards, set up pages, and track results.
While you could build everything from scratch with your developer, a ‘plug and play’ software solution like Referral Factory can get you started way faster.
How Do You Get Started?
Referral Factory is powering 12 655 referral programs at the time of publishing this post — we’d love to help your business get a referral program up and running too.
Here are a few ways to get started:
- Self-Service Option: Prefer not to talk to anyone? Watch this video to see the 5 steps to build your referral program with our plug-and-play software.
- Expert Assistance: Don’t mind talking to our team? Book a call with our experts. They’ll help you design the best program for your business and give you a demo of Referral Factory.
- Dive Right In: If you’re an experienced marketer, you can get started immediately. Visit our website and dive right in.
