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What Is Referral Marketing Software?
Referral marketing software relies on word of mouth marketing. If one of your customers shares their positive feedback about your brand, product or service with someone else, it counts as referral marketing. Once the positive feedback starts spreading around, that will return you as new customers. One of the reasons that make referral marketing programs preferable is that it doesn’t cost anything.
The aim of referral marketing tools is to encourage happy existing customers to share their satisfaction with other people. As we live in a highly competitive world, traditional ads are not enough to acquire new customers. The trust created between brands and customers plays a crucial role in buying behaviours. That’s why referral program software has become an influential marketing tools.
Why Do We Need Referral Marketing Software?
People tend to trust personal experiences rather than advertisements that appeal to all. Since social media shakes the buyer perception up, affiliate marketing strategies become more of an issue for marketers. Consumers start proactively looking for referrals from their friends, family or other people who made a purchase before. Then, they make up their mind whether to buy it or not. At this stage of the buying lifecycle, creating user-generated content and using a referral marketing platform have a voice in advertising.
An affiliate program derives most of its strength from social media. As interactions and sharings are intense on social channels, consumers are more likely to purchase a product or service after a friend recommends it through these channels. Not only for purchasing, but consumers also get information about brands and their services.
While creating referral campaigns, there are important elements you need to consider. A powerful customer referral program has to give a reason to share your brand, product or service with their network. Plus, it has to offer incentives and two-sided rewards. Most referral marketing software offers gift card incentives but there are some marketing software providers that provide cash, non-cash or store credits incentives. No doubt that offering store credits could be the most effective way to reduce costs. On the other hand, providing free features or products can encourage consumers to spread the word about you.
Social media is one of the most powerful ways to communicate easily with your friends and family. So, people are more likely to share their recommendations, thoughts or feelings on these social platforms. If referral marketing software provides easy-to-share referral links, it makes the spread easier. These links, which are included with the images or messages, should be far from the perception of sales. Also, they need to be mobile-friendly.
How Much Does Referral Marketing Software Cost?
As there are loads of referral marketing software providers in the market, it is hard to say a certain thing to this question. There is one thing for sure that each referral marketing software offers user-based pricing plans to users. Of course, you can find some marketing software tools that offer 14-day or 30-day free trials. Features can vary depending on the pricing plans but most of the basic plans cover campaign creation, landing page building or fraud detection.
Before you make your final decision, it would be helpful to check the key criteria mentioned below. So, you can find out the best referral marketing software that fulfils all your requirements.