A referral program is a marketing strategy that motivates customers of a product/service to recommend it to friends, colleagues and family. This is typically a word-of-mouth marketing strategy. There are reasons why you should implement a referral program to drive your business: it is an efficient way of sharing information about a product/service; this strategy is very cost-effective in attracting new customers; because of the trust-circle and fear-of-missing-out (FOMO) phenomena, high-quality customers join because their friends, family and colleagues introduced them; referral programs have a proven track record of success because inviters earn more when more customers patronize such product/service through them. In the post, you will discover how to use an auto trading mobile app for crypto trading using its inherent referral program.
What is a referral program?
A referral program is a form of marketing or promotion in which the originator (s) of a product/service encourages someone to refer the same to others. For instance, if you are a furniture company, you need to set up a referral program that rewards and incentivizes the first caller to have a test-fit, to refer a friend or colleague to buy the same. That will help you create word-of-mouth marketing. If the test-fit customer also refers more friends, the company’s sales will soar. What are the factors to consider when you are starting a referral program? As a crypto trader, you are in a position to introduce people to trading via your referral link. In order to attract customers through word-of-mouth marketing, you need to set up a referral program.
Why should you have a referral program?
An experienced sales professional has an advantage over an inexperienced one when it comes to delivering quality results. Building referral programs and driving more sales by generating leads from this strategy can raise your sales volume and consequently reduce costs. This tactic is easy to implement, and your business will benefit from this. Building a strong referral network is rewarding, and when you initiate a referral program, customers are most likely to spend more when they receive this type of benefit. Also, a referral program is well-received because it tends to turn invitees into customers who will start to buy from other people in their network.
How to start a referral program
Your first priority should be creating a link between you and your customers that binds you and them. The relationship should be about a mutually beneficial relationship between you and your client. This is the relationship you should maintain to convert sales for you. Think about creating a lot of ways to build connections with your clients.
Even though there are several types of referral programs, one would have to choose a platform with a well-designed customer journey that guides customers to refer new customers and first-time customers to the platform. This customer journey should be designed according to the user’s search habits, website visit patterns, behavior, budget, customer value and commitment and other parameters. In addition to this, it is very essential that the entire process should be transparent and users should be able to understand and access the details behind such referral programs. Therefore, let me introduce you to one of the most rewarding referral programs in the world of auto crypto trading using an app called Royal Q (a quantitative trading robot that works with Binance crypto exchange). Click here to learn more.