Discover the best referral software for your needs. Browse through reviews from actual users and compare program features using our free tool.
What is a Referral Software?
Referral software is used to help marketers expand their reach by generating sales leads from their customer base.
While underrated, word of mouth is a powerful form of marketing. In fact, the highest percentage of the American population makes purchases based on recommendations by family or friends. But there is also a sizable part of the population who become actual buyers courtesy of recommendations on social media networks. Considering this, it would be completely out of order to ignore the power referral marketing software.
Referral software is a tool you can use to promote your business by use of your already established customer base. As an entrepreneur, this tool is a great way to reach out to potential customers and increase your sales. Referral marketing involves appreciating customers who refer others; thus, this form of marketing benefits both your customers and your business.
To make your referral marketing easier and get the most out of it, it is crucial to get a reliable tool that can enable you to take advantage of your existing customers, study their behavior, and allow them to refer new customers. So what should you consider when choosing your software?
Outsourcing is an essential part of any business, however big it is. After all, no company is entirely self-sufficient. Hence, it is common to find even big multinational corporations relying on outside tools, especially when it comes to marketing. And while you should outsource your referral software, that should be done with utmost care to ensure you get it right. With the following tips, the chances of getting the best software for your referral marketing are very high.
Customizations: This is one of the most essential features of excellent referral software. Remember, the software has to confirm to the needs, offerings, goals, and other vital aspects of your business. This should not be the reverse. Therefore, ensure that the offerings of the referral software you’re outsourcing can be altered to suit your business. Ensure the tool allows you to customize the basics of referral marketing, such as rewards, template designs, notifications, and referral actions.
Integration: As an entrepreneur, you most likely have ESP, POS system, CRM, and lots of other programs, which you are looking to integrate with your referral marketing tool. As to whether the software can integrate with those programs is one thing you will want to know before splashing your cash on the tool. Integration is useful in ensuring the smooth running of your business. Integrating referral software with a CRM system, for instance, makes it possible to keep track of your referrals via sales. With strong integration, you could nurture your clients, before and even after referral submission.
Contact segmentation: To best optimize your referral software, you need to segment your contacts depending on your business needs. You are serving customers with different preferences, tastes, sensibilities, gender, age, etc. It would, therefore, be a good idea to segment them so that you can know which campaigns go where. This ensures proper targeting. If you want to reward only your longest-serving customers or customers with the most referrals, for instance, you should be able to do that with your referral tool.
Campaign analytics: This is yet another important feature you need to consider when outsourcing your referral solution. Yes, you should be able to measure the performance of your tool, right? You can only determine how strong or weak your referral software is by looking at the numbers; they don’t lie. A robust referral tool should allow you to gain insights about such data as total referrals sent, total referral actions taken, and the highest referral rate channels. Besides the data collection, your tool should generate a detailed report, which should help you initiate appropriate changes to your referral campaigns.
Scalability: Today’s consumer market is so dynamic that you cannot afford to blink lest you are in for a rude shock. The needs of your customers are constantly changing, which means your business should swing with those changes if it has to survive. In the same breath, your referral software should give you the flexibility needed to optimize your referral campaigns. And as your business grows, a lot of things change. So, a good tool should be able to comfortably accommodate those changes.
We write blog updates concerning SAAS softwares, how to compose guides, and other news related to the SAAS field.