People are four times more likely to buy a product or service when they are recommended by a friend. Seventy-seven percent of consumers are more likely to buy a new product when they learn about it from friends or family. Ninety-two per cent of consumers trust the references of people they know.
You’ve probably heard these statistics, and many others, proving the effectiveness of benchmark marketing. But behind these impressive data points lies an essential component: a reference marketing software. Without a platform that manages referrals and tracks customer loyalty, these statistics are simply unachievable.
Sponsorship management software can help your team test different campaign strategies, automate sponsoring link tracking and maximize the return on investment of your sponsorship campaign to save you time and money. Here are other reasons why reference management software is a good investment :
1- TOP 5 REASONS WHY ADOPT SOFTWARE FOR YOUR MARKETING REFERENCE
- Automation features help you work efficiently
- Reach more people and channels to evolve your program
- Collect data on what works and what doesn’t
- Find the rewards that works best
- Reduce the risk of fraud
When reference marketing began, it was items like punch cards and spreadsheets that helped companies track references and loyalty. The amount of manual work required to identify the best participants, validate their references and award rewards had made reference marketing untenable for start-ups and small businesses.
Reference management software automates many of these elements to allow teams to easily set up campaigns efficiently. GrowSurf’s automatic form detection works with any form you already have on your website to automatically add new participants and track references. Reference marketing software will automate emails so you can promote your campaign, give new participants their unique sponsorship link, inform winners and send monthly reminders.
Automation built into platforms such as GrowSurf also supports the management of a sponsorship campaign, from tracking email links to executing rewards. These tools automatically award rewards to participants who achieve their sponsorship goals through integrations with Webhooks, Zapier or Tango Card. As a customer loyalty software, reference marketing platforms also provide a dashboard of each participant’s activities: when they signed up, how they shared, who they referred, and more. Your team can quickly identify the best performers and those who may soon leave your program.
2- REACH MORE PEOPLE AND CHAINS OF PEOPLE.
When you start with reference marketing, manual tracking of things seems manageable. But what happens when you reach hundreds or even thousands of customers? It is no longer possible to follow the references by hand.
Reference management software also helps you grow your program quickly. « One of the biggest benefits of purchasing reference marketing software from an established vendor is that it virtually perpetuates your program, » wrote one expert.
Automation elements can help evolve a sponsorship program, as well as messaging link tracking and campaign management tools. Promote your sponsorship program with a dedicated landing page and seamlessly integrate your sponsorship campaign with other parts of your site with integrable plug-and-play elements on a single line of code. Sponsorship software helps you reach more people on more channels with just a few clicks.
The goal of most reference marketing campaigns is to increase sales, brand awareness and regular customers. But, another advantage of reference marketing campaigns is the ability to learn more about your customers. This is an advantage that can only be achieved through reference marketing software.
« The information about customer purchasing behavior you get from benchmark marketing software analysis reports can be invaluable in terms of fine tuning and realigning even other parts of your marketing plan, » explained one guide. « Reference marketing software helps identify, target and reward your most valuable customers through in-depth data analysis. »
GrowSurf‘s high-level analytics show you your campaign performance, conversion rates and channel performance to understand the effectiveness of your sponsorship campaign. Adjust your strategy as you go and avoid spending on a strategy that doesn’t work. Combine your campaign information with your sales team’s data and transaction data for more detailed information about your customers.
There are many ways to reward your customers for promoting your brand to their network. The sponsorship software offers the opportunity to test different incentives, as well as different ways to structure your rewards, to see what works best. Not only can referral management software integrate with third-party vendors to automate rewards, but it can also help you identify an incentive your participants will respond to. GrowSurf even allows you to review and approve rewards, so you can check for yourself when a participant achieves a sponsorship goal and release the reward with a click.
5-REDUCE FRAUD RISK
Some start-ups avoid benchmark marketing for fear that bad actors will simply take advantage of their rewards -without taking steps to support the brand. With any successful referral program, fraud is inevitable, but reference management software like GrowSurf comes with a comprehensive anti-fraud system that alerts suspicious participants and allows you to block or disqualify them.
GrowSurf can also notify you when referrals occur and new participants join your campaign. Sponsorship software can also allow you to review rewards before they are designated.
GrowSurf is equipped with other anti-fraud solutions: blacklist/white list, mass fraud suppression, fraud tracing and reCAPTCHA.
To learn more about what reference marketing software can do for you, sign up for a free product demonstration.
This article originally appeared on Growsurf.
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