The,Best,Type,Referral,Offer,f business, insurance The Best Type of Referral Offer for Your Business
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Creating a valid referral offer can help to bringyour business new and better customers. In turn, this brings in the extracapital that is always helpful to a company's bottom line. While customerreferral programs are beneficial to a business, a company will then need todecide what type of customer reward system to implement. Who is Rewarded?While there are infinite opportunities in creating aspecific type of referral offer, there are really only two general methods ofreward.1."Reward Me" Program - the referrer, or existing customer, receivesthe reward. 2."Reward Us" Program - both the existing customer and the new customerreceive a reward. There can be some significant differences in thelikelihood of referrals between brands with stronger recognition than those ofweaker or smaller brands. In a recent study, there were notable differences inhow these two systems of reward were affected by the reputation of the brand towhich individuals were referring friends and family to. Weaker/SmallerBrandsWhile referral offers of both reward typesdefinitely increased the company's customer-bases, the Reward Me type did a bitbetter than the Reward Both system. Researchers noticed and helpfully explainedthat customers of the smaller brands seemed to be personally invested, or moreconcerned about what they would get out of the referral offer. Customers whorelied on the weaker brands tended to be more sensitive about pricing. For thisreason, they wanted to be the one to gain the most out of the referral, makingthe Reward Me type of offer more attractive. Stronger/ReputableBrandsBrands that have already made a name for themselvesbenefit endlessly in the referrals they are already receiving fromword-of-mouth and likely many media outlets they choose to utilize. The RewardBoth strategy reflected customers that didn't seem to care about receiving ahigher reward for them such as they would in a Reward Me scheme. Researchersbelieve this result is due to a brand's existing consumers having a directaffinity for the brand itself and therefore a willingness to make a referralregardless of personal reward. Research also showed the customers of largerbrands were less price sensitive. This meant that the bigger personal reward ofa Reward Me referral offer became less important. There is no doubt that offering rewards improves thelikelihood of generating new consumers over offering none at all. However, itis vital to weigh the risks versus the rewards for your business when decidingwhich type of referral offer scheme to use. Newly LaunchedNewer brands should choose from one or the othertypes of reward offers. If a new business decides to go with a Reward Bothtype of plan, it is vital to offer a bigger reward to existing customers.Offering a bigger reward to those who may be more price sensitive will likelyhave better results for your business. Established BrandsWith an already established brand, a Reward Bothtype of referral offer is the obvious choice. While established customers ofmore reputable brands may be less price sensitive, rewarding them for theirloyalty can never go wrong. Adding a reward for those your existing customersrefer is simply icing on the proud-of-your-brand cake.
The,Best,Type,Referral,Offer,f