Introdction to Referral Programmes! Referral programmes are one of the most effective marketing strategies out there. It's when customers, usually existing ones, refer new customers to a business (or even themselves). The customer who referred the new customer gets some sort of reward, whether it be cash or a discount on their next purchase. This incentivizes them to spread the word about your business and bring in more revenue.
Transition phrase: However, there is so much more to referral programmes than just rewarding customers for bringing in new business.
Firstly, it's important to think carefully about what kind of rewards you're offering; something that will enlure potential referrals but still make sense financially for your company. Secondly, you need to ensure your programme is easy to use and understand; otherwise customers won't take the time to go through it. Finally, you need a strong presence online and offline for people to find out about your referral programme and share it with others - don't forget social media!
In conclusion, referral programmes can be an extremely powerful tool if done right - they're cost-effective yet have huge potential for growth! So make sure you do enough research before starting one up.