Which is the most cost-effective strategy to promote your brand? Take a minute to ponder over it before you find its answer here. Well! We are sure that you must have guessed it right. It is the word-of-mouth that your current consumers will spread for your brand. Pretty easy. Isn’t it? But do you think that your present consumers will have so much time to be the ambassadors of your brand and keep telling people about it? Definitely not! This is when your role comes into play. 

You need to feed it on their minds to bring the referral process into action. At present, most of the brands make use of referral program software to capture more consumers. Before jumping to any solution by following other brands, you need to know the types of referral programs that popular brands use.

To help you get through it, we have brought an epic list of referral programs that have made a huge impact on the market. Know them with us!

  1. Direct referral program

A direct referral program is the one where you simply make an offer to the existing consumers for the act of creating a referral. As per the experts,92% of people are likely to follow their friend’s advice rather than a sales representative.

Google created a referral program to inspire businesses to recommend G Suite to other businesses. On signing up, these businesses get a referral link that they can send to other prospects.

  1. Tangible referral program

A tangible referral program puts something in the hands of the consumers that holds some real value. This way of boosting referral makes the process simpler and tangible by giving tangible products to your existing consumers and asking them to share them with their friends.

Airbnb offered a 2-way program to its users, which benefited both the referrer and the recipient with $25 credit. Moreover, it also entitles the referrer to receive an additional $75 if the recipient refers to someone.

  1. Email referral program

Technology changes the way a company works. Through an email referral program, a brand can make it easy for people to add the names or addresses of the referrals easily. By adding an appealing call-to-action, you can lead your existing consumers to invite people they know.

Dropbox uses an email referral program wherein an existing user can get up to 16 GB of free space by inviting friends to Dropbox.

  1. Incentive-based referral program

An incentive-based referral program targets at encouraging customers to stay loyal to their brand by offering rewards. Earlier, coupons and gift cards were used, but now companies have adopted the digital way of giving out rewards.

Harry’s is a male grooming company that initiated a referral program wherein an existing consumer could earn products on referring a friend. It used a microsite to make the rewards easily available to the respective consumers. And it managed to earn a lot of referrals through this program.

How QR codes are revolutionizing the referral programs?

In this era of modernization, age-old methods of gaining referrals are not just obsolete but also a hazard. Having a modern referral program software is what brands are seeking, but not many know that a simple yet smart QR code can revolutionize their brand performance.

Although there is no single solution that can meet every brand’s needs, personalizing them for each customer can help resonate with them. A smart QR code scan can make the execution of referral programs effective for brands and assist them in broadening their consumer base.

Final takeaways:

No time is right to take one more step in the right direction for your brand. It’s YOU who has to take the decision.

So, what are you waiting for? With all the knowledge that you have gained here, you must get in touch with Genefied NOW to build a referral program. We will tell you how our QR code technology can bring the best results for your brand.

Get in touch with our team of experts today! Click Here

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