Today’s businesses are operating in a highly competitive environment. And at times, it could cost a fortune to market a business.
So, how do you promote your business in a competitive market without burning your pocket? How will your startup easily close more sales in a competitive market and on a small budget?
The fact is that one of the essential tasks for any business is to plan and implement an effective marketing strategy. However, this is also one of the most challenging and sometimes expensive things to do.
Today, consumers are being bombarded by advertisements both on TV, radio, and in traditional print media. This is because every brand wants to sell its products or services to potential customers.
In an attempt to sell, there is only one message and it is usually “buy from them”. However, popular paid media advertising and pay-per-click campaigns are not cheap even though they are not really that effective.
Why referral marketing?
Table of Contents
Traditional paid media advertising is somehow expensive and doesn’t really offer much in most cases. Big brands with a fortune in marketing budget can afford to spend big but not small startup businesses.
It means that small businesses will have to engage in budget-friendly small business marketing strategies that work like magic.
This is why so many brands are now looking into traditional word-of-mouth or referral marketing to make more sales.
Word-of-mouth marketing is all about incentivizing your existing customers to bring more business. The fact is that referred customers have a higher retention rate, and this difference persists over time.
So, how do businesses keep customers happy for word-of-mouth marketing and great brand reputation? How do you incentivize customers to bring in more sales? Businesses typically incentivize customers through special offers, discounts, free gifts, and others.
Best referral marketing tools
Referral marketing is somehow similar to affiliate marketing and it is really growing. The fact is that brands are now looking for other means than the usual traditional marketing to improve sales.
This is arguably the best reason for the sudden growth in referral marketing. With the help of social media, it’s much easier to get new clients or customers through word-of-mouth or referral marketing.
Referral marketing tools are key to acquiring new loyal customers and increasing sales. Below are some of the best referral marketing tools you can use to effectively grow your business.
InviteReferrals is one of the best refer-a-friend software for mobile app and website. It is the simplest tool to design and launch customer referral campaigns to easily grow your business.
How does it work? The customer invites friends through the referral program, friend accepts, installs the mobile app, and completes the purchase. Then InviteReferrals will send a coupon to the referrer over email for driving a referral sale.
Woobox.com lets you easily create engaging and fun marketing campaigns. This tool allows you to create beautiful contests, giveaways, and other campaigns with ease.
Trusted by over 4 million brands to help them run effective campaigns, the tool comes with powerful features that make customization easy. It means you can easily build a campaign that is right for your business.
CleverTap offers a user-centric approach to app analytics and user engagement. Its ability to have analytics and engagement on the same platform is critical to customer acquisition and retention strategy.
The tool also features an advanced segmentation engine that allows businesses to send hyper-contextual messages to customers based on their past experiences.
Referral SaaSquatch is a good referral marketing tool to grow your business. It offers customized referral program software and expertise to businesses with thousands of customers.
The app lets you improve your referral sales, and track and analyze how your customers move through the referral marketing funnel. Plans start from $399 a month, but the demo and individual consultation are available on request.
Genius Referrals is another great referral marketing platform that helps businesses to acquire new customers using word-of-mouth and recommendation techniques.
The powerful tool lets you design and personalizes your campaigns within minutes. It offers the solutions your company needs for successfully implementing referral marketing programs at a low cost.
Influitive’s AdvocateHub motivates advocates to share content, reviews, and testimonials across the social web, resulting in more impressions, engagement, and traffic for your brand.
This is one of the best platforms for customer advocacy and engagement. Enrolls and motivate customers as advocates for your business now.
Extole offers advocate solutions designed to match your business’s customer acquisition goals. Microsoft and Virgin America are said to be among the major brands using the tool.
The platform easily lets you turn customers into advocates with their retail-specific solution. It makes word-of-mouth a scalable channel for customer acquisition. Free demos and extensive training resources are available on the website.
SwellRewards is an incentive marketing platform that allows companies to create highly-tailored rewards and referral programs with ease.
It powers incentive marketing programs for high-volume e-commerce businesses around the world. With carefully tailored on-site experiences and the ability to deliver ongoing managed services, Swell programs are scalable, on-brand, and effective.
Albacross is a B2B lead generation platform, which enables businesses to identify and monitor the companies that are visiting their websites.
Albacross will provide you with a detailed overview of each lead, which includes the following information: company size, revenue, demographics, and contact details of the company’s decision-makers. This platform lets you automatically generate leads and convert them into paying customers.