5 Modern Referral Marketing Ideas for New Businesses
Aspiring business entrepreneurs today need not fret over the limited choices in starting up a new business as the advanced technologies and changing market landscapes offer dynamic choices for a successful business. First-time entrepreneurs may struggle to identify, much less confirm, the best marketing or business venture they may indulge in.
However, with the myriad of versatile tools in the market today, it is easy to kick start any business in any industry when there are available resources and solutions for free or at very low cost.
Power of Referral Marketing
There is huge power in referral marketing where new business entrepreneurs could leverage on to drive their newly established business venture. The market offers tested and proven referral marketing ideas which have increased sales for many marketers and business owners without incurring heavy costs.
Today’s marketing success pivots on a total online marketing experience for the customer where the customer experiences more than just a product promo; consistent stellar customer services from start to end provide a satisfying customer experience which ensures repeat sales.
An off-shoot of that satisfying experience by the customer is the readiness of the customer to promote the brand or products as an unofficial brand ambassador with or without rewards. Smart marketers and business owners would include some incentives to encourage these satisfied customers in promoting their wares and services as other consumers prefer to trust a satisfied customer on the brand and goods offered.
Changing Market Landscapes
The market is constantly changing with evolving technologies and changing consumer demands. These conditions impact the market trends and consumer behavior changes just like the emergence of mobile technology that brings on more sophisticated mobile phones and tablets.
Marketers and business entrepreneurs need to stay alert to these changing market landscapes to embrace the new and adjust their marketing strategies for better business results. This is where not only marketing tools and solutions emerge to influence marketers and business owners, but also marketing strategies such as spreading the word about the brand or products and services of the company by satisfied consumers.
Word-of-mouth referrals have become a very obvious marketing strategy in this era where strong customer relations are coveted and marketers make every effort to win over potential business leads as loyal customers who are satisfied.
Businesses which welcome customer feedback, industry reviews and competitors’ criticism stand to survive in the market to become market leaders and industry experts. They have more relevant and accurate market information for improvement from the feedback, reviews and even criticism.
Dynamic referral marketing ideas could transform the business despite changing market landscapes.
1) Improve Strategy on Referral Marketing
Market research indicates the dynamics of referrals to be the best form of market advertising as it is based on trust and confidence exuded by the consumers. Such market reports motivate marketers to be diligent in providing the best of customer services at all times to enjoy their referrals of the brand and business.
When customers are satisfied with the quality service and products offered by the company, they are inclined to refer the brand and the company to their friends who trust their recommendations. Marketers could develop a solid referral strategy that is a synergy of various dynamic referral marketing ideas.
2) Consider Online Referrals
With the strong influence of the Internet, online referrals are very effective where consumer comments and feedback or reviews could be shared or sent out efficiently. There are also many popular social media networks and public sharing sites which could form viable online referral channels.
Internet referral marketing is poised to spread information quickly across a wider audience compared to most offline marketing strategies. With the increasing average customer reach today, it is necessary for marketers to consider online referrals. Online customer comments and feedback should be welcome, from new businesses to improve their services and products that would draw more customers.
The social media platform is excellent in executing online referrals with the millions of potential customers at the marketer’s fingertips. Marketers should take advantage of this dynamic and vibrant platform to increase their business leads and sales.
3) Good Content as Referral Tools
It is common that many satisfied customers may not bother to leave referrals for the company due to some reason or other. Marketers and business owners need to be proactive as well as creative in generating value-added content as referral tools or paving the way of introductions in establishing a strong relationship with other businesses.
Value-added content proves to be highly effective as a referral tool to attract and foster strategic partnerships in businesses. Business owners could also manipulate value-added content as referral tools to non-competing businesses serving similar target markets.
4) Right Connections in the Market
Another type of effective referrals, which marketers could engage in is the clout in the marketplace. Relevant connections of market leaders and industry experts put the company and marketer in good standing in the marketplace that quickly opens doors of business opportunity without hesitation.
It is up to the marketer to seize the opportunities through the right connections and leverage on this component to project their brand and business into the market limelight aptly. It is common for many businesses to collaborate in joint-ventures where complementary businesses are involved and cross promotions of businesses and serving the other company’s customers are part of the deal.
This type of business connections brings favorable results to both or all involved parties in a win-win condition. Such business programs are implicitly known as “barter programs” where each company’s data and customers could be shared with new clients referred to one another according to relevancy to the business.
5) Engaging Latest Devices and Technologies
A creative referral marketing idea is the indulgence of the latest electronic devices such as mobile phones and tablets that are sophisticated with a host of dynamic features that offer infinite possibilities on vibrant referral marketing.
This could include a client referral on video which could be distributed to various channels on the Internet to convince others on the business brand and products.