Empower The Voice Of Your Customers With Referral Marketing
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Empower The Voice Of Your Customers With Referral Marketing
- 1. Empower The Voice Of Your Customers With Referral Marketing #ReferralMarketing Webinar Sponsored by
- 3. #ReferralMarketing Follow This Webinar On Twitter #ReferralMarketing
- 4. #ReferralMarketing About Retail TouchPoints Launched in 2007 Over 28,000 subscribers To provide executives with relevant, insightful content across a variety of digital medium Free subscription to our weekly newsletter: WWW.RETAILTOUCHPOINTS.COM/SIGNUP
- 5. #ReferralMarketing Panelists Debbie Hauss Editor-in-Chief Retail TouchPoints MODERATOR Jen Leen Head of Demand Generation Extole Ernan Roman Founder ERDM Michael Hamp Minister of Finance and Special Ops Criquet Shirts
- 6. Empower the Voice of Your Customers with Referral Marketing Ernan Roman President, ERDM 6/24/14
- 7. Discussion Points Game changing insights from recent VoC Research: – 5 Voice of Customer Research Based Prerequisites for Referral Marketing Songza: High-value Customer Experiences which drive word-of-mouth referrals. #ReferralMarketing
- 8. 5 VoC Research Based Prerequisites for Referral Marketi
- 9. Learnings from 12,000+ hours of VoC Interviews #ReferralMarketing
- 10. 5 VoC-based Prerequisites for Referral Marketing These 5 CX requirements must be satisfied to earn the right for customers to rave about you; #ReferralMarketing
- 11. 5 VoC-based Prerequisites for Referral Marketing These 5 CX requirements must be satisfied to earn the right for customers to rave about you; Engaging and competitively differentiating customer experiences are the foundation of today’s customer relationships. Is this how consumers view your brand? #ReferralMarketing
- 12. 5 VoC-based Prerequisites for Referral Marketing These 5 CX requirements must be satisfied to earn the right for customers to rave about you; Engaging and competitively differentiating customer experiences are the foundation of today’s customer relationships. Is this how consumers view your brand? Personalization of content, communications and experiences per customer's individual preferences are proof points that you care about your customers. Are your communications preference driven? #ReferralMarketing
- 13. 5 VoC-based Prerequisites for Referral Marketing Spray and pray blasts of email hurt your brand and alienate customers. How much damage might yours be causing? #ReferralMarketing
- 14. 5 VoC-based Prerequisites for Referral Marketing Spray and pray blasts of email hurt your brand and alienate customers. How much damage might yours be causing? It’s not about self serve. Customers want guidance and education which delivers value and saves time. Are opportunities to engage and serve evident in each of your channels? #ReferralMarketing
- 15. 5 VoC-based Prerequisites for Referral Marketing Spray and pray blasts of email hurt your brand and alienate customers. How much damage might yours be causing? It’s not about self serve. Customers want guidance and education which delivers value and saves time. Are opportunities to engage and serve evident in each of your channels? Authenticity, storytelling, emotion and real-time engagement in conversations are powerful elements in today’s marketing. How does your marketing rate? #ReferralMarketing
- 16. Differentiation Through Deep Personalization and WoM Marketing
- 17. Create a Compelling Customer Experience #ReferralMarketing
- 18. Personalization of Context and Content Differentiation by personalizing to your needs right now; your context will dictate your content #ReferralMarketing
- 19. Relevance Drives Referrals Mondavi wanted to tell customers they make drinking wine with friends better. Created an ad that actually made drinking wine with friends better (versus pushing Mondavi wines). Song used in the commercial (commissioned by Mondavi for the commercial) was so perfect for the moment, that people took to Twitter to share the commercial and ask how they could get the Mondavi song. #ReferralMarketing
- 20. Mondavi Video
- 21. Josh Fenster @jDfenz Great native advertising by @Tostitos on @songza. #digitalmarketing Relevance drives referrals Reply Retweet Favorite More
- 22. Josh Fenster @jDfenz Great native advertising by @Tostitos on @songza. #digitalmarketing Relevance drives referrals Reply Retweet Favorite More Barbecuing with Tostitos
- 23. Niki Hillier @nikihi @Tostitos @songza @jDfenz Songza and lime tostitos and salsa complete me. Relevance drives referrals from Studio City, Los Angeles Reply Retweet Favorite More #ReferralMarketing
- 24. @songza @jDfenz Oh Songza, you complete us. TostitosVerified account @Tostitos Relevance drives referrals Reply Retweet Favorite More #ReferralMarketing
- 26. 5 Questions to Consider Regarding Your Referral Marketing Do customers think that your customer experience is truly engaging and competitively differentiating? Are your communications personalized per customer's individual preferences? Are you damaging your brand with low yield spray and pray marketing blasts? #ReferralMarketing
- 27. 5 Questions to Consider Regarding Your Referral Marketing Are you pushing customers into “self serve” to reduce your costs and as a result, reduce your value to customers? Would customers describe your marketing as having authenticity, storytelling, emotion and real-time engagement in social conversations? #ReferralMarketing
- 28. Additional Information for You: Today’s Presentation Ebook; 5 Strategies for Transforming Your Customer Experience 14 Step Checklist For Breakthrough Multichannel Marketing 7 Marketing Mistakes You Need to Avoid Case Studies Blog; Ernan’s Insights on Marketing Best Practices #ReferralMarketing
- 30. #ReferralMarketing The Referral Marketing Opportunity
- 31. #ReferralMarketing Your Customers Expect ItRef erral Program A dopt ion * based on Extole surveys of referral program adoption 5 1% 4 3 % 2 5 % of Financial Services of Sharing Economy of Internet Retailer 400
- 32. #ReferralMarketing Referral Results Ref erral Result s 4 0 % 3 -6 x 9 9 % share of acquisitions conversion rate retention rate upto uptoaverage
- 33. #ReferralMarketing Complete, End-to-End Program Ext ole: Complet e Pr ogr am Promotion Multiple Campaigns Incentives Analytics& Optimization Cash & Fraud Management Fulfillment Refer & Earn $10 Gift Card $10 25%of A B ! approved approved approved Wednesday 26 Today Only 2x Rewards!
- 34. #ReferralMarketing Extole: the Leader in Referral Marketing
- 37. #ReferralMarketing Make it Easy to Share
- 39. #ReferralMarketing Create an Engaging Friend Experience
- 42. #ReferralMarketing Promotion Drives Sharing & Conversion Promot ion Drives Sharing & Conversion
- 46. #ReferralMarketing Hit Peak Performance with Timed Blasts
- 49. #ReferralMarketing Analyze and Optimize the Program
- 50. #ReferralMarketing Results Marketers Can Expect New Customer Acquisition Referred Customers: • More loyal • High LTV • Low attrition rates
- 51. #ReferralMarketing Treat it as a Program Consider your audience Promote where they are Tailor your messaging Create a compelling offer
- 52. Criquet Shirts High Performance Shirts for the 19th Hole
- 53. Who we are • Austin-based lifestyle brand • Makers of vintage-inspired golf shirts, polos, and button downs • Clothes for guys (and boys) who prefer a classic style and want to look as good off the course as they do on it • Super soft organic cotton • Predominantly online business
- 54. Goals of Referral Program Expand customer acquisition funnel Allow advocates to “market for you” Increase customer lifetime value
- 55. Consistent On-Brand Content Email • Dedicated email campaigns • Referral link on the bottom of every email Website • Created personalized landing pages for bloggers to send readers Social Media Blogs • Posts once per week (Facebook and Twitter) • “Give 15 / Get 15” button on Criquet Facebook page • Referral program featured prominently on website o Homepage overlay, best performing link
- 56. Friends Don’t Let Friends…
- 57. Definitively Positive Results • 8 dedicated emails • Links on 110 other emails • 15 Facebook posts • 25 tweets • Many press references • Over 1 million impressions • 2nd highest conversion rate of any marketing channel
- 58. Take Advantage of Referrals • Keep offer simple o Give 15% / get $15 o Immediate gratification • Increase top of the funnel o Sponsored posts are very effective • Make sure content is on- brand and shareable
- 59. #ReferralMarketing Q&A Next Steps o Keep an eye out for the replay o Email hello@extole.com for more questions o Download Extole’s Referral Marketing Best Practices for 2014 o Stay Current on Extole News and Happenings! email: hello@extole.com | web: www.extole.com | blog: extole.com/blog
- 60. #ReferralMarketing Q & A // Panelists Debbie Hauss Editor-in-Chief Retail TouchPoints MODERATOR Jen Leen Head of Demand Generation Extole Ernan Roman Founder ERDM Michael Hamp Minister of Finance and Special Ops Criquet Shirts
Editor's Notes
- Throughout our presentation we encourage you to interact with our speakers by typing in questions and comments using the questions pane. We will be answering questions live both during the event and after the presentation.
- Customer acquisition is the number one priority for marketers today, however it is also one of their biggest challenges. Referral marketing is the third acquisition channel. It does what SEO and SEM can’t – it generates trust, builds loyalty and ultimately, drives new, high value customer acquisition. SEO and SEM channels perform, but what about those potential customers who aren’t specifically searching for your brand? Recent reports state that while search marketing spend will continue to rise, it will lose share of all interactive spending. Tactics like referral marketing will take a bigger piece of the interactive marketing pie as they enable brands to reach potential new customers and create an entirely effective and predictable acquisition channel.
- Based on a study we performed last year, marketers are well on their way to incorporating referral marketing into their acquisition strategy. There’s a 50% chance that your bank is relying on referrals. 43% of the sharing economy has already rolled out a referral program. This includes new to market companies like the ride sharing companies Lyft, Sidecar, and uber as well as well established companies like AirBNB. And over ¼ of internet retailers are already on the bandwagon as well.
- Extole is the leader in referral marketing.
- Let’s start with the offer – this is the foundation of a successful referral marketing campaign. This is the nudge that gets your advocate to share and keep sharing; this is the gift the friend receives from you and your customer. Effective referral programs provide customers with a compelling reason to share your brand, products, or services with their friends. But – as your area of greatest spend - it needs to make sense based on your typical acquisition costs as well as the Liftetime value of your customers. Consider: Your audience – who are you trying to compell, what would they find interesting? Your goals - What exactly you’ll be asking of your customers – set your reward based on the value they are driving – it’s okay to be cheap when you are asking for awareness. If you are asking them to drive sales, award them accordingly. The lifetime value of a typical newly acquired customer and your typical cost per acquisition. You should evaluate all of these factors when picking a suitable reward.
- So, definitely make it easy for your customers to find your program, but once there, make it easy for them to share. There are a number of ways customers can share referral marketing programs with their friends, including email, personal URL (PURL), Facebook, Twitter,. Give customers the option to choose among channels in order for sharing to be most effective. In all cases, make sharing easy and test and optimize messaging according to sharing channel. What works best for Email isn’t necessarily best for FB or Twitter.
- It’s all about making the experience exciting and having a high level of trust and authenticity, which ties into his discussion of giving customers engaging and competitively differentiating experiences. and personalizing content/communications And authenticity/storytelling/emotion Make sure the friend experience is exciting and fosters a high level of trust in the referral program. This includes both the outbound sharing experience and the inbound referral experience. Remember that FB post, Tweet or email is the top of funnel for the friend, so you should be using your standard techniques for optimizing it. Copy matters. Genuine and friendly is best. Heavily branded share emails tend to trail in performance behind simpler, friendly emails. Some of the most effective Referral Marketing programs for companies that rely solely on referrals for acquistion use plain old unbranded text emails with great success. Make it intimate. Try different subject lines. And most importantly – make sure your offer and your brand’s unique value proposition are clearly communicated. One of the most effective ways to create an engaging experience for the friend is through the friend landing page. The friend landing page is the page that a friend sees upon clicking a trusted recommendation from a customer sent through email, Facebook, Twitter, or a PURL (these channels are prepopulated with default messages, but can be personalized by sender if desired). The friend landing page should describe the details of the referral program, communicate the offer and include a CTA for conversion. A conversion can be an opt-in, signup, redemption, or purchase.
- The right time to promote referrals; giving customers plenty of chances in real-time to refer . Driving awareness of a referral program is critical to its success. The more customers that see your program, the more that will participate and share the program with their friends. For the best promotion, use your site, your email list, yretargeting and traditional advertising– all of your customer touchpoints. An important point here is that it is owned assets as well as PAID media like traditional ads, retargeting. Great promotion also means a great user experience. Make sure calls-to-action (CTAs), emails, and social promotions reflect your brand look and feel, are designed with the end user in mind, and are properly integrated into your site or property. Make sure it looks trusted, looks first party, looks easy. Make sure the CTA is clear. Most importantly tailor your CTAs based on the touchpoint. You’ll see that your customers have very different motivations for participating at each point in their lifecycle and each interaction point. Tailor the messaging as well as how you ask for the share accordingly. A great example of this is catching customer right after they made a purchase. They are on a buyer’s high – do you start with a banner ad or pop the sharing experience directly? We’ve seen 2-30% participation rates with just a banner, but 2x that when the customer doesn’t even have to click your ad. They can just share
- Examples of post purchase, in package,
- Here’s a typical optmization plan. Referral Program Analytics The right reporting and analytics are critical to monitoring and optimizing all elements of your referral program. You need to analyze performance by promotional placement – each placement will have different behavior as your customer has different motivations on your product page when in consideration mode versus your purchase confirmation page when they are on a buyers high. Look at performance by sharing channel – tweak your messges independently and accordingly., and understand who is sharing and how these shares are driving conversions. With this information, you can identify your top customer participants and target programs to to them to foster additional participation. Optimizing the Program Continually testing and optimizing program elements yield the best results. Test the promotional placements and copy, default sharing messages, remarketing efforts and more.
- Extole referral marketing programs create a new channel of customer acquisition next to SEO and SEM. Brands seeking high growth use Extole to increase customer acquisition between 5-40 percent while also building brand loyalty and retention. Increased Conversion Rates: Email Social channels Traffic to website Sales: Higher AOV Repeat Purchases Awareness: Social reach Brand discovery