Referral programs can win new customers and also draw good investments. Evomantra can help you find the best possible referral program tactics for your crypto and blockchain business
The best way of achieving great success for your blockchain and crypto business is ensuring customer success and complete customer satisfaction. A satisfied customer is the perfect promotional tool you could ask for your crypto business success. Having a swarm of content customers can guarantee popularity like no other tactic in the crypto referral program can.
In reality, word-of-mouth is proven to be the most effective way for advertising of a company and reports suggest that consumers fall back on this tried, tested and the oldest method much more than any paid media for winning in the competitive market. Studies suggest that around 74% of customers agree that the approvals from their known sources and references are the primary reasons for which they take crucial decisions towards the purchase or rejection of a product or a business service of a company. If you are unsure of building up the right stage and implementing the right steps to draw more consumers and investors in your offerings then start reading this blog for a comprehensive understanding of the customer referral program. This blog will give out a detailed list of how blockchain companies and start-ups in the crypto domain can design, develop, grow and manage a crypto referral program that works best for their business model.
What is a Customer Referral Program?
A referral program is business development and effective marketing strategy that aims to motivate the prevailing customer base to refer a particular company or a brand to their friends, family and colleagues. It is the word-of-mouth marketing that can do wonders for any start-up or an already existing business enterprise with low customer base. The referral marketing tactic attempts at boosting the natural word-of-mouth with simple to implement tactics, strategies, tools and also rewards for referral programs. Adding more customers to your base and retaining the old ones too entails a lot of hard work and that’s where the role of referral marketing agencies assumes importance.
Referral programs preferred over other marketing campaigns
The survey on word-of-mouth shows that 9 out of 10 people go by their family and friends referral – a number which is much higher than that secured by other conventional advertising methods. Marketing gurus are taking recourse to the tried, tested and also trust-based marketing tactics alongside focusing their spending on the adoption of newer technologies. Marketing agencies are also exploring the benefits of embracing the blockchain technology to reach out to new consumers and expand their market base. Despite the advent of new technologies and new tactics, an effective method that continues to be the old favorite of many corporates, including the giants such as Uber, Dropbox and so on is the referral marketing campaign.
Reach out to customers with referral programs
Crypto referral programs are valuable in helping the leading as well as start-ups to expand their reach by engaging and using their brand’s most valuable resources: customers. Customer referral programs proved to be a great strategy for growing the brand and have apparently become the go-to marketing strategy that boost the customer acquisition process and supports the growth. With the right crypto referral program and use of advanced software, one can achieve the desired business goals.
Simply introducing referral marketing is not often enough but managing and optimizing is necessary to draw the right clientele and retain the existing ones. Developing a strategic referral marketing plan is only winning half the race but ensuring that this marketing strategy actively yields the desired results and also boosts the referrals by getting your patrons to refer your business to their friends and family members is the real test.
In this blog we have also listed a few successful referral programs adopted by leading companies and also highlighted a few effective strategies and tactics followed by them to get their customer recommendations. Think on how to fit these strategies into your crypto marketing campaigns to attract more customers.
Difference between Referral and Affiliate Program
Often a lot of people confuse referral with affiliate programs but there is a lot of difference between the two. Affiliate programs often give out cash rewards to the referral marketing partners for drawing in customers. In many of the cases, marketing agencies and also influencers in the digital spaces are the partners but they need not be the actual customers. Such marketing agencies or influencers running affiliate programs are given a certain percentage of the profits from the buys made through their affiliate links.
However, referral programs are very different as there are incentives or rewards each time the existing customers draw more customers. Referral programs are different than the affiliate programs since in this case it is the customer that is the king and given the free hand to decide if they would want to share and advertise your business services or product offerings. In contrast to the affiliate programs where the business has to connect with people and incentivize them to join the program, users referral programs are trust-based, where companies are promoted by people when they are content with their offerings.
Marketing leaders and influencers operating the affiliate programs can choose their partners by following the same approach they do when a company selects a brand ambassador.
Benefits of a Referral Program
Rather than starting from scratch, go for referral marketing to help get better leads that can in turn generate better RoIs. It is no wonder that there are numerous advantages of carrying out referral marketing programs for a crypto and a blockchain enterprise. Blockchain companies can improve their sales cycle, generate quality leads and also take their marketing efforts to greater heights.
It is for the wide range of benefits of referral programs that blockchain businesses and crypto companies are slowly waking up to its importance. Often blockchain infrastructure framework development companies fall back on referral programs as they want to add more new customers to their base and they know that their existing customers are the best bet to market their solutions and development services. Existing clients can bring about higher leads than any other forms of advertising and also at the same time dive deeply into the social marketing that is well-known to promote a certain kind of behavior or a lifestyle.
According to reports by Nielsen, customers are 4 times more likely to spend on a particular product or service offerings when it is recommended by their family or friends. Referral marketing holds immense scope to aid the development and growth of a company since it harnesses the power of their existing customers to do all the marketing for them. Referral marketing is helpful in establishing trust and also creating a brand image with great degree of reliability and credibility. Here is a list of the benefits that can be secured with use of referral marketing:
1. Enables word of mouth to happen
The word of mouth allows for more leads as a result of referral marketing. By partnering with someone else’s referral marketing campaign, you can broaden your reach and control your social channels. Everyday crypto and blockchain businesses can be sure that millions of people are engaging in crypto related news, discussions and talking about new trends. Customers are already talking of brands and when that is combined with referral marketing then a crypto company can take its marketing a notch above. Using referral marketing, a brand’s word-of-mouth success can take off like never before.
Word of mouth marketing is incredibly important because it brings in new customers. More than following advertising voices, customers prefer to follow the personal recommendations coming from their friends and family and for the business it acts as one of the best promotional tools that helps in building trust.
2. Reach out to your targeted audience and generate leads
People like talking about brands because they enjoy hearing about new products and finding their favorite stores. They also want to tell other people who may also enjoy the news.
Often people approach their neighbors for advice on a brand and they often go up to them for solving their own set of problems. For example: you might need to find a blockchain development company, talking to your peers about it can help you draw a list of potentially good development and solutions enterprises. This prompts the known people to send recommendations or suggest businesses that would help you meet desired objectives.
The prime objective of the marketers is to get qualified leads which can be attained through referrals made by trusted sources. A person will refer your services to those who are interested in them and are in need of your offerings and those genuinely interested will move forward. A qualified lead is generated and these leads place their trust on your services since they receive your recommendation from a trusted source. Such leads tend to end up as consumers with higher spending targets. Moreover, these leads tend to be more committed and loyal to your brand.
An owned channel is a good extension of your brand because they provide customers with many more ways to interact with you. You’ve built your referral program and use them to grow. As an owned channel, you’re providing a more authentic way to convert.
3. Pay only for leads that convert
Own a pay performance channel can prove to be a brilliant extension of your brand because they provide customers with many more effective ways to interact with you. Once you have drawn up your referral program, make the most of it to expand and grow. Establishing an owned channel will give your patrons a good way to engage with u and prove to be a really genuine and reliable way for you to convert leads.
You as a crypto referral program organizer hold the complete right over both what you pay for, and how much irrespective of whether you have in the past offered incentives for your referrals. If your referral incentive is compelling enough, your customers will be more than happy to promote your business. You can pay only for the leads that convert and hence performance-based pay can benefit you significantly. Let your owned channel monitor the performance, RoI and also other important parameters that are easily available.
4. Loyal customers multiply
Acquiring new customers can be tough but compared to that it is easy to gain and convert leads as generated by existing customers. Tap into the inner circles of the customers and widen your reach. A referral request from a known source also helps in establishing trust and also further help in adding more loyal patrons to the customer base. Customers coming in through the referral programs are better leads that are shown to stay longer than other types of users, as reported by the American Marketing Association. Reports by the Wharton School of Business show that loyalty is a great trademark of referred customers, and around 16% – 24% remain far more loyal on average than others.
5. Effective engagement channel
The most important thing for businesses is to have content customers and any opportunity to engage and interact with them should not be missed. So when businesses get a chance to connect with customers through a referral program, they should jump on it and build up customer relationships to end up as a strong referral business.
Leverage on the relationship marketing and build on the customers who will promote your offerings. Engagement with customers will help you take advantage of the commercial opportunities for your business. Keep sending the company’s emails and newsletters to customers and share all the content on the social media platforms. Adoption of the crypto referral marketing program facilitates a chance to users to build better relations with customers and share with them all company news that only makes asking for referrals a better task. Shout-outs to the users through emails, social media platforms and a little praise can work wonders in engaging with customers.
6. Low-cost marketing strategy
Given that marketers applying the referral marketing tactics depend on word of mouth publicity, costs are very low as compared to other marketing strategies. Asking your friends and family to refer you and push the marketing efforts to expand the existing customer base is lot less than it is to reach out to new customers. Moreover, an already existing customer’s recommendations are far more persuasive than any ad copies you have to pay for.
Success stories of referral programs
There are majorly two types of referral programs – a single side program where only the referee recommending a particular brand’s offerings is eligible to receive a reward. Meanwhile in a double-sided program, both the referee and the referrer are eligible for getting rewards. There are sign-up bonuses offered by some of the best cryptocurrency exchanges. You can sign up to these exchanges and also receive free cash to buy bitcoin or other digital assets of your choice.
Popular examples of crypto referral programs
CoinSmart cryptocurrency exchange in Toronto offered a $30 referral bonus with no promo code required when users funded their account with $100 or more and the coins offered were Bitcoin, Litecoin, Ethereum and so on. Another popular crypto trading platform that offered crypto referral bonus is Wealthsimple Crypto with a reward of $50 welcome bonus to new users when they traded at least $150 in cryptos. The digital currency trading platform – Coinberry also gave $50 as referral bonus when users traded on the platform and it also provided referral codes. Binance, the largest cryptocurrency exchange in the world, also introduced a 20% commission discount to users when signing up and when they started trading.
Blockchain referral programs also help in attracting investments and not only the clients. A popular case study in this is the blockchain messenger – eChat. This blockchain project with its currency tokens witnessed a sharp jump in the website traffic after the launch of its referral programs. Reports after the introduction of the referral program showed that the project attracted 11% of new investors and 12.4% of all investments were reported by participants signing up through the referral links. The investments made by customers drawn through the referral programs far exceeded the total investments drawn from the implementation of efforts by ICO trackers and also advertising networks. Therefore, the case of eChat shows that referral programs are valuable not simply adding the active user numbers but also in raising investments for the project.
Step-by-step guide to promote your customer referral program
Once you have learnt about the fundamentals of crypto referral programs, its benefits, and added incentives and also set up a tool to track its success rate, it is time to launch and also promote your referral program. Here are some of the highly effective steps to implement your customer referral program:
1. Choose email marketing
Email works as a direct, personal and customized way to connect with your and hence good for referral programs. Choose a well-drafted email content to remind customers of your referral program and use it for promotion of your business. A good example of a brand using email for referral program promotion is Casper, the bed-in-a-box brand that sends out emails to users after their purchase and provides a “Give $50, Get $50” referral promotion.
2. Share customer reviews
Writing promotional content on your website may not be as impactful as sharing real customer views and experience. Design a segment on your web page offering real, honest customer reviews, testimonials to serve as a social proof. Having customer experiences works well when someone is planning to join a referral program but need that last-minute push. Seeing several customers raving about your brand may that much-needed nudge to the people to indulge in purchase of your offerings. Introducing a clickable banner and email signature marketing can also encourage people to join your referral program.
3. Add social share buttons
Simplify the referral process and make it faster for your customers with insertion of the social share buttons. Customers only needs to pick their desired platform and initiate the process with a single click rather than having to copy and paste a referral link from one page to another
4. Promote referral programs on your homepage
If you are running a referral program then it is best to share it with others and one great way of promoting it is featuring it on the home page. Visitors to the website can find all about referral programs with the help of a featured image on the sidebar or the footer of home page promoting the referral program.
5. Create a referral landing page
Feature your own referral program page to go with every referral program to promote the referral program. The page will have all relevant information explaining the rewards and benefits of the program in one place.
6. Promote in post-purchase messaging
Customer engagement is most likely to be successful right after they have made a purchase. The opportunity to engage with your customers yields better results when they purchase and so make the most of the post-buy hours and indulge in promoting referral programs.
7. Post about referral program on customer pages
Consumers spend a lot of their time on user account pages and hence post enticing referral programs and promotions on the user account pages. So when they log in, an attractive referral bonus can further encourage them to join.
Besides the above steps, one can also take other steps such as adding referral promotions of the high-traffic web pages, placing referral promotions on the high website pages, placing referral messages in email signatures, featuring blogs about your referral programs and also adding calls to action on those web pages. Promotional activities through the brand ambassadors, reaching out to past participants, running social media campaigns, automating promotions with software, reaching out to past participants and promoting offline, through text messages and making use of videos can yield good results for your referral programs.
When it comes to referral promotion, taking a little effort and using a bit of strategy can also work wonders. Establish good relationships with your current customers and also find a brand ambassador to promote your offerings. Referrals will multiply with strong participation from more customers. Hence, choose from the above strategies and see how they work for your brand.
Evomantra as a crypto referral program partner
We are a leading blockchain digital marketing agency with a good understanding of the referral program strategies. Our experts come with years of experience and great skills to grab recommendations and favorable actions from visitors. We will make use of the finest referral tactics to ensure that your referral programs are a big hit and are able to draw not only the users but also good investments. Choose us to help you get the best out from the referral programs. Hire us today!