A Referral occurs when a person suggests a business, product, or service to someone else. Referrals often occur through personal sharing, online reviews, or referral programs that may include incentives.
This involves
- Motivating happy customers to share their good experiences
- Providing tools or rewards to motivate referral activity
- Tracking referred individuals and their engagement
Businesses leverage referrals to expand their customer base by encouraging word-of-mouth promotion. This approach builds trust, as recommendations often come from credible sources like friends, family, or peers.
Referrals are essential because they drive cost-effective growth, foster customer advocacy, and contribute to stronger brand loyalty, ultimately increasing revenue and market influence.
Increase Sales to Become a Market Leader
Case Study
Consumer Durables: Maximizing engagement with retailers to drive sales uplift
Discover how 360insights worked alongside iconic household appliance brand, Hoover, to implement a new incentive initiative in the marketplace.
This unique B2B sales points-based reward program motivated sales follow-through, to result in a 270% increase in sales and position themselves as market leader.