XTRM

Insights and news

The Case for Embedded Incentives – Build Referrals into Your Product and Increase Customer Love

You love your product.  Customers love your product. 

You’ve got a better product. Congratulations!  

But do you have a bigger market share than your competition?   What about functionality for growing your business?  Do you leave that to your marketing and sales teams?  Or can the product team offer more than core functionality?   

Are you leaving money on the table by not asking your advocates to speak up, share their opinions and refer their friends and colleagues? 

Your customers are your best advocates.

After your successful launch, you’re seeing soaring rates of user adoption, while your customers are singing its praises. Congratulations!

But do you see this enthusiasm translated into reviews of your product that read like love letters?    Do they share how indispensable your product or solution has become to end-users? Do they refer your brand so that future customers can learn to love your product or service as much as you do?  

  • Does your product or service have a built-in feedback loop?
  • Do you track Net Promoter (NPS) ratings?  
  • Can you identify your advocates? (8-10 NPS)

Regardless of your industry, both consumer and B2B customers want and expect to learn about products from independent sources and word-of-mouth. They’ll get the technical info from your website and your pre-sale teams once they’re convinced your product or service can meet their needs and your brand deserves their trust.   

What’s more, they’re often more than willing to share their opinions with others (89% according to a Carnegie Institute study) so that they, too, can benefit from word-of-mouth recommendations.   

And they don’t mind being paid for it. In fact, while 88% of Americans report they would like some sort of incentive for sharing a product via social media or email according to a Harris Poll, 75% say they’d prefer to be rewarded with money for making referrals. 

Help them spread the love.  

So why not embed a referral reward into your product from the get-go?  There are APIs to automate the entire process to jump start your growth marketing efforts with your next release. For more information, please let us know how we can help or check out our XTRM API™ for yourself.  

And while you’re at it,  get your sales team involved in your customer referral strategy from the onset so that they, too, can make it easier and rewarding for their contacts to refer qualified leads. There’s an app for that. XTRM Partner GettheReferral has one well that’s worth considering.  

Check it out. 

 

 

 

Unbundling the Payments Value Chain to Improve ROI

As a business professional, how often do you wake up thinking about money?  

OK, maybe not before coffee, but it certainly comes up frequently re: Sales, Budgets, Payroll. Payables, Receivables.  If you’re in Marketing, Sales or Finance, or Operations, even IT, you likely spend most of your working hours on how to make more of it by growing revenue, reducing costs or both.   You may spend days, weeks or even months involved in projects or systems development designed improve the ROI of your portfolio of Customers, your internal Sales team or Channel, your Marketing spend or your infrastructure investments.  But how often do you think actually think about, not metaphorically think about, cashing the check.  

How can that process -- the payments process -- be made more efficient, more user-friendly and more cost-effective? How can payments processes, both incoming (AR) and outflowing (AP) lead to positive ROI outcomes?  It’s a topic that seldom comes up when discussing company strategy or competitive advantage.  Yet there is no process as essential to the any for-profit or non-profit enterprise than the flow of funds into and out of the organization. 

No matter your business, if you need to receive or make any type of domestic or global payments, then removing complexity and cost while improving the user experience reducing the burden of compliance and tax reporting should be on your action list not just on your radar.  If it’s been awhile since you’ve thought about it, the good news is that there’s been plenty of recent innovations that could make doing so very much worth the effort. 

The first step is to review any payments process including every direct and indirect value exchanges in the context of your operational processes and your business strategy.