Identifying and solving key aspects of global payments friction via the 2022 Global Payment Survey
The Case for Embedded Incentives – Build Referrals into Your Product and Increase Customer Love
Are your customers leaving money on the table by not asking their advocates to refer their friends and colleagues? Their customers are their best advocates and a path to your incremental revenue growth.
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 that’s worth considering.
Check it out – your bottom line will thank you.