The theme of this blog over the last few years is customer referrals and its importance to small business. There are over 33 million small businesses operating in the US, with a vast majority of these businesses often have 5 employees or less. The key to growing any small business is to have constant brand awareness and brand exposure. Businesses of any size need the purchasing public to be promoting their business to others and to keep those existing customers. This factor is especially important for small businesses who don’t have large marketing budgets to create awareness. The importance of having a formal small business in order to track who is mentioning your business to others and a way to reward those who refer your business is important. Customer acquisition and especially retention have been a recurring theme for 2023. Since customer acquisition costs have risen significantly, the focus on retention has been made.
What is also important is that having a referral marketing solution that is easy to use, frictionless, and requires minimal time and effort is important. It is also important that a customer referral program solution be affordable as well as produce trackable and viral results. There are many SaaS solutions offered in the marketing that offer individual solutions that are add-on to existing business websites and can be expensive and cumbersome to implement and maintain. But what about being part of a referral marketing solution that connects you to your community where the general public can access and search by zip code and industry? Consumers want a single destination to find businesses of specific types (e.g., Restaurants, Retail, etc.) instead of having to individually search for the aforementioned. This type of solution will garner more awareness and exposure for small businesses. Consumers prefer an app-based solution that allows them a “one stop shop” solution where they can come to one destination and do quick searches and see enticing offers. Being able to quickly and easily share referral information as well as be rewarded for referrals is also important to consumers. Convenience, ease of use and rewarding are key.
Having a formal customer referral program has a number of benefits including getting referrals faster and having the contact information of a new potential customer. Often times consumers will say they will share a referral but often times they forget because they don’t have the contact information of the business and also aren’t motivated. Incentives have a very definitive effect on whether a consumer will go out of their way to refer your business. As has been mentioned in past blog posts, we live in a WIIFM society (What’s in It for Me). When consumers have a system that is easy to use and rewarding, they are much more likely to regularly use it. Busy lives mean offering a solution that helps keep that busy life organized without a large investment in time or effort. Consumers have many reasons to refer such as referring restaurants or retail stores that offer great customer service and product/services. Restaurants and retail establishments are the most frequently referred and referral requested industries. We all want to know what the latest and greatest offering is and having a formal system to be notified and have a discount to use on the first purchase is often a very desirable option.
There is truly no better marketing tool that having others mentioning your business. Consumers are far more likely to listen and believe a trusted friend or family member than an advertisement. Customer referrals, without question, are the most cost effective and reliable way to acquire new customers. So, when you think about it, having an informal customer referral program is great but having a system that allows you to see the referrals the moment they happen and also be able to reward your referrers and referees is truly the most optimal system.
At Dealsby, we understand the importance of supporting small businesses and helping them thrive. Our mission is to assist in connecting entrepreneurs with their target audience, through our state-of-the-art referral marketing technology. With our innovative tools and integrated solutions, we make it easy for businesses to implement effective referral strategies and leverage the power of personal recommendations.
Join our network of small business owners who are already benefiting from our referral program. Together, we can create a supportive ecosystem where success is shared, and local businesses flourish. Take your small business to new heights with Dealsby’s powerful SaaS referral marketing platform.
Remember, every referral counts—whether it’s a recommendation to a friend, a social media share, or an online review. Together, we can make a difference and support small businesses, one referral at a time.
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