Referral Business Marketing – The Modern Way To Advertise
Referral marketing businesses are red hot right now, and there are many sites that offer marketing gurus various opportunities. Traffic Monsoon is one of the top sites out there, and its revenue sharing model is gaining momentum and grabbing the attention of people who aspire to get in on referral marketing businesses.
Each of the sites and business opportunities out there seems to tweak the way things are done and have a unique platform, which is always good. You really need to understand a platform and how to make money before you just dive in. At first glance, Traffic Monsoon might seem as though you’re exchanging views or ad clicks, but there is an opportunity to purchase ad packs.
These ad packs you purchase are what starts the revenue sharing process. I haven’t signed up for Traffic Monsoon, but I have signed up for another referral business site recently. It reminded me of a network marketing opportunity in a way, but I didn’t bite on purchasing ad packs with this one. I’ll start by saying you are able to click on videos and ads and make chump change. I would do this in between writing, but it really is meager pay.
Then I noticed the referral program that was set up to help you make even more money. The referral program works just like you think it would, with you getting a certain percentage of what the people signing up under you make from doing things on the site. There are plenty of sites like this, but these newer referral business sites are set up for marketing purposes.
One way why referral marketing businesses work so well is because they help you target customers much easier. There is no cold calling so to speak, and you also get to count on the influence of your targeted customer base as well. As you can imagine social media tools are one big way to help you cash in on growing a referral business.
The customers are put to work for you, and so you start to see your business working for you, quite the cyclical process. Building your business centered around satisfied customers and them continuing to refer customers to you is a win/win process that is taking the marketing world by storm.
Referring customers has always been a model for success, and it’s great when you have a business model set up for customers to refer other customers. For example, I signed up for an investing account recently that gives you an award when you use your referral link to get new customers to sign up. The new customers also get a reward. Now this isn’t a business for me, but the company itself is a business that is getting customers to sign up other customers.
That’s how the business world works these days, especially with everyone having a voice online. Since there are so many online tools and resources available to people, referral links and programs are huge. They work for a number of different types of businesses, and these ad pack and revenue sharing referral programs are just the most modern concept.
When you have a referral business, there are certain things you want to focus on in order to be more successful. Working on customer referrals means you not only need a solid set of programs in place, but you need to set solid goals for them. Say for instance your short term goal is to increase referrals by 20 percent. How soon are you going to want to meet that goal?
Many times businesses are going to be highly-aggressive when it comes to referrals, but this isn’t necessarily in your best interest. You see, that can seem like desperate measures, and there are other ways to handle referrals with more professionalism. For starters, you can allow customers to enjoy what you offer before you start pestering them for referrals. You’ll notice the ability to do this more and more once its those referrals who are doing business with you.
You’ll be confident about your products or services and the new customers you have, and so you’ll be just fine with introducing the referral concept to them directly after a little time has passed, or letting them check it out on their own time by not prompting them to do so but making the option available.
Of course, you’ll want to likely prompt them to do so at least subtly, but most businesses do get a little aggressive with time. Think of it in terms of cold calling, however, and how you can be less aggressive when you have better leads. That’s how referral marketing works.
If you put in the time and effort into getting all customers to refer other customers, then you might be draining your time a little. You see, there are going to be certain customers that do a much better job of handling referrals, and those are the customers you want to focus on for sure.
While you’ll want to invite everyone to participate in referrals, you can provide extra opportunities to remind your top customers to refer others for you. You can even provide extra incentives, which is the name of the game anyway. More people will jump on referring customers for you if they get a perk for doing so.
Remember that time that you’re supposed to allow customers to have before you start trying to get referrals from them? Don’t just let them have time, but be working on doing more things for them to help them get even more excited about your business.
If one rewards program doesn’t work for you, then reinvent the rewards program you offer your customers. Additionally, even if a program is working well, you’ll want to change it up from time to time to keep customers interested. For example, you may offer a special discount, promotion or freebie to start everyone off. Over time, the interest wanes a little, and you start offering something else as incentive.
Another way you can look at the rewards program is perhaps by offering different levels of rewards. This won’t work for every referral business opportunity, but you can test out different rewards ideas for your business.
Make sure you take care of your customers and referrals, and you need to be sure that you say thank-you. You can communicate in different ways with your referral customers, and of course social media is going to be a powerful tool as mentioned that your customers use to help you out.
Email marketing is an important tool when it comes to referring customers, too. Try promoting different ways for your top customers to refer customers for you. This one site I signed up for had all different kinds of referral links because they were for banner ads and embedded ads as well. They could be placed on different types of websites of course.
With all of your customers doing all the work for you, what type of marketing are you going to have to do on your own? For sure, you’ll still have things you need to accomplish from a marketing perspective, but those referral customers are going to refer even more customers, which means you’ve almost essentially put growing your business on auto pilot.
Now isn’t that a forward thinking concept? It’s the resourcefulness of the Internet at its best so far, and that is why this type of business is hitting just about every niche. If you don’t work on a referral program, then you’re allowing your competition to have the advantage.