Timing is an important factor to consider when making major business decisions. For example, you may need to hire more help but you have to time it correctly so you have the resources to take on a new employee. The same is true when it comes to establishing a new marketing strategy. You have to weigh the costs and the benefits to determine the best time to start something new. A marketing strategy that can be beneficial to businesses of all types and sizes is a customer referral program. The question is, ‘When is the best time to establish a customer referral program for your business?’
Here at GetTheReferral, we believe strongly in the effectiveness of customer referral programs. Through our own experiences helping businesses with their customer referral programs we have witnessed the positive impact they can have. But, we have more than our own experience, the research backs up the idea of using customer referrals in your business. Nielsen reports that people find the recommendations of family and friends to be the most credible source of information compared to other types of advertising. WOMMA also found that word of mouth recommendations have a more immediate impact on purchasing decisions than other types of media. All of these factors make ‘now’ the optimal time for most companies to establish a customer referral program.
As you integrate more technology into your business
If now is not the best time for you to establish a customer referral program then you should consider doing it as you integrate more technology into your business. You can set your customer referral program up through a mobile app that can become a part of your company’s online presence. People are using their phones more frequently and 90% of the time spend on their phones is inside of apps. By putting your customer referral program inside an app you significantly increase the likelihood that your customers will utilize it. As you integrate more technology into your business you will begin to reach more customers and generate more leads. As you work to get your business completely integrated, put creating a customer referral program on the top of your to-do list.
When you develop a need for more customers
There are some seasons of owning a business when you are not looking for additional customers. Perhaps you are at a place where you have all the business you can handle. But, for most businesses, things change over time and the need to bring in leads returns. When you get to this point it is a good time to establish a customer referral program. As mentioned above, referrals are one of the best types of leads you can get for your business. Tap into these high quality needs by implementing a customer referral program for your company.
Every company has a unique set of needs and complications. If you are thinking about creating a customer referral program but cannot figure out the timing, then contact us. We can help you figure out the best timing for your situation and help you set it up your customer referral program when the time is right.