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How Top Brands Use Referral Programs to Drive Customer Acquisition

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We’re going to cover best practices that top brands use to drive referrals and customer acquisition:
The following best practice examples come from companies that actually sell something. !
People always ask: “How do I get more referrals?” ! That’s easy. ! Focus on two things that really move the needle. ! User participation & Optimization
Again, two things really ‘move the needle’ for referral program performance. User Participation Optimization
User Participation Location matters
Homepage & Navigation Best practices: ! • Site-wide • Highly visible (upper-le#)
Order Confirmation Page Best practices: ! • Pop-up overlay • Varied offers
User Account Page Best practices: ! • Embedded • On button click - if you have to • PURLs
Stand Alone Referral Page Promote / drive traffic from: ! • Homepage & Navigation • Dedicated email blasts • Trigger emails & newsletters • Social following • Customer service follow up • Email signature
Dedicated Email Blasts Best practices: ! • Single call to action • Clear offer • Schedule (monthly / quarterly)
Your ‘reach’ may be bigger than you think…
Optimization Increase sharing rates and referral conversion rates
What to measure Shares ! Widget Impressions ! = Sharing Rate Conversions ! Referral Visits ! = Referral Conversion Rate Referral Visits
Sharing Rate - optimize call to action Best practices: ! • Clear call to action • What’s in it for them • What their friends get (if double-sided) • Address book importing
Sharing Rate - optimize design + 42% sharing rate • Red, italic headline • Background image
A B C • Purple bracelets • Green bracelets • “Expires in 24 hours!” • Woman on beach • “Expires in 24 hours!” + 35% Gain
Doubled referral visits and referral sales
Welcome overlay • Friend incentive • Email capture • Reveal code
Session-based • Dynamic message
Dedicated landing page • No distractions
1 Offers for sharer & friend 2 Calls to action for sharer & friend 3 Shared content (copy & images) 4 Shared email subject line Elements for testing 5 Referred visitor experience
Calls to Action - quick tips Tip 1: Verb + What’s in it for me? Tip 2: “I want to ___________.” • Get $10 in store credit. • Get a free month. • Give $10, Get $10 • Share and earn $10
Referral Benchmarks How are you doing?
Sharing
Referral Visits
Referred Visitors
Cost Per Acquisition CPA
Revenue Lift
Examples of Campaign Metrics Example companies by size
Where to start optimizing (30 day snapshot - 3 companies) a Rockin’ b Work on sharing rate c Work on conversion rate
Party Foul ! The biggest mistake people make . . .
Don’t force a login or registration 90% drop off!
Recap Follow best practices and avoid common pitfalls.

Veröffentlicht in: Marketing
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How Top Brands Use Referral Programs to Drive Customer Acquisition

  1. 1. How Top Brands Use Referral Programs to Drive Customer Acquisition Tony Mario!i, COO, Friendbuy
  2. 2. @thuelmadsen #KISSwebinar Join us on Twi!er
  3. 3. Tony Mario!i COO Friendbuy ! @tonymario!i Your presenters Thue Madsen Marketing Associate KISSmetrics ! @thuelmadsen
  4. 4. @tonymariotti #KISSwebinar Join us on Twi!er
  5. 5. Introduction to Friendbuy www.friendbuy.com Friendbuy is a customer referral platform. Marketers build campaigns, A/B test and track results to accelerate customer acquisition without the hassle of ge!ing dev teams involved every time they want to make changes or generate reports. Referral programs are incredibly cost effective, delivering single-digit CPAs. We’re going to cover best practices that top brands use to drive referrals and customer acquisition:
  6. 6. The following best practice examples come from companies that actually sell something. ! What follows should be especially helpful to marketers who are looking to acquire new, paying customers today. ! Referral programs can drive anywhere from 7% to 30% of your new customers, and a CPA well under $10 bucks. That’s what we’re going to talk about…
  7. 7. WATCH WEBINAR RECORDING NOW
  8. 8. People always ask: “How do I get more referrals?” ! That’s easy. ! Focus on two things that really move the needle. ! User participation & Optimization
  9. 9. Again, two things really ‘move the needle’ for referral program performance. User Participation Optimization
  10. 10. User Participation Location ma!ers
  11. 11. Homepage & Navigation Best practices: ! • Site-wide • Highly visible (upper-le#)
  12. 12. Order Confirmation Page Best practices: ! • Pop-up overlay • Varied offers
  13. 13. User Account Page Best practices: ! • Embedded • On bu!on click - if you have to • PURLs
  14. 14. Stand Alone Referral Page Promote / drive traffic from: ! • Homepage & Navigation • Dedicated email blasts • Trigger emails & newsle!ers • Social following • Customer service follow up • Email signature
  15. 15. Dedicated Email Blasts Best practices: ! • Single call to action • Clear offer • Schedule (monthly / quarterly)
  16. 16. Your ‘reach’ may be bigger than you think… 1 Website Homepage, navigation, order confirmation, user accounts, product pages, stand-alone referral page… 2 Email Stand alone blasts, transactional (registration confirmation, order confirmation), newsle!er templates, receipts / invoices… 3 Social followers Twi!er, Facebook, LinkedIn… 4 Blog pages 5 Help desk pages / support ticket signatures / scripts
  17. 17. Start Your Free KISSmetrics Trial LOG IN WITH GOOGLE
  18. 18. Optimization Increase sharing rates and referral conversion rates
  19. 19. What to measure Shares ! Widget Impressions ! = Sharing Rate Conversions ! Referral Visits ! = Referral Conversion Rate Referral Visits
  20. 20. Sharing Rate - optimize call to action Best practices: ! • Clear call to action • What’s in it for them • What their friends get (if double-sided) • Address book importing
  21. 21. Sharing Rate - optimize call to action 1 Get Half Off a NatureBox! 2 Get $10 for free! 3 Get 50% off your next NatureBox! 4 Get $10 when you snack with friends! The irony here is that a NatureBox costs $20. So all the offers are mathematically the same. But #4 outperformed the rest and drove up sharing rates.
  22. 22. Sharing Rate - optimize design + 42% sharing rate • Red, italic headline • Background image
  23. 23. Referral Visits - optimize shared content A B C • Purple bracelets • Green bracelets • “Expires in 24 hours!” • Woman on beach • “Expires in 24 hours!” + 35% Gain
  24. 24. Referral Visits - optimize shared content Doubled referral visits and referral sales
  25. 25. Referral Visits - optimize shared content Hey Pal, You're one of my smartest friends, so you're probably pre!y fed up with overpaying for razors. I was, so I joined Dollar Shave Club. They deliver great blades to me every month for just a few bucks. No more schlepping to the drugstore and no more overpriced, ridiculous shave tech that I don't need. Razor plans start at just $3/month. Check it out and let me know what you think. P.S. When you use this link to join, I get $5. Cha-ching! Doubled referral sales Best practices: ! • Message is on-brand • Always testing
  26. 26. Referral Conversion Rate - welcome referred visitors Best practices: ! • Welcome overlay • Friend incentive • Email capture • Reveal code
  27. 27. Referral Conversion Rate - welcome referred visitors Best practices: ! • Session-based • Dynamic message
  28. 28. Referral Conversion Rate - welcome referred visitors Best practices: ! • Dedicated landing page • No distractions
  29. 29. 1 Offers for sharer & friend 2 Calls to action for sharer & friend 3 Shared content (copy & images) 4 Shared email subject line Elements for testing 5 Referred visitor experience
  30. 30. Calls to Action - quick tips Tip 1: Verb + What’s in it for me? Tip 2: “I want to ___________.” • Get $10 in store credit. • Get a free month. • Give $10, Get $10 • Share and earn $10
  31. 31. Referral Benchmarks How are you doing?
  32. 32. Sharing Sharing Rate Several Friendbuy partners have exceed a 50% sharing rate, a worthy optimization goal for anyone. The sharing rate will vary by widget location (homepage, user account pages, order confirmation page, etc.) So ge!ing as many widget placements as possible is highly encouraged. Here are sharing rate benchmarks (aggregate across placements): • 7% – meh • 15% – solid • 30% – you’ve nailed it How you can improve Sharing Rate • A/B test offers (store credit, free gi#, etc.) • A/B test content (copy, design, images, etc.)
  33. 33. Referral Visits Visits per share The tricky part here is that Facebook and Twi!er don’t report impressions, busting the normal click-thru rate marketing calculation - the number of friends who see shared content on Facebook, Twi!er or an email message and click to visit your website. While email reporting does include opens, unique opens, and CTR, the best way to approach this - in aggregate and normalized across all channels - is to measure the number of visits per share. That levels the playing field. Here are referral visits (per share) benchmarks: • 1 visit per share – meh • 2 visits per share – solid • More than 5 visits per share – you’ve nailed it How you can improve Visits Per Share • A/B test offers (store credit, free gi#, etc.) • A/B test shared content (copy, design, images, etc.)
  34. 34. Referred Visitors Conversions Referral conversion rate The referral conversion rate is the percentage of referred visitors (friends) that convert when they get to your site. Referred visitors should convert at a higher rate than your organic conversion rate. Here are referral conversion rate benchmarks. • Less than 4% - meh • 10% - solid • More than 15% - you’ve nailed it How to improve the Referral Conversion Rate • A/B test offers (store credit, free gi#, etc.) • A/B test shared content (copy, design, images, etc.)
  35. 35. Cost Per Acquisition CPA Referral programs yield ‘single digit CPA’s.’ That is to say, your new customer acquisition cost is less than $10. Compared to display advertising ($40 CPAs), Pay Per Click ($30) and retargeting ($10), referrals are extremely efficient. Here are customer referral program CPA benchmarks: • $9 CPA - meh • $5 CPA - solid • $2 CPA - you’ve nailed it Key Takeaway: Single-digit CPAs.
  36. 36. Revenue Li! on Revenue Referral programs contribute to the bo!om line in a very meaningful way. Here are revenue li# benchmarks: • Less than 5% - meh • 5 to 15 % - solid • 30% - you’ve nailed it
  37. 37. Examples of Campaign Metrics Example companies by size
  38. 38. Where to start optimizing (30 day snapshot - 3 companies) a Rockin’ b Work on sharing rate c Work on conversion rate
  39. 39. Party Foul ! The biggest mistake people make . . .
  40. 40. Don’t force a login or registration 90% drop off!
  41. 41. Recap Follow best practices and avoid common pitfalls.
  42. 42. Recap User Participation Optimization
  43. 43. Do’s and Don’ts Do Don’t Open access Let anyone refer Force a login Availability Make it visible, everywhere Bury it in your footer CTA’s & Offers Be clear & concise Be wordy or vague Test Measure and optimize Set it and forget it User Participation Optimization
  44. 44. Looking for more? ! For additional in-depth articles about the topics we’ve covered, you can check out friendbuy.com/blog
  45. 45. Questions? Tony Mario!i COO Friendbuy @tonymario!i tony@friendbuy.com Thue Madsen Marketing Associate KISSmetrics @thuelmadsen tmadsen@kissmetrics.com
  46. 46. THANK YOU Tony Mario!i @tonymario!i tony@friendbuy.com

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