10 / March / 2022 : 12-05

Referral Marketing for Business Growth

Referral marketing is a powerful strategy for businesses looking to acquire new customers and increase brand awareness. It involves incentivizing current customers to refer their friends and family to the business, thereby leveraging their personal networks to expand the customer base.
Here are some key benefits of referral marketing:
Cost-effective: Referral marketing can be more cost-effective than other marketing channels since it relies on existing customers to bring in new business.
High conversion rates: Referral leads tend to have higher conversion rates since they come from a trusted source and are more likely to be interested in the product or service being offered.
Builds trust: Referrals can help build trust in the brand since they come from someone the potential customer already knows and trusts.
Increases customer loyalty: Offering incentives for referrals can increase customer loyalty and encourage them to continue doing business with the brand.
In conclusion, referral marketing can be an effective way for businesses to acquire new customers and increase brand awareness. By providing incentives and making it easy for customers to refer their friends and family, businesses can leverage the power of personal networks to grow their customer base and build trust in their brand.

Author's cover photo
Published on 10 / March / 2022 : 12-05
Published by Liana Aloyan

Journalist, columnist. Liana studies at the Faculty of Russian Philology of Khachatur Abovyan State University. She has been working at Yelaket (Yelaket.am) news agency since 2019 as a journalist and columnist. Writes articles about business and marketing. Liana is a member of "Media association" since 2020.

Viewed 433times
Latest news