Product Marketing Strategy
While there are unique in-store opportunities to grab the interest of your customers, including product stands and signage, creating a foundation for reaching your audience online looks different. For both in-store and online purchases, you can leverage your happy customers’ experiences through a referral program, which helps you share your customers’ stories.
Go one step beyond online reputation and further capitalize on the benefits of word of mouth marketing by developing a referral program. While online reputation offers your prospects social proof, your referral program will bring that social proof to life in more immediately beneficial ways. This can also be called a loyalty or rewards program, but whatever you call it, this program will benefit your customers and encourage them to inform their friends and family about your business and services.
A referral program largely offers discounts, free products, or another benefit in return for a number of customer referrals. For example, if you have high-priced products, then encourage a one-for-one referral program where if one of your customers refers one friend and they purchase a product from you, give them both a discount on their next product purchase. If you have a lower-priced product, you could follow the same format but offer a discount after five referrals result in a product purchased from a new customer.
Tip: Make your referral program prominent and easy to find on your website. Also ensure it benefits the customer, not you. If it doesn’t benefit the customer, then they will not use it.
If your referral program is not bringing in new leads, go straight to the source and ask your customers why they haven’t taken advantage of the offer (in a short email survey, for example). You might find out that the benefit of the program is too difficult or maybe they just didn’t know about the program. Whatever you find out from your customers, take the feedback back to the team and modify the program to better serve your customers.
Our team works as a fluid extension of each of our member’s businesses by developing strategies and executing projects in whatever capacity is best for their unique needs.