59% of people consult friends and family when making purchase decisions
Every e-business should invest in building a referral program. Before doing so, it's crucial to understand the psychology behind human decision-making and how to leverage the science through referral. Read it all in our Handbook for Referral Marketing: From Science to Purchase.
Build customizable Refer a Friend programs. The Talkable platform is completely flexible in terms of who the campaign targets, how it looks, who is rewarded, and how they are rewarded.
Track every site purchase and customer share to reward advocates and friends only when they meet your defined campaign criteria.
Test offers to maximize referral program performance. Brands must find the perfect balance between size of offer and number of sales generated. The platform also allows you to A/B test design, copy, and user flows.
Analyze every step of the funnel; from shares to clicks to site visits to purchases. Talkable provides referral data that you can trust.
Purchasing behavior has been socially influenced since the beginning of time. Long before social networks like Facebook and Twitter kept you in the virtual loop, your physical network was having an impact on what you bought and where you bought it from. In fact, word of mouth is the most powerful force in driving new business. This is because friends know what you want to buy, when you want to buy it, and how to sell it to you.
Word of mouth advertising is the most trusted form of advertising. The Word of Mouth Marketing Association reports that every day in the United States, there are approximately 2.4 billion brand-related conversations. According to a Nielsen study, 90% of people trust business recommendations from someone they know.
Customer acquisition is the number one priority and the number one challenge for businesses today. Referral marketing helps companies target potential customers who are not yet aware of the brand. Referrals generate customers who have higher lifetime value, are more loyal, and contribute more to a company’s bottom line than other customers according to the American Marketing Association.
Profitably acquiring customers is the key to any company’s success. Referral marketing allows companies to get new customers cheaply by giving advertising dollars directly to customers in the form of discounts rather than by paying a 3rd party advertising platform.