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- [August 2024] đ¤ How to improve referral conversion [+ more]
[August 2024] đ¤ How to improve referral conversion [+ more]
Referral journey, product updates, upcoming webinar
Mica đˇ Referral Rock
August 29, 2024 ⢠Estimated Reading Time: 7 minutes
Welcome to the August 2024 roundup, where we share whatâs new at Referral Rock. Other semi-monthly editions include Insights and Feature Updates.
Hey itâs Mica,
Today weâre going to talk about a critical area of referral programs that doesnât get enough attention.
Iâm talking about the referral journey. That critical path the referred âfriendâ goes through that you hope leads to a new customer (conversion).
Weâll unpack:
the steps on the journey
how you should monitor and measure metrics
give you suggestions to improve conversions
Now, let's rock! đ¤
Referral Journey Optimization
Of course a referral program starts with rewards and sharing, but without a well thought out referral journey youâre just leaving referrals on the table.
Whoâs involved?
In every referral program there are 3 parties involved. The business (company running the referral program), the sharer (typically the happy customer or affiliate), and the friend being referred to the business.
Just before the referral journey, the sharer shares your business with their friends or colleagues. The âshareâ takes many forms including copying and pasting a share link, sending an email or SMS message, displaying a QR code for the friend to scan, or posting on social.
What is the referral journey?
The referral journey starts when the friend (i.e., referral) receives the shared message (in whatever form itâs sent).
The friend then clicks the share link and is directed to a referral page (either hosted by Referral Rock or on your website).
On the referral page, the friend is prompted to take an action (i.e., complete a form, make a purchase, etc.). Once complete, they become a converted referral.
Why optimize?
Referral programs provide a unique opportunity to generate both brand awareness and new customers (conversions) for your business.
Not everyone is ready to buy or try something as soon as they hear about it. They could be a good fit (and buy later) but donât have an immediate need or must go through a consideration phase before purchasing (vs. an impulse buy).
Optimize each step of the referral journey to get the most out of your program.
How to measure?
We released a new Analytics Dashboard to help you track and monitor program performance. Ask yourself:
Are you getting enough referrals to meet your program goals?
Are you reaching enough people so they have the opportunity to convert?
Are enough people sharing your program?
How to increase referral conversions?
Referrals are engaging with you for the first time. They trust their friendâs recommendation but you still need to make them care about your business.
Use the table below, the Messaging and Brand Assets article, and the Analytics Guide for best practices and tips to improve referral conversions.
Create a single journey from âshareâ to conversion | Messaging, images, offer, and call-to-actions need to convey a single experience. They need to be working together and not feel disjointed. |
Remember the audience | The share message is between friends and should be more personal and informal but youâre still speaking to friend (who is unfamiliar with the business) |
Lead with benefits and any rewards | Referrals don't know your business. Tell them upfront why they should care and whatâs in it for them. |
Grab attention | People are busy. Your messaging, images, and call-to-actions must standout, be compelling, and be clear so itâs easy to understand your value. |
Make the call-to-action an easy âYesâ | Simplify and incentivize your ask so itâs a no-brainer for referrals. |
Add a Referral Banner (if not making a tailored referral page) | If you donât have the time or resources to create a new referral page then add a pop-up notification giving the referral more context (itâs a better experience than just dropping them on your website). |
Nerding out on referral programs
Weâre hosting a live office hours on September 4th at 1pm EST showing how to analyze and improve referral programs based on key indicators. Weâll cover:
Understanding leading referral indicators (for both sharer and referral journeys)
How to use the new Analytics Dashboards
Program optimizations based on data
These are the highlights but donât miss the rest of the updates below.
-Mica
Head of Operations
đ Content Updates
Customizing the Share Experience (support article): New share configuration options (select what share icons members see), share via QR code, and improved explanation of sharing options.
Messaging and Brand Assets (support article): Updates to text copy and imagery best practices for the different audiences in your referral program.
Customer Referral Reward Design 101 (video from June 5th webinar): Detailed explanation on how to design rewards for customer referral programs: 5 most common mistakes, how to avoid them, and a framework for building your reward structures.
Referral Program Integration Basics (video from July 24th webinar): Detailed explanation of the most important referral integrations (build sharing into customer experience and referral tracking). Includes other advanced use cases.
⨠Product Updates
In August, we released several new features to improve the admin experience and make it easier to manage your programs.
Analytics Dashboard - track key referral indicators, monitor performance over time, and compare programs
Home Page - find and access what you need, see news and updates, and get work done faster
Shortcuts - pick up where you left off and ping your most used pages
Alerts - get notified with you need to take action
