referral là gì

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Not vĩ đại be confused with multi-level marketing, which is also sometimes called referral marketing

Referral marketing is a word-of-mouth initiative designed by a company vĩ đại incentivize existing customers vĩ đại introduce their family, friends, and contacts vĩ đại become new customers. Different from pure word-of-mouth strategies, which are primarily customer directed with the company unable vĩ đại track, influence and measure message nội dung, referral marketing encourages and rewards the referrer for allowing a company vĩ đại vì thế ví. Different from multi-level marketing, there is no incentive for the original existing customer vĩ đại drive or influence the subsequent referrals of the new customer – only the conversion of the initial, primary customer is rewarded.^[1]

Overview[edit]

Referral marketing is a tool used by various businesses and corporations across a wide variety of different industries vĩ đại grow and build customer bases. In the past, referral marketing was purely focused on spreading information through verbal interaction with a close network. Modern-day referral marketing now heavily relies on social truyền thông and the mạng internet, allowing the scope of referrals vĩ đại increase dramatically by reaching a far broader audience.^[2] Most recently, referral marketing has allowed companies such as PayPal, Dropbox and Airbnb vĩ đại grow exponentially with their personalized referral programs.^{[citation needed]}

There are three fundamental elements that help define and differentiate referral programs from organic WOM (word of mouth). They are company driven in that they are actively managed by the parent company, which is different from organic WOM which involves the unprompted recommendation for a company's products or services through external interaction, không tính tiền from company influence. Secondly, an overarching aim is vĩ đại convert existing customer's networks vĩ đại join as new customers. Lastly, is a reward or incentive given vĩ đại the existing customer by the company for the successful conversion of their network vĩ đại their products and/or services.^[3]

There are typically two types of referral programs: incentive payment and non-incentive payment. The former is much more common and includes rewards such as cash, prizes, discounts, shopping vouchers or the service itself for a limited time.^[1] For example, telecommunication companies may offer discounts or vouchers vĩ đại customers and credit thẻ companies may offer redeemable points, coupons or cash for a new service.^[4] The latter referral marketing program benefits the existing customer through increasing reputation and gaining special treatment from the parent company through working without economic payment on presentations and online forums for example .^[5]

Referral marketing was questioned by managers for the effectiveness and material benefit it could bring vĩ đại a company in comparison vĩ đại organic WOM and other means. Concerns over operating costs of implementing a referral program, unsustainable economic benefits, suspicion on the trustworthiness of the referee given the monetary incentive vĩ đại recommend, as well as abuse from opportunistic referrers all questioned the value of referral marketing brings vĩ đại a company.^[3]

Online referral marketing[edit]

Online referral marketing is the internet-based, or Software as a Service (SaaS) approach, vĩ đại traditional referral marketing. By tracking customer behavior online through the use of trang web browser cookies and similar technology, online referral marketing can potentially increase brand awareness, referrals and, ultimately, revenue. Many platforms allow organizations vĩ đại see their referral marketing return on investment (ROI), and vĩ đại optimize their campaigns vĩ đại improve results. Many of the newest systems provide users with the same experience whether they are on a desktop or mobile device. Offline referral marketers sometimes use trackable business cards. Trackable business cards typically contain QR codes linking them vĩ đại online nội dung for sale while providing a way vĩ đại track that sale back vĩ đại the person whose thẻ was scanned.

Online referral marketing focuses on interactions between customers.^[6] The Internet is a common channel for referral-based marketing. It delivers abundant outlets for customers vĩ đại share their opinions, product favourites, and experiences, including the company's trang web and through social truyền thông. The marketers can encourage the referring parties by providing pre-scripted messages. Advocates can provide their family members and friends with personalised links including unique referral codes and advertisement information through e-mails, blogs and instant messages. The company can give rewards vĩ đại advocates when their family members and friends buy through the liên kết.^[1]

These same technologies also help companies mix up a system that integrates referrals into the marketing plan. By tracking user traffic, the companies can offer referrals vĩ đại other online customers.^[6]

Advantages[edit]

There are multiple advantages for referral programs. Typically, referral customers are better matched due vĩ đại the existing customer knowing both parties and able vĩ đại determine the benefits vĩ đại the potential new customer; given the product or service is useful vĩ đại the referrer, the prospect has a higher chance of also finding it useful. This brings higher value customers vĩ đại the company or authority at a lower cost.^[1]

With a referral from a close tie, there are implications on the referrer's reputation if the product or service is not well-received, given the higher value placed on a personal recommendation rather phàn nàn an advertisement. Thus, it is in the referrer's best interest vĩ đại recommend a product or service that is not only useful vĩ đại the potential prospect but also something that they themselves have used.^[3]

Literature has determined that the customer value and contribution derived from referral programs are higher for a firm phàn nàn those sourced from other means.^[3]

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They can also serve as a tool vĩ đại measure the health of customer satisfaction. High-performing referral programs or a high magnitude of referrers may indicate high customer satisfaction and vice versa.^[1]

Referral programs can help establish long-term relations with customers by matching customer motivations and expectations with referring new customers.^[7] This way, referral programs can also be regarded as a tool for retaining existing customers.^[8]

Disadvantages[edit]

The referrer may not be impartial if compensation is based on the prospect joining the customer, not just for the referral. Incentives can place an ulterior motive on the referrer's over, which can introduce a drive vĩ đại 'sell' referrals in order vĩ đại receive compensation. This can result in uncertainty from the referred customer, and reduce trust in both the existing customer and company regardless of the product or service sold. This does not happen with pure WOM given that there are no incentives given vĩ đại referrers by a company vĩ đại recommend.^[1]

A large majority of referral marketing programs will compensate regardless of longevity or quality of the new customer; this creates a moral hazard favoring opportunists and potentially harms the genuineness of the recommendations.^[9] Referrers can spread referrals vĩ đại a wide audience, either offline or online, and introduce low quality customers vĩ đại the business with no consequence.^[9] However, this abuse is offset by the benefits of the referral marketing program and companies should still consider the implementation. Depending on the size of the reward, referrers may also knowingly recommend vĩ đại their network a poor service or product.^[3]

Referral programs are not không tính tiền and have operational costs vĩ đại acquire new customers. Administrative costs, software with databases vĩ đại recognize and trace purchasers, advertisement campaigns and incentive costs are just some of these.^[2]

Effectiveness of referral marketing[edit]

A study in 2010 by the University of Pennsylvania and Goethe University Frankfurt aimed vĩ đại determine the relationship between the value a customer brings vĩ đại a business through online referral marketing versus other methods by answering four questions:

• "Are referred customers more valuable?"
• "Is the difference in customer value large enough vĩ đại cover the costs of such stimulated WOM customer acquisition efforts?"
• "Are customers acquired through a referral program more valuable because they generate higher margins, exhibit higher retention, or both?"
• "Do differences in margins and retention remain stable or vì thế they erode?"^[3]

This study followed the online referral program of a ngân hàng in Germany and saw that each referral by an existing customer would result in a 25 lỗi reward. The results determined that referred customers were both more profitable and loyal phàn nàn normal customers. Referred customers had a higher contribution margin, a higher retention rate and were more valuable overall in both the short and long term – 16% more in profits and 25% more valuable. A referred customer had an 82% chance of being an active customer after 33 months in comparison vĩ đại 79.2%. However, it was found that the program was less effective in referring individuals over the age of 55 or low-margin customers.^[3]

This study also determined that the aforementioned disadvantages associated with referral marketing are lower phàn nàn the overall benefits and that referral programs should be considered for a company vĩ đại grow their customer-base. It also noted that referral programs are able vĩ đại better target high value customers who are more likely vĩ đại retain the service provided, at a lower cost phàn nàn conventional marketing means. In terms of the referrer, they found that firms should make the reward a function of the value of the existing customer instead of following their own competitors.^[3]

Referral marketing reward structure[edit]

A study in 2019 by Harvard Business School, Washington University in St. Louis and University of California, San Diego aimed vĩ đại find the highest converting reward structure for referral marketing.

The study examines five incentive structures:

• No-incentive (control)
• Sender-benefiting
• Recipient-benefiting
• Shared
• Donations^[10]

The study found that recipient-benefiting incentive structures convert 1.41 - 1.79 times more phàn nàn sender-benefiting structures. Additionally shared incentive structures converted at similar rates of recipient-benefiting structures. No-incentive and donation structures converted at substantially lower levels phàn nàn all other options.^[10]

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See also[edit]

• Customer knowledge
• Content marketing
• Affiliate marketing

References[edit]