Did you know that influencer marketing delivers more than 500 percent returns on investment (ROI)? As per a recent stat, every dollar invested in influencer marketing generates an average return of $5.20.
If you’re running a referral program, or are planning to run one, then you need to make sure that your influencers are invested and motivated in your program. For that to happen, you must see to it that your influencers get the most out of your referral incentive program.
Behind every successful referral program, there are well-rewarded and delighted influencers and customers. This blog post discusses seven ways to keep your influencers interested and motivated in your program in the long run.
1. Have clear, defined goals
Before running a referral incentive program, be extremely clear about your goals and know what you want from your influencers. Some of the following questions can help you find greater clarity with your referral program.
- Do you want to attract more influencers?
- Do you want to promote your product to the followers of a particular influencer?
- Do you want your influencers to promote a specific product or service?
- What amount of monetary and non-monetary rewards can you give your influencers?
After finding answers to the above questions, you can know what exactly you want from your loyalty program.
2. Choose a high-quality loyalty solution for your referral program
Finding a loyalty solution provider in a highly crowded market is not a big thing in itself. But choosing the right loyalty partner can mean the difference between a successful referral incentive program and a failed one.
A high-quality loyalty platform will enable you to automate your referral program and give the right rewards to all your influencers. When it comes to joining hands with the right loyalty provider, you need to do your research and consider those solutions providers who have a proven track record of creating and deploying effective referral programs. A company such as LoyaltyXpert that has a dedicated and competent team and years of experience in delighting its clients can be the one-stop solution for all your loyalty needs.
3. Customize incentives for your influencers
The need to customize your referral incentives for your influencers can’t be overstated. Creating customized incentives and reward programs can make influencers feel special and make them more effective when they are working for your brand.
To customize your referral programs for your influencers you must know everything about them. Say, for instance, you are in the plywood and laminates industry. Your influencers are carpenters. You must understand their psychology and what they want. Conducting surveys and creating personas is a good way to categorize your influencers and create customized rewards for them.
4. Spread the word about your referral program
When it comes to running a highly effective referral incentive program, leave no stone unturned to promote it. Leverage your social media accounts to promote your referral programs. Email marketing also works like magic when it comes to promoting referral programs. Make sure you have an email id list of high-quality customers and influencers. Promote the referral program throughout your app.
Another effective way to promote your referral program is by creating an explainer page. Apart from that, promote your program organically by encouraging your customers to spread the word, share reviews and testimonials as social proof, and add social sharing buttons. You may also create order status emails, post-purchase emails, in-store promotional materials, and referral links in purchase stages to better promote your referral program.
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5. Gift pre-launch product features
Gifting pre-launch product features is one of the most effective ways to generate buzz before the launch of a product. Every time your influencers refer to your products and generate a high-quality lead or a sale, consider gifting them some pre-launch product features. You can also use the same strategy to reward all of your valuable customers.
6. Showcase influencers in brand video
In case you use video marketing, then showcase your influencers in your brand videos. Many influencers, if not all, love to appear on video content that’s relevant to their niche. The more opportunities for them to appear in brand videos, the more popular they become in a wider circle.
In the same way, it’s a win-win scenario for brands. The more screen time they give to their partner influencers, the more they will be known by the legions of followers and the more they will be accepted. That makes it an attractive proposition for both parties.
7. Use giveaways and provide attractive offers on products or services
Giveaways are among the most effective ways to promote referral programs. Apart from motivating your influencers, giveaways will help you generate high-quality leads and expand your social reach by leaps and bounds.
Offers on products and services not only enhance sales but work like a charm for your referral programs as well. You can reward your highly productive influencers by providing them with exclusive coupons, gift cards, vouchers, and many more financial rewards.
All in all,
A referral program is a gold standard for business growth. It is a must-have tool for businesses in almost every industry. To run a successful referral program, you must make sure that your influencers are well-rewarded and are happy with the referrals.
At LoyaltyXpert, we know what it takes to create effective referral programs. We have helped our clients in rewarding their influencers in the best possible way. If you would like to run successful referral programs, Book a free demo today.