Referrals are everywhere.
In fact, a recent study from Nielsen found that consumers are 92% more likely to trust recommendations from people they know. From cellphone providers like T-Mobile to companies like Amazon, stakeholders are seeing the importance referrals have in the sales pipeline.
A referral is not only a lead but a recommended lead from a trusted source. Referrals take the guesswork away from the consumer, allowing them to depend on the information and quality-of-service promise provided by the customer who referred them.
Closing a referred lead is the easy part. The hard part is incentivizing your customers to open up their contact books.
We recently sat down with GuestEngine, a motivation platform for restaurants, which relies heavily on the engagement of their customers. They were looking for an effective solution to engage people in their social referral program and e-gift cards were a no-brainer. The ability to deliver a variety of instant and digital rewards with customer service to support was great, but the 61-80% increase in referrals was even better.
But just how effective can tying incentives with referrals be? We asked 19 companies that utilize our services for referrals and found that over half of them experienced a 61-100% increase in referrals since implementing digital rewards powered by Tango Card.
Increasing referral rates is easier done with the power of incentive. Get your referral program engine revving today and increase your numbers by checking out www.tangocard.com for more information!
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