Who are Alain and Tarek?
Who do you help at Growth Tribe?
What industry is WoM marketing most suitable for?
How can a brand know if they are succeeding with Word of Mouth? (since it’s very hard to track)
How can brands actively pursue word-of-mouth as a marketing strategy?
When should a brand focus on incentivised referrals?
- The marketing team gathers data on customer preferences and shares it with the product team to improve the product.
- The product team creates features that enhance the user experience and make the product more marketable.
How can the product team care about marketing?
How long do you wait to evaluate referral marketing results?
Is referral marketing worth it for small startups not at the scale of Dropbox?
How do you plan a referral program?
- Decide on the type of referral program: Determine whether you want a one-sided or two-sided incentive program or if you want to gamify the process with leaderboards and milestones.
- Ask your customers: Engage with them to find out what they would like as incentives or rewards for participating in the referral program—just talk to them.
- Find the right tool: Research and choose a tool to help you implement and manage your referral program.
- Brainstorm promotion ideas: Develop strategies to promote your referral program through various channels, such as email marketing, social media, and paid ads, and make it prominent on your website.
- Design the experiment: Outline the experiment by defining your hypothesis, success criteria, testing duration, and any potential obstacles to launching the program.
The case for referral-based prelaunch waiting lists
What are some common mistakes brands make with referral programs?
- Offering incentives that don’t align with the target persona’s needs or preferences. Ensure that the incentive you’re offering attracts people to refer others and contributes to retention. Avoid incentives that lead to users signing up solely for the reward and never engaging with your product again.
- Failing to analyze and optimize the referral program. Monitor the performance of your referral program, identifying any issues or bottlenecks. For instance, if many people are joining the referral program but not successfully referring others, investigate the reasons behind this.
- Not providing the necessary tools for successful referrals. Make it easy for users to refer others by giving them a unique referral link, a media kit, and regular reminders of the rewards available. Break down your referral program into smaller stages, analyze what’s working and what’s not, and make necessary adjustments to improve the campaign.
Nikitas has launched products in many industries for himself and his clients. He's responsible for growth at Viral Loops and has worked in marketing since he was 17. Passionate about applying psychology to marketing. My favourite number: 42. Let's connect on LinkedIn!