It’s finally here! All the hard work has paid off and you’re ready to launch your innovative new product. You’ve laid all the groundwork and excitement is building, people are starting to talk about your upcoming launch.
Whether you’re launching your new product through a crowdfunding platform like Kickstarter or Indiegogo, or you choose to launch directly on an ecommerce platform like Shopify, there is a special tool in your roster that can help you utilize word of mouth and earn even more – referral marketing.
What is Referral Marketing?
People are four times more likely to make a purchase when referred by a friend. Referral marketing involves leveraging your customers and fans to share your product with their friends, family, and social networks. Referral marketing is one of the most cost-effective ways to promote your product, and will also bring some of the highest conversion rates.
Here’s how you can leverage referral marketing for your product launch:
Turn Your Current Customers Into Promoters
Referral marketing is a great way to turn your backers into promoters for your brand. They already love your product, why not enlist them to spread the word to others? A great way to do this is by enlisting the help of a referral marketing tool like Kickbooster. Kickbooster will enable you to turn your backers into brand advocates by inviting them to be promoters through your referral program. Ask them to share your campaign with their friends, family, and followers in exchange for a commission on all successful pledges made through their unique link code.
Encourage User-Generated Content
Referral marketing is an efficient and cost-effective way to encourage more user-generated content. User-generated content can be in the form of videos, digital photos, and other types of media that is shared on online platforms and made available to other potential customers.
Referral marketing requires content creators and customers to share product pictures and videos online, so not only are your own promotional images out there but you now have an army of advocates also sharing out content and it didn’t cost you a dime. You can also reuse their content (with their permission) on your own platforms.
According to Neil Patel, nine out of ten online customers trust organic, user generated content more than they trust traditional advertising. Furthermore, 76% of customers say they trust content shared by “average” people more than content from the brand itself.
Foster Loyalty
Referral marketing allows you to effectively build an army of advocates around your product launch by turning your backers into brand cheerleaders. Incorporating referral marketing into your launch strategy won’t just benefit your revenue, it will also allow you to build stronger relationships with your backers.
Loyal customers are extremely valuable to any business, you’ve heard it time and time again, it’s more expensive to acquire a new customer than retain an existing one. A loyal customer will provide free advertising to their personal network, promoting your brand, expanding your audience reach and helping solidify your brand reputation.
Referral marketing has countless benefits and with the right plan in place and products supporting your strategy, you’re sure to reap those benefits.
To learn more about how to leverage referral marketing for your product launch, visit kickbooster.me.