Managing a business is tough enough without having to worry about attracting new customers and maintaining an effective level of buzz about your products.
Yet finding new customers and generating buzz surrounding your company is essential to its success as a whole. Without customers, you don’t sell product. Without selling product, you don’t make money.
And that, naturally, is where marketing comes in. Many businesses put huge sums of money into their marketing efforts each and every month.
But, what about those without large marketing budgets? What are they to do?
One of the best ways to stay within your marketing budget and attract the support and attention that a healthy business needs is to use discount codes in a referral-based program.
Such a program allows you to spend less on advertising, know where your money is being spent and how well it is being spent, and attract new customers through word of mouth advertising.
These three benefits of discount codes are discussed in greater detail below.
Spend Less on Advertising
Offering discount codes to customers is one of the most effective and time-tested business marketing strategies. Most consumers can’t say no to a healthy discount and will spread word of the discount to their friends and acquaintances. All of this brings more interested customers to your business.
In fact, discount code referral programs are based on this idea. The discount can only be received when a customer actually refers someone to your company’s website. When they refer the required number of people, they are able to use the discount code for their purchase. Such a strategy gives them incentive to refer as many people as possible.
It’s easy to promote your customer referral program on your business cards, social media accounts, blog posts and on product you sell. You can even enlist the help of friends and family to spread the word.
Make it easy for your customers to participate by providing them with promotion codes, images and information about your product or service to share with others.
Keep track of your information, referral program setup and the guidelines.
Better yet, technology makes referral programs easier than ever before. No longer do you even need a separate employee to track referrals and deliver coupon codes. Now the latest breed of referral program software handles the tricky business, allowing you to save money on advertising and focus on improving your business.
And, because of the success of such programs, less money can be spent on traditional methods of advertising without sacrificing sales.
Know Where Your Money is Being Spent
Discount code referral programs are great because they allow you to know where your money is being spent. All too often marketing programs are very wishy-washy about the way they are using your money. Part of the reason for this is that it is generally divided up to fund several sub-strategies.
Consider offering new referred customers a small incentive for following through, too.
Be sure to calculate what referring customers earn, so you aren’t giving your product or service away free of charge.
Creating the perfect balance is easy with a referral program, which is able to track the amount of referrals you receive against the amount of money you spend.
At the same time that this allows you to track where you are spending your money and it helps you track the success of the programs you are using. You can then make the decision to continue with your current marketing strategy or focus on another that might possibly be more effective.
Attract New Customers Through Word of Mouth
As touched on above, discount code referral programs rely on word of mouth marketing.
The way in which customers receive the discount code is by referring your company to people they know.
Word of mouth is a key part of this marketing method. The numbers have proven, time and time again, that word of mouth advertising is one of the most successful methods for attracting new customers available.
There is simply no denying that discount codes can lower your overall marketing budget.
They allow you to focus your marketing attention on one strategy rather than several.
They also attract new customers, save money on advertising, and allow you to track the distribution of your company’s hard-earned cash. If you’re serious about your business, you had better get serious about discount code referral marketing.
Lastly, be sure to stick to the customer referral rules you set, and make certain you follow through with your discount codes program. If your customers have a bad experience, your referral program will backfire on you, creating a negative buzz instead of a positive one.
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