دانلود رایگان مقاله مهار قدرت مشتریان شما و ارجاع بازاریابی

Abstract

The differences between traditional and referral marketing programs are so great that the two share little overlap in terms of appropriate target markets, marketing objectives, marketing organization, and overall planning and implementation strategies. Traditional marketing programs seek advocates among current employees to spread word of mouth, aim marketing efforts at high lifetime-value customers, focus on customersatisfaction, and use promotional programsthat heavily rely on social media. In contrast, referral marketing relies on motivating satisfied/ delighted customers as a referral base, seeking current customers that can provide referrals with a high lifetime value, using referral-based marketing programs to augment traditional promotions, and developing a compensation system for referrals based on either direct payment or increased visibility. Major advantages of referral marketing programs as compared with traditional marketing programsinclude greater credibility of friend/family member recommendations over paid advertisements, access to new customers that traditional marketing programs may not reach, and better matching of referred customers’ needs to a good or service. This article presents an eight-step process to develop, implement, and evaluate the success of a referral program. In addition, it discusses academic research findings and presents examples of successful referral program strategies from–—among others–—Dropbox, Roku, PayPal, Digitalis, and Omaha Steaks.

4. Summary and conclusion

Firms seeking to develop referral programs need to understand the significant differences between referral and traditional marketing programs. Unlike traditional marketing programs, which focus on consumers, referral programs target both referrers and referred consumers. Referral programs also rely heavily on databases–—to identify referrers and to record purchases by referred consumers–—and on social media. Referral marketing programs are not equally effective for all firms. Referral programs are especially suitable for firms selling high-risk goods, for small firms with limited marketing budgets, and for firms that cannot effectively reach potential niche clients with traditional promotions. In these situations, a referral from a trusted friend, relative, or business associate is important, especially if the referrer has long-term positive experiences with the firm. While the author recognizes that referral programs are not equally effective for all firms, too few firms use this important strategy. For example, only 30% of North American banks and credit unions currently run referral programs, despite their profitability (Wilker, 2014). Three common fallacies may account for this limited usage: (1) firms do not consider referral programs an effective marketing strategy; (2) they are overconcerned about the difficulties associated with establishing and running a referral program; and (3) they fear misuse of the program, such as inappropriate recommendations due to compensation.