From a plethora of options, I've distilled the best referral marketing software of 2023. Power your word-of-mouth strategies with these expert picks.
Referral tracking software is a digital tool that enables businesses to monitor, manage, and analyze their referral programs, tracing the origin and progress of referrals made by customers or partners.
You can build out your referral marketing program in several different ways – it’s really dependent on what types of products you sell and how you sell them. Referral marketing works through word of mouth and promotional tactics from your customers, brand advocates, and partners who refer your business to their friends, family, and audience. It may not be required to have referral software to start your program, but it does help to track and automate a lot of the mundane tasks when managing a program.
When selecting referral marketing software for your business, there are several different factors you need to consider during your purchasing process. You don’t want to purchase any referral software, get it integrated, and later find out it doesn’t work for your business. When selecting a referral software, look into software capabilities that includes, but is not limited to; 1) cost of the software 2) type of business you operate 3) branding capabilities 4) customer service 5) features available 6) integrations 7) how long they’ve been in business 8) reward payout capabilities.
The main benefits of using referral marketing software include, but are not limited to, automating the recruitment of referral partners, tracking clicks and conversions, setting up rewards, and identifying your top referral partners. In addition to these benefits, you must consider that your referral partners want to promote your brand differently. Some referral partners may want to refer and submit leads directly through a form on your website, whereas others may want to just share a tracking link with their friends and family to get rewarded for their referrals. In this case, referral software is super beneficial because it can track referrals across many different methods.
You can reward your referral partners in several methods, but before setting up your reward system, it might be best practice to ask your referral partners what they’d like most! Identify what would motivate them to continue to share your brand with others. You can either manually send out these rewards or use referral marketing software to help you automatically track and send the rewards to your partners. That said, a few referral reward ideas you can test out are; store credit, points they can use towards future purchases, cash, gift cards, gift baskets, revenue share, and more.
You should start a referral program if it’s the right fit for your brand and you have the resources to dedicate to the channel. We look at it that most businesses can start a referral program, but it’s all in how you build the program and relationships with your referral partners. For example, suppose you’re a small apparel retail business with a brick-and-mortar storefront. In that case, it’s probably a great idea to set up a referral program so that you can 1) continue incentivizing your customers to come back into your store 2) generate new customers through their referrals! When starting on the journey to launching your referral program, think about the types of products you sell, how you sell them, where you sell them, and what would motivate customers and partners to share them with others.
With over 7 years navigating the intricate realms of marketing, and specifically B2B partner marketing, Nick has forged collaborations with top-tier tech brands, prominent agencies, and some of the industry's foremost B2B publishers and content creators. His deep immersion in both marketing landscapes showcases a trajectory of expertise and innovation. Identifying a significant void in specialized resources, he founded Growann.
The aspiration? Deliver unparalleled insights and guidance, carving out a dedicated space where the broader marketing and B2B partner marketing communities can flourish.