Have you tried launching a referral program before? Was it successful? How do you know? Most referral programs lack any type of data visibility, so you can’t be confident that you’re generating any ROI. Even when you get new people through your door by offering some type of incentive, you’re probably getting less qualified leads; deal-seekers wander in chasing “giveaways”, searching for freebies, never returning… and now you’ve blown your acquisition budget and have no measurable results. This doesn’t have to be the case! When your loyalty program includes a built-in referral engine, you can generate more business from your existing customers.
Thanxgiving incentivizes your best customers to refer their friends and family to your business — no acquisition budget required. It’s as easy as this:
Thanx already gives our merchants the tools to identify and interact with their best customers: it’s called NPS, and through NPS businesses can galvanize their best customers by simply asking “How likely are you to recommend us to a friend or family?” By asking this question, soliciting written feedback, and responding to that feedback, your customer will spend 21% more this year.
Thanxgiving capitalizes on this interaction by taking it a step further- after customers have indicated that they’d definitely be willing to tell a friend or family about your business, so why not make the ask? This is the perfect time to gain new customers — while your current customers are still glowing from their great experience.
This is just one of the ways in which Thanxgiving is changing the game for referral marketing — by only soliciting referrals from happy customers (those who’ve rated their experience a 9 or 10 on a scale of 1-10), we’ve found that referrals are more than 50% more likely to result in a new customer: 92% of consumers turn to people they know for referrals above any other source.
Millennials, in particular, are way more likely to trust a referral from a friend than a traditional marketing campaign: only 1% of millennials report trusting traditional advertising, and 28% say they won’t even try a brand their friends don’t approve of. Even better, the customers who are acquired through this process are more valuable in the long-term: According to Deloitte, customers required through word-of-mouth marketing have a 37% higher retention rate.
By giving your customers the option to send referral messages through more personal channels like SMS and e-mail (in addition to Facebook and Twitter), Thanxgiving ensures that referrals feel more like a personalized recommendation from a trusted friend than a “spray and pray” campaign on social media. This high level of personalization is what seals the deal and makes Thanxgiving a huge success for our merchants.
By launching Thanxgiving within the greater Thanx ecosystem, we’ve empowered our merchants with the tools to monitor every aspect of their referral campaign. Thanxgiving guarantees positive ROI because new customers must make a purchase before they’re able to redeem a reward- essentially guaranteeing that you’ll make money. There is no ongoing administration to manage or additional costs to account for. Whereas traditional word-of-mouth is limited to one channel, Thanxgiving takes the power of word-of-mouth and the sophistication of multichannel marketing.
This is a no-brainer for the merchant who values referral business (so… every merchant, right?). Thanx guarantees positive ROI on our Thanxgiving program, so you have nothing to lose by scheduling a demo. Plus, we’re all really fun on the phone.