Customer Referral Value Adalah Bahasa Gaul

Promote the reward scheme

Customers won’t know about your referral program unless you tell them about it. You could use email, your website, or social media to promote your referral program. On social media, you could also encourage people to share your posts with their connections. And if you know customers are satisfied with your products or services, don’t be afraid to directly ask them to refer!

Examine the viral loop

You might also examine the customer lifetime value, or yearly revenue, specifically of referred customers who successfully bring in other customers. Add up the value of these customers and the customers they brought in.

This doesn’t show your business’ full referral value, but it does focus in on the impact of those referred customers who have become advocates and continued the viral loop.

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Compared to non-referred customers, referrals tend to be more profitable thanks to their increased lifetime value. Referred customers generally tend to view a business as more trustworthy and credible. The referral method is also more cost-effective and more likely to have a viral effect. All business owners and marketers need to know how to calculate customer referral value to monitor performance.

This article discusses the need for a higher customer referral value and how to calculate and increase it. Read on to learn how to effectively establish a standout customer referral program.

Focus on social media referrals

Encourage customers with a great experience with your brand to tell others about it on social media. This method is effective in reaching many potential customers at once, as people naturally share with many friends at once on social. Promoting your referral program on social media can help you to generate increased revenue from new purchases.

Be sure to track the impact of their actions using suitable referral software. Referral Rock software makes it easy for customers to send trackable referrals on social media, and get rewarded.

Compare customer lifetime values

One way to calculate the customer referral value is to find the average lifetime value of all your referred customers:

Here’s what this customer lifetime value calculation looks like in formulas:

Average Customer Value = [Average Purchase Value x Average Purchase Frequency] – Average Customer Acquisition Cost

Customer Lifetime Value = Average Customer Value x Average Number of Years Customers Stay

For example, if a business has an average purchase value of $10,000, an annual purchasing frequency of  3, and an average customer acquisition cost of $5,000, the customer lifetime value is [10,000 x 3] – 5,000 = 30,000 – 5,000 = $25,000.

The resulting figure is the average customer value. Multiply that by the average number of years individuals remain customers. That should give you the referral customer lifetime value.

For non-referred customers, the formula above is also applicable. Calculate the average purchase value and multiply it by the customers’ average purchase frequency. Subtract the average customer acquisition cost and multiply the resulting value by the average number of years a customer remains loyal.

Compare this figure with the referral customer lifetime value to see which is better. The same formula is also useful in calculating the overall customer lifetime value before and after starting the referral program.

Why are referrals so valuable?

Compared to traditional methods of client acquisition, referrals can make your target audience view your company as trustworthy and credible. A referral strategy is also the most cost-effective way to acquire customers. Plus, there’s a strong likelihood that referred customers will also refer their friends and family. Let’s dive into three reasons why referred customers generate a high value.

Use strategic rewards

It’s more effective to increase customer referral value by rewarding referrers as well as the referred leads.  This is known as a double-sided reward structure.

For example, you could give gift certificates or cash awards to referrers. But for the referred leads, a reward related to your brand is more appropriate. It could be a discount, free products, or credit to encourage referred customers to purchase your products.

Then, once referred customers refer their own peers, they can earn further referral rewards which encourages them to be repeat advocates themselves.

Look at the average referral value

The third way to calculate customer referral value is by determining the average referral value. Start by determining the average order value of referred customers and multiplying it by the average number of years referred customers stay loyal. Subtract the average cost of the referral incentive. The following is an illustration of the formula:

Average Referral Value = [Average Order Value of Referred Customers x Average # Years Referred Customers Stay Loyal] – Average Cost of Referral Incentive

Ways to increase customer referral value

Given the many benefits of referrals, businesses must take steps to increase the referral rate. That essentially means increasing the revenue brought into the business by referred customers. And the way to achieve that is by increasing successful referrals. Here’s how you can go about it:

Invest in the right referral software

Referral software tracks all the metrics you need to determine referral value, so you have full visibility on your program. This way you can see whether your program needs improvement and take the steps to improve it.

The right referral software will help you customize the program and rewards structure how you desire, encourage more referrals through automated engagement, track referral metrics in detail, and integrate with your existing processes.

Referral Rock referral software helps you put your referral program on autopilot, by automating tasks like distributing referral links, issuing rewards, and keeping referrers engaged.

It’s flexible enough to run advanced referral reward structures, boasts robust referral tracking, and has 30+ integrations. Plus, dedicated onboarding specialists will assist you with every step of setting up your program.