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Once you know where your customers are sharing, you can provide them with some message ideas tailored for these channels and make their sharing process even easier. Do they send referrals through email, social media, direct links, or other channels?
To increase the rate of sharing, it helps to know which sharing channels your customers prefer. Here is the formula to calculate the referral sharing rate for your entire program: For example, if 10 out of 50 customers in your referral program have shared your brand with others, your program has a 20% referral sharing rate. Referral sharing rates (or just sharing rates) are the percentage of customers in your program who actually share your brand with others. Why not show them your appreciation with a special gift or feature on your referral landing page? Or, why not recruit them as more formal ambassadors? Without any means of referral tracking, you may have never found your biggest brand advocates. On the other hand, referral tracking can also shine light on the individual customers bringing you the highest number of referrals. Or change the referral reward to a fixed cash amount instead of a percentage discount. For example, you can start promoting the referral program in your monthly newsletter. If participation seems low, it may be time to refresh your referral program. If only a few customers sign up for your program, you may not see a big rise in referrals.Ī referral tracking system can instantly reveal low levels or dips in customer participation rate. The success of your referral program relies on its customer participation rate. And if the spike in sales does happen to come from your referral program, a referral tracking system will also let you know which customers are bringing you new leads. But without a referral tracking system in place, you won’t be able to really know. You have a feeling it might be your new referral program. Is it the new product you launched? The hectic holiday season? You’re thrilled, but not too sure what’s causing the spike. Say, your sales have recently been skyrocketing. Other measurement tools, like the Net Promoter Score (NPS), Customer Satisfaction Score (CSAT), and Customer Effort Score (CES), can also help you track your overall customer satisfaction. Think about it: If you have satisfied customers and offer them an attractive incentive to refer others, you’re likely to see a good amount of growth in your referral program. Tracking your referral program can reveal whether your customer base is actually satisfied with your product or service. Here are the top reasons to track referrals: 1. These metrics give an overall view of how your program is performing and ways you can make it even better. Not only does it help you know who to reward, a reliable referral tracking system shows several referral metrics. While this is what you’re hoping for, it’s important to keep track of which customers are sending referrals to your business. In time, the number of referrals you receive will add up. You aim to promote your program to as many existing customers as possible, who in turn, promote your brand to as many of their friends and family as possible.
When it comes to a referral program, the more members the merrier.
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Tracking referrals can be done in two ways: manually through spreadsheets, or automated with referral marketing software (which we discuss later in this article). Thanks to referral tracking, you’ll always know your referral program’s ROI – through data from every touchpoint.
#SOFTWARE REFERENCE TRACKER CODE#
Referral tracking is the monitoring and collection of data on all actions taken throughout your referral program, You can track every step of the referral process, from the time a customer signs up to your program, to how many friends they share their referral link or code with, to the minute one of their referrals results in a new sale.Īny marketing strategy needs a way to track and monitor results, so you can tell if you’re delivering on your objectives.
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We also include a free referral tracking template that’s fully customizable for your own referral program. In this article, we go over the referral tracking process step by step, and review the best methods to keep track of your program. Setting up a referral tracking system early on can tell you whether you’re getting the results you want. Without any way to know where new customers are coming from, and which existing customers are referring you most, you won’t be able to make the most of your referral program.
#SOFTWARE REFERENCE TRACKER HOW TO#
The next step is to figure out how to keep track of referrals that your campaign brings in. You’ve decided to launch your first referral marketing campaign.
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