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When it comes to online businesses, it can be very difficult to build brand loyalty due to the lack of face-to-face interactions. However, one way that these digital companies are combating this is by offering things such as referrals. Regardless if you’re a budding entrepreneur or a consummate professional, make sure to keep reading as we’ll take a deeper look into how important this singular feature is.


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Example of A Brand Utilizing A Referral Program

While there are countless companies, all from different industries that utilize referral programs, we can’t cover them all. So, for ease, we’ll take a look at one company in an industry that is notorious for using them.

The company we’ll specifically be analyzing in this section is the Bovada site, which represents a popular online casino and sportsbook platform. For those who have never accessed such platforms, they’re the digital counterpart of brick-and-mortar casinos, meaning they allow users to play typical casino games for real money online.

Some of the standard options players will encounter are games of chances like slots and roulette, along with dice games like craps. Moreover, they can enjoy a wide plethora of table games, such as poker, baccarat, blackjack, and their many variants.

When it comes to their referral system, you’ll notice that there are different rewards depending on the payment method used by the person referred. If they opt to go for a traditional payment method such as credit/debit cards and bank transfers, both can earn up to $200 with the first deposit made.

While alternative methods, cryptocurrencies like Bitcoin, Ethereum, and Litecoin will get them up to $275. While this platform already offers several options, we can expect more and more to be implemented as they become more stable and mainstream, such as memecoins which have been consistently doing well. Notable memecoin examples like Dogecoin and Shiba Inu have demonstrated surprising staying power and have even been adopted by some mainstream platforms.

Higher amounts of rewards can be obtained when it comes to crypto transactions, and it’s for a good reason. Depositing/withdrawing with crypto is typically faster and cheaper, benefitting both users and the platform in question.

Additionally, this referral program is, essentially, a monetized version of word-of-mouth referrals, allowing both the one who made the referral and the one who got referred to benefit from this. It allows them to boost their bankroll, thus playing for longer, and increases the odds of players wanting to refer their friends to further benefit from this.

And it seems that such features are definitely helping with making the site, and the industry as a whole, more popular. We can even see this with how platforms like Statista expect the sector to grow by 290.5 million users by 2029.

How to Encourage Referral Marketing

So, we can see that referral systems do work, but how do you implement this? First of all, you should make the process as easy and smooth as possible, as this will encourage people to use it more often.

Provide clear instructions directly on the page, along with ensuring you add even more details, perhaps with images or a video, in the help center. Also, training your client support team to ensure they know how to answer any queries related to the referral program is highly important.

Moreover, you should ensure that finding the relevant code or link for the referral system is as straightforward as can be. Don’t forget to make it shareable via different communication means such as email, popular social media platforms, messengers, and more.

 

Don’t forget to promote the use of referrals further by marketing it in emails, banners on the platforms, or direct messages on the platform, if your site has such a feature. And, ensure that there’s some kind of reward or benefit to it, as it can further motivate users to utilize it. 

It doesn’t always have to be monetary like our aforementioned example, although that certainly won’t hurt. It can be reward points that can be used in conjunction with money to purchase a product/service from you. Or it could be some sort of freebie, discount, or access to exclusive content and items.

The Benefits of Building a Strong Referral Program

So, we’ll start this with some of the more obvious benefits which is the fact that referrals spread the word about your business. This can make your platform more popular and well-known, a much cheaper form of marketing.

Moreover, having a strong referral system typically leads to making your clients feel more valued and helps build trust slowly. Plus, happy clients equals loyal clients equals higher chances of ensuring your business stays in the green.

This type of program can also yield higher conversion rates, as, typically, your clients will only recommend your products/services to other interested parties. After all, people are more likely to purchase from companies that are endorsed by their loved ones, as there’s an inherent level of trust that just can’t be replicated in any other way, regardless of what a company says or does.

Conclusion

 Sometimes the little things matter, as they add up to achieving a more loyal customer base, ensuring the clientele trusts who they’re getting their products and services from. And, as seen by our example, it's proven to be quite successful. Referrals ultimately can act as a form of positive reinforcement, so prioritizing it can be highly beneficial to everyone.

Disclaimer : The information provided in this document is intended for informational purposes only.

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