What is a Referral Program?
A referral program is a type of marketing strategy designed to encourage customers to refer others to a product or service. It is a type of word-of-mouth marketing that incentivizes customers to promote a business or product by offering rewards, such as discounts, cash, or other incentives. It is an effective way to grow a business and increase customer loyalty.
What's included in this Referral Program template?
- 3 focus areas
- 6 objectives
- 6 projects
- 6 KPIs
Each focus area has its own objectives, projects, and KPIs to ensure that the strategy is comprehensive and effective.
Who is the Referral Program template for?
This Referral Program template is designed for marketing and customer success teams across all industries. It provides a comprehensive step-by-step guide to help you create and implement a successful referral program that incentivizes customers to refer others to your products or services.
1. Define clear examples of your focus areas
A focus area is the core area of your referral program that you will be focusing on. It is important to clearly define and narrow down your focus areas so that you can better understand and prioritize your objectives. Examples of strategic focus areas that could fall under a Referral Program could be: Establish an effective Referral Program , Monitor and Measure Referral Program, and Maximize Referral Program.
2. Think about the objectives that could fall under that focus area
Objectives are the goals or targets you set for your referral program. They should be specific, measurable, achievable, relevant, and time-based (SMART). Examples of some objectives for the focus area of Establish an effective Referral Program could be: Increase Referrals, and Improve customer retention.
3. Set measurable targets (KPIs) to tackle the objective
KPIs (Key Performance Indicators) are measurable targets that you track to measure the success of your referral program. Examples of KPIs could be an increase in the referral rate, an increase in customer retention rate, or an increase in customer satisfaction score.
4. Implement related projects to achieve the KPIs
A project (action) is an actionable step taken to achieve a certain KPI. Examples of projects could be to create and implement a referral program, offer incentives for customers to refer others, monitor and track referrals from customers, or measure success of referral program.
5. Utilize Cascade Strategy Execution Platform to see faster results from your strategy
Cascade is a business strategy execution platform that helps you create, manage, and track your strategic plan. It helps you to stay organized, focused, and efficient, so you can achieve faster results from your strategy. Cascade ensures you stay on track with your goals, and provides you with the tools you need to achieve success.