How Powerful Are Referrals For Your Business?

It is surprising to hear that approximately 65% of a company's new business comes from referrals. According to Neilson, customers are four times more likely to purchase a service or product when referred by friends. Over the past few years, many such programs have been adopted by several businesses in the Retail/SaaS industry to drive their sales.

Why and how do people refer products and services? It's pretty simple. Upon using a service or purchasing a product, the user loves it and decides that his colleague or friend would love it just as much as he did. Most companies that have adopted this technique, send links or referral codes through Email or SMS while those whose product is a software or an application have it as an option on their software. This link or code can be shared with others using a variety of options such as Email, text message or online social media platform such as Facebook and Twitter. This helps their business go viral online. Each customer's 100-200+ friends could become customers of the product, thereby gaining traction for the product/service. How amazing would that be for your business!

While just referring a product is a good deed, most of these actions are incentivized. The way it works is that, when you refer the product or service and he or she subscribes to it, both you and your buddy get a reward. Rewards may range from a discount in your monthly subscriptions to free value additions or even gifts. Doesn't this sound exciting???

Some of the popular companies that offer the referral programs are Uber, Dropbox, Badger Maps and many more. Using Badger Maps' referral system will help you win a $50 Amazon gift card. This feature can be accessed through the Phone App or the WebApp.

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