How the Right Referral Platform Can Boost Your ROI
With lead generation down across the board for nearly every industry, sales leaders are turning to an often-overlooked resource: referrals. But how can you find the right referral program or platform that will boost your ROI? Look no further than GetTheReferral, a comprehensive platform that allows you to manage and build relationships with your referrals to drive sales. We sat down with their Content Marketing Manager, Mikayla Martinsen, to learn more.
Ingage: Thanks for joining us, Mikayla! Can you kick us off by sharing more about GetTheReferral and how we work together?
Mikayla: GetTheReferral (GTR) was created in 2014 to help companies in the home improvement space build better relationships and drive more referrals. We’ve taken the traditional referral model and streamlined and automated it by using a mobile app. We then broadened the idea of what it means to be an advocate (or referrer) for a business. Advocates extend to not just current customers, but past customers, referral partners, business partners, employees and even prospects.
As for how we work together, we initially met Ingage through our favorite method: a referral! After learning that we shared a lot of the same users, we wanted to partner together to help build an easy flow for them to go from selling with Ingage to building strong relationships with customers post-sale to grow their referral business.
Ingage: Let’s chat about the GetTheReferral platform - can you share how it works?
Mikayla: GetTheReferral is unique because the platform is built around a mobile app that provides the most important things a customer needs from your company - all in one place. Each GTR customer gets their own branded app - with their company logo and colors - that they then have their customers download for free. The app can be used to share everything from automatic project updates to requests for reviews. There are a number of features that ensure each customer receives a personalized, high-quality experience. That positive customer experience creates customer satisfaction, which inspires loyalty and builds better relationships in the long run. We almost act as a mini-CRM with capabilities that allow business owners to manage and analyze customer interactions and ensure their goals are being met. Though I should mention we do integrate with CRMs as well, which adds even more power to the platform.
And of course, there’s the best part - the referral feature that allows customers to submit and track referrals, and then get rewarded for them. Because the program is tied to a powerful reward system, customers get really excited about becoming an advocate for a business. Customers can submit and track their referrals in the app, and then immediately access their referral rewards after the company verifies that referral. This takes the pressure off of companies having to complete rewards on their end by manually sending checks or gift cards. Over the past two years, we’ve seen our customers average a 24 times ROI and receive an average of 28 referrals per month since adopting GTR.
Ingage: What do you wish sales leaders knew about referral marketing and referral selling?
Mikayla: I think sales leaders and business owners should expand their minds in terms of who their advocates are and understand just how much easier those advocates can make lead generation. We see 50-60% conversion rates with referrals, primarily because referrals have that almost automatic trust built in that encourages new customers to sign on. And with a streamlined process - like the one you get using GetTheReferral - the process is much simpler than many realize. Having your own mobile app also sets you apart from your competitors and it can be used as a closing tool when you help customers understand how it will help them have a better and more convenient experience. In a nutshell, the app can easily be adopted as another step in their sales process, which results in more qualified leads, which creates more sales and the cycle continues!
Ingage: Looking ahead to the busy season for this industry, what do you think is important for leaders to focus on?
Mikayla: Of course, referrals are key - especially right now when lead generation is taking a hit in traditional advertising areas like Pay Per Click, etc. You never want to put all your eggs in one basket when it comes to generating new business so adopting a referral program and focusing on it as a powerful lead source is a great solution. Many companies think of referrals as a bonus for their business, but if you focus on providing a quality customer experience, make your referral program part of the company culture and nurture those advocates from the beginning - you’ll experience some powerful results! You’ll begin to see more referrals coming in consistently with shorter sales cycles and higher conversion rates, which results in more revenue for your business. I’m also a big fan of reviewing your data so you can optimize your process and maximize those referral opportunities during the off-season as well.
About Get The Referral
GetTheReferral (GTR) is a proactive way to get more referrals thanks to our one-of-a-kind referral software and mobile app. We combine an integrated dashboard that manages your leads and communications, with an engaging, branded mobile app that makes it easier for your customers to actively refer you, and be rewarded quickly for their effort.