What is a Customer Referral Program?
A customer referral program is a marketing tool that incentivizes customers to refer others to a product or service. It is designed to drive customer acquisition and loyalty through word-of-mouth marketing. Referral programs are often used by businesses to acquire new customers, reward existing customers, and increase customer loyalty and engagement.
What's included in this Customer 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 Customer Referral Program Template for?
The Customer Referral Program Template is designed for marketing and customer success teams across all industries to create and implement customer referral programs that incentivize customers to refer others to their products or services. It can be used to quickly and easily create a customized referral program strategy that meets the specific needs of the business.
1. Define clear examples of your focus areas
A focus area is a broad area of focus that encompasses multiple objectives and projects. An example of a focus area for a customer referral program template might include increasing customer referrals, increasing customer retention, and increasing customer engagement.
2. Think about the objectives that could fall under that focus area
An objective is a measurable goal that is intended to be achieved within a given timeframe. Examples of objectives for a customer referral program template might include increasing the total number of referrals, increasing customer retention rate, and increasing customer engagement rate.
3. Set measurable targets (KPIs) to tackle the objective
KPIs (Key Performance Indicators) are measurable goals that are used to track the progress of a project or objective. Examples of KPIs for a customer referral program template might include increasing the total number of referrals, increasing the customer retention rate, and increasing the customer engagement rate.
An example of a KPI for the focus area of Create and Implement Customer Referral Program could be: Increase total number of referrals.
4. Implement related projects to achieve the KPIs
A project, or action, is a specific initiative that must be completed in order to achieve the desired KPI. Examples of projects for a customer referral program template might include creating and implementing a customer referral program, developing a customer loyalty program, and developing customer engagement tools.
5. Utilize Cascade Strategy Execution Platform to see faster results from your strategy
Cascade is a strategy execution platform that provides the tools and resources you need to quickly and easily create and implement customer referral programs. With Cascade, you can easily track and measure your progress towards your objectives, and get faster and more accurate results from your strategy.