Referral Marketing Software
What is Referral Marketing Software?
Referral marketing software helps companies promote their products and services by using their customer base as a source of leads. It harnesses the power of satisfied customers (word-of-mouth) to influence potential buyers and acquire new customers. Customers are incentivized to become advocates through a variety of rewards: points, vouchers, coupons, discounts, loyalty cards, free products, status perks, and sweepstakes entries.
These platforms automate referral campaigns, the enrolling, tracking, and rewarding of customers, sometimes including gamification to encourage engagement. It is related to and sometimes bundled with Affiliate software and Influencer Marketing software.
Referral marketing software can be embedded within a company’s website, in their social media pages, or integrated within their mobile applications. Social media is becoming a dominant force in this space and the use of referral apps is increasing.
Referral Marketing Software Features
Most referral marketing platforms will offer the following features:
Referral Campaign Management
Customer / Contact Management
The software can be implemented on one or more of these platforms: Windows, Mac, Android, iPhone/iPad, Mobile apps.
Referral Marketing Software Comparison
Before purchasing referral marketing software consider the following points:
Does it integrate with your CRM, Marketing Automation, and Email Marketing software? This is important for referral tracking efficiency and for keeping up-to-date and consistent information across your platforms.
Will you benefit from a product that is tailored for your specific industry? For example, some products are oriented toward retail, financial services, or manufacturing.
What are the channels you need to support?
Does it readily integrate with major eCommerce sites and social media?
Are you a B2B or a B2C company? A few products are geared specifically towards B2B referrals.
What analytics does it support? Does it provide intelligence regarding customer behavior and participation, top influencers, referral rates by channel, and revenue generated by campaigns?
There is a wide range of pricing options depending upon the features. Several vendors offer scalable products with basic, intermediate, and enterprise versions. Costs can range from as low as $12 a month for entry-level offerings and up to $800 a month or more for enterprise products. Sometimes pricing is driven by the number of customers supported.
A few vendors will require that you contact them for a demo and quote. Some offer free trial versions. A small number offer one-time licensing fees of around $2,000.
AdvocateHub helps B2B marketers capture customer enthusiasm and use it to drive marketing and sales efforts. With AdvocateHub, B2B marketers build an advocate community and invite customers into it to complete “challenges” like referrals, reference calls or product reviews. As they…
Yotpo, an eCommerce marketing platform, helps brands accelerate direct-to-consumer growth. The single-platform approach integrates data-driven solutions for reviews, loyalty, SMS marketing, and more. The vendor states that brands with Yotpo are empowered to create smarter, higher-…
Referral Factory's referral marketing platform aims to enable users to build a referral program in under 5 minutes by giving users access to over 1000 pre-built referral program templates that can be duplicated and used on one's own.Referral Factory doesn't require users to install…
Referral Rock is referral marketing software that works alongside the user's business with the goal of helping them get more customers. Referral Rock allows users to automate the ask, nurture multiple shares, align incentives, convert to sales, then repeat. This approach aims to…
NiceJob is offers a platform that helps local businesses collect reviews from their customers and gain a greater presence on social media. According to the vendor, the product makes it easy to create a portfolio of great projects, and use photos to get more reviews on all major…
Ambassador was a referral marketing platform for teams to increase new customer acquisition, referrals and revenue by leveraging word-of-mouth. Ambassador automated enrolling, tracking, rewarding and managing customers, affiliates, influencers, partners and fans. Ambassador was acquired…
Ventaforce software helps direct selling companies to grow globally. A secured MLM software meant for entry to enterprise level direct selling companies, boasting the utmost security, as well as being hack-proof. Ventaforce's pluggable architecture aims to make it scalable & adaptable…
Everflow from the company of the same name in Mountain View is presented by the vendor as a smart partner marketing and tracking platform. Performance marketing has grown sophisticated, so the vendor has designed Everflow to help companies stay ahead. Everflow handles scale through…
Forewards is a platform that helps online retailers convert happy customers into an army of brand advocates. Online retailers can drive organic customer acquisition through word of mouth recommendations spread through social media, and drive improved customer loyalty by rewarding…
Omnistar Local is online referral marketing software designed for local storefronts. It enables businesses to set up their own customer referral program: existing customers sign up to be referral partners by registering with their email addresses, and promoting the business on social…
Tropix is a set of tools designed to enable businesses to interact with their website visitors and web customers. Users can run surveys, polls, notifications, feedback, sweepstakes and referral programs on their site. This solution includes a template design that doesn’t require…
Epixel is a multi-level marketing software product, designed for network marketing organizations that need to manage direct sales as well as recruitment commissions. Epixel MLM Software aims to let an organization manage, control, and organize the entire MLM system with premium features…
Frequently Asked Questions
- Increased sales and conversions
- Customers driving sales can cut your sales expenses
- Expanded market reach
- Increased social shares
- Increased subscriptions, registrations, and app installs
- Improved brand loyalty
- Flags and blocks fraudulent referrals
- Centralized management in one platform
- measures the effectiveness of your referral campaign
- identifies which referral programs are best for different customer categories
- optimizes rewards