075: The Incredible Power Of Referral Marketing & How To Set It Up For Your Ecommerce Store
Posted by May 27, 2015on
We came to the somewhat-shocking conclusion that nearly 70% of our business comes from referrals.
We were shocked at the high percentage, but we were not shocked that it was our best channel because referral marketing is the easiest, cheapest, and most qualified acquisition channel in any business, including ecommerce…
…yet referral marketing is the acquisition channel that is most overlooked or taken for granted.
And if you’re not getting at least 25% of your business from referral marketing then you’re taking it for granted and leaving a lot of money on the table.
When trying to grow your business you have to make some crucial decisions around client acquisition and where to focus. It’s amazing what you can miss when you don’t analyze where your clients and your best ROI come from, but when you do you might realize you’re missing out on some major wins.
In today’s show we’re going to share what happened when we realized that 70% of our business comes referrals, and how you can apply what we learned to your ecommerce store to ensure referrals make up at least 25% of your revenue.
Austin runs through an effective and simple referral plan that you can implement and we’ll provide access to one of his referral marketing presentations that breaks down the “art & science” of referral marketing even further.
Key Takeaways from the Show
- What we just learned about our client acquisition
- How you can implement a similar referral model into your ecommerce business
- Why gift cards aren’t devaluing your brand
- Why you should start partnering with other companies (and how to do it)
Links / Resources
Subscribe & Review
To get more awesome Ecommerce Influence content sent directly to your device and into your ears as they become available, you can easily subscribe by clicking on either one of the subscribe buttons below:
Also, ratings and reviews on iTunes (hopefully 5-stars!) help us tremendously, we’re very grateful for them. We do read all of the reviews and we’ll answer your questions or comments on future episodes.
Ecommerce Founder's Growth Pack
Enter your email to get our proven resources that will help you achieve massive growth without the burnout.