
MAZ marks the second phase of its 2023 Superbrand research process
The unveiling of the Top 200 brands by the Marketers Association of Zimbabwe culminates in the Superbrand Awards at year-end.
CUSTOMER ACQUISITION
By our News Team | 2021
Referral programmes are not new, but they never really worked that well in the analogue world. Digitisation provides new opportunities.
Some of the best-loved brands of the digital age – Netflix, Uber, Airbnb – have powered their growth by scaling positive word of mouth.
Photo by Naked Insurance
Referrals are more effective that than expensive advertising campaigns via billboards and TV campaigns. It’s the effect of millions of fans converting more people to their brands that has driven their exponential growth.
One key element of digital word of mouth is the paid referral programme. Here, a customer gets a voucher, discount, or even a cash reward for each new member they recruit into the tribe.
Ernest North, co-founder of Naked Insurance, which specialises in providing insurance using an online-only strategy, offers the following reasons why and how the picture has changed in the digital world compared to old-school referrals:
Why digital referrals make sense
From a digital brand’s perspective, referral marketing and other forms of organic, tribe-based marketing are a cost-effective and powerful means to build a customer base. The acquisition cost for a customer is low compared to what traditional companies spend on big advertising campaigns in mass media, and it’s more measurable and accountable.
For a forward-thinking company, lower marketing costs are an opportunity to invest in other elements of the customer experience and bring down the price of its offering.
Source: Ernest North of Naked Insurance via Bizcommunity
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