37% higher retention rate when customers are referred by other customers.
200% increase spending by customers acquired through referrals[1]
These are pretty remarkable statistics. Why would you not want to use your existing clients as a referral source?
A referral program based on word-of-mouth and can carry a lot of weight in a person’s decision making.
People like to do business with those they like and trust, that is a known fact. When your clients have a positive experience, they like to share the experience with those they know. That is the strength of word of mouth. Keep those people talking about you with a program that will guarantee to keep up the chatter. Reward them for spreading the good word about your business.
Give your referral sources an incentive to continue talking about your business. That is the basis of so many loyalty programs and why they work so well.
More than 50% of people are likely to give a referral if offered a direct incentive, social recognition or access to an exclusive loyalty program[2]
As a result of referral programs the loyalty that is built represents substantial increase in sales and higher profit margins.
Referred customers bring you 25% higher profit margin.
A loyalty or referral program can take many different forms, there is the loyalty card program which can either offer you discounts as you accumulate purchases, others offer you immediate discounts, others offer you a different level of service and yet others offer you free products. No matter the type of loyalty program you offer, it will grow your business and create loyalty.
At SommEvents we can help you create a distinctive referral program for your loyal customers and those who refer their friends and colleagues to you. Select the type of wine that best represents your business image, combine it with an innovative packaging and personalize it with tasting notes and a personal note of thanks.
After all, wine is one of the fastest growing consumable product.
“Over the next five years, Canada’s wine consumption growth rate will be twice that of the rest of the world.”
SommEvents will help you build your own original referral program and watch your business grow.
Contact SommEvents.com for more ideas and quotation.
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