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How Dropbox grew 3900% with a simple referral program – Inside Viral Loops

How Dropbox grew 3900% with a simple referral program – Inside Viral Loops | The MarTech Digest | Scoop.it
The philosophy of Dropbox’s referral program was very plain. Since the product offered storage space in the cloud, they decided to reward people with more free space not only for referring their friends but also for accepting an invitation.

In order words, we’re talking about a 2-side referral program for a compelling product, that rewarded both sides for completing the desired task; registering for Dropbox.

The details that made a champion:

It was part of the onboarding process

People had a clear view of the benefits

Ridiculously easy invitation process

People knew their referral status
CYDigital/marteq.io's insight:

This is a tremendous case study with excellent detail. And as a bonus, you can find templates to use here: https://viral-loops.com/templates/refer-a-friend 

 

marketingIO’s MarTech Managed Services drives more leads faster. Contact us to see how. #MarTech #DigitalMarketing

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The Secret To A Good Referral Campaign - Forbes

The Secret To A Good Referral Campaign - Forbes | The MarTech Digest | Scoop.it
In the Control Group campaign, customers were asked to refer friends by providing the gym with their names and email addresses. The second, “Perks,” campaign sweetened the deal by offering three seven-day guest passes that customers could share by providing their friends’ names and email addresses. In the third, “Earned Perks,” campaign, the gym told customers they had earned the three seven-day guest passes based on how many times they’d worked out over the previous month.

When customers were offered three guest passes to refer their friends --the Perks campaign – they made almost five times more referrals than customers in the Control Group.

But we were surprised to discover that the third campaign—Earned Perks--was nearly twice as effective as the simple Perks offer.
CYDigital/marteq.io's insight:

Moral of the Story: Always test.

 

RYZZ is coming. It’s a new approach to MarTech for B2B Marketers.

 

#MarTech #DigitalMarketing

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Referral marketing: The secret weapon that should be in your arsenal - TheNextWeb

Referral marketing: The secret weapon that should be in your arsenal - TheNextWeb | The MarTech Digest | Scoop.it

"Referral marketing strategies are a comprehensive set of processes that encourage consumer advocacy with incentives to drive revenue growth. They’re also the only marketing channel that allows your brand to leverage word-of-mouth advocacy in a measurable way. 

  • Craft the program structure
  • Who are your best customers?
  • How can we target these customers and what’s the most compelling incentive we can offer?
  • What’s the goalpost to succeed?
  • Design the user experience
  • Discovery
  • Sharing"
CYDigital/marteq.io's insight:

Action: The MOST underutilized program available today. Budget for a test.

 

RYZZ is coming. It’s a new approach to MarTech for B2B Marketers.

 

#MarTech #DigitalMarketing

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Tom Pick's curator insight, May 19, 2017 8:15 AM
Nice process for a powerful tactic.
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The State of Referral Marketing by Referral Saasquatch

The State of Referral Marketing by Referral Saasquatch | The MarTech Digest | Scoop.it
To help marketers understand the performance benchmarks for referral marketing campaigns Referral SaaSquatch put together a well-designed infographic.
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Visualize your Marketing Stack. marketingIO will analyze your marketing technology and deliver a visual of your MarTech Stack. Free. Go here: http://go.marketingio.com/stack_analysis 

 

marketingIO: MarTech for B2B Marketers. Strategy, Software, Services, Support, Staffing.  Go here to submit RFQs: http://www.marketingio.com #MarTech #DigitalMarketing

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The State of Referral Marketing in 2017: A Web Profits Analysis - Web Profits Blog

The State of Referral Marketing in 2017: A Web Profits Analysis - Web Profits Blog | The MarTech Digest | Scoop.it
CYDigital/marteq.io's insight:

Visualize your Marketing Stack. marketingIO will analyze your marketing technology and deliver a visual of your MarTech Stack. Free. Go here: http://go.marketingio.com/stack_analysis 

 

marketingIO: MarTech for B2B Marketers. Strategy, Software, Services, Support, Staffing.  Go here to submit RFQs: http://www.marketingio.com #MarTech #DigitalMarketing

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6 Alternative Ways to Boost Your Referral Marketing Program

6 Alternative Ways to Boost Your Referral Marketing Program | The MarTech Digest | Scoop.it
This is a list of 6 alternative ways to keep your referral marketing program going strong.

1. Offer rewards that matter

2. Engage employee advocates

3. Remove unnecessary hurdles

4. Market your referral program

5. Dedicate resources to maintaining it

6. Be transparent
CYDigital/marteq.io's insight:

Messaging is more important than any of these factors...including the offer.

 

Visualize your Marketing Stack. marketingIO will analyze your marketing technology and deliver a visual of your MarTech Stack. Free. Go here: http://go.marketingio.com/stack_analysis 

 

marketingIO: MarTech for B2B Marketers. Strategy, Software, Services, Support, Staffing.  Go here to submit RFQs: http://www.marketingio.com #MarTech #DigitalMarketing

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Are you using Referral Marketing tactics in your product? | Growth Hacking Marketing Blog

Are you using Referral Marketing tactics in your product? | Growth Hacking Marketing Blog | The MarTech Digest | Scoop.it
In order to achieve virality, there are specific steps you need to take. And while they might seem insignificant if you look at them one by one, all of them together can make your virality rate explode.

1) Leave happy customers behind

2) Boost your Referral marketing campaigns with Paid Advertising

3) Optimize your Open Graph elements

4) Include multiple sharing options

5) Use the right marketing widgets

6) Do Referral Program A/B testing

7) Select the appropriate incentive
CYDigital/marteq.io's insight:

The interesting step is #3: optimizing your Open Graph elements. The how-to is excellent.

 

Visualize your Marketing Stack. marketingIO will analyze your marketing technology and deliver a visual of your MarTech Stack. Free. Go here: http://go.marketingio.com/stack_analysis 

 

marketingIO: MarTech for B2B Marketers. Strategy, Software, Services, Support, Staffing.  Go here to submit RFQs: http://www.marketingio.com #MarTech #DigitalMarketing

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Here are 5 Best Practices for Referral Marketing Campaigns - Maître

Here are 5 Best Practices for Referral Marketing Campaigns - Maître | The MarTech Digest | Scoop.it
Average time to verify an email address

The average time to verify an email address is 1 hour and 21 minutes. However, the data is not linearly distributed at all. Indeed, 50% of subscribers verify their email address in less than 2 minutes.

How many referrals to be in the top 10%?

On average, in order to be in the top 10% of the list, you only need to refer 1 person. If you refer two people you are, on average, in the top 5%.

Which engagement emails are the most effective?

The open rate is quite high for all emails, averaging 49.1%. Not bad. The most opened email (not surprisingly) is the “Welcome email” with 62% open rate.

The CTR of emails like “New Referral” and “Promoted email” is relatively low (1%). The CTR of emails like “Gained Positions” and “Lost positions” is quite high (5% and 7%).

Which social channels are the most effective?

All social channels have a high conversion rate but two in particular stand above everything else: the old fashioned email (26%) and Whatsapp (28%). What do these two seemingly different tools have in common? The answer is simple: they are meant for personal communication.
CYDigital/marteq.io's insight:

Much detail, as well as recommended best practices, when you CT.

 

Visualize your Marketing Stack. marketingIO will analyze your marketing technology and deliver a visual of your MarTech Stack. Free. Go here.

 

marketingIO: MarTech for B2B Marketers. Strategy, Software, Services, Support, Staffing.  Go here to submit RFQs. #MarTech #DigitalMarketing

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These Information Sources Are Considered Most Trustworthy by B2B Buyers - MarketingCharts

These Information Sources Are Considered Most Trustworthy by B2B Buyers - MarketingCharts | The MarTech Digest | Scoop.it
Vendor websites might be one of the most used information sources by B2B buyers, but they're towards the bottom of the list in helpfulness and trustworthiness, according to a report from TrustRadius [download page]. Instead, free trials, product demos and referrals are among th
CYDigital/marteq.io's insight:

REFERRALS!!!!!!!!!!

 

Visualize your Marketing Stack. marketingIO will analyze your marketing technology and deliver a visual of your MarTech Stack. Free. Go here.

 

marketingIO: MarTech for B2B Marketers. Strategy, Software, Services, Support, Staffing.  Go here to submit RFQs. #MarTech #DigitalMarketing

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Time is your enemy, at least when it comes to referral programs | Andrus Purde

Time is your enemy, at least when it comes to referral programs | Andrus Purde | The MarTech Digest | Scoop.it

"User age is the most important factor in referral schemes. And I’m not talking about their time on Earth but time since signing up to your service. Time since signing up is the most important factor to consider.

  • The biggest volume of invites, both successful and unsuccessful, are sent out during the first couple of days since signing up. Which makes perfect sense because users are still in the discovery phase and learning about any referral programs in the process.Which would mean that there will never be a better time to set up some messaging and triggers around the referral program.
  • There is another peak around day 30 that coincides with the end of the trial period for must users. 
  • The probability that an invite is successfully accepted increases with each new invite the company/user has sent. That is, the more invites someone sends, the higher the probability of success, or vice versa."
CYDigital/marteq.io's insight:

Fascinating, and important, referral program information.

 

MarTech requires constant optimization to continually squeeze ever improving performance. No time for continual CRO? Contact us. #MarTech #DigitalMarketing

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Email Reigns As Most Popular, But Referrals Have Biggest Revenue Impact - MarketingCharts

Email Reigns As Most Popular, But Referrals Have Biggest Revenue Impact - MarketingCharts | The MarTech Digest | Scoop.it
Used by almost 9 in 10 respondents, email marketing is the most popular channel used by B2B marketers to acquire customers, according to The State of Pipeline Marketing Report 2016 from Bizible. 

When it comes to revenue impact, though, there’s a clear leader: word-of-mouth (W-O-M). Asked to choose the activity or channel with the biggest positive impact on revenue, more than one-fifth (22%) of respondents pointed to referrals and W-O-M. That was more than double the share of each of the next-most influential channels: content marketing (9.1%), SEO (9.1%) and trade shows (9.1%).
CYDigital/marteq.io's insight:

Not having a fun time with IT? Contact us: we can act as your buffer to get the job done. #MarTech #DigitalMarketing

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Five Mistakes You Can't Afford to Make in Your Refer-a-Friend Program - Profs

Five Mistakes You Can't Afford to Make in Your Refer-a-Friend Program - Profs | The MarTech Digest | Scoop.it
Mistake No. 1: Disparity Between Your Offerings and Your Customers' Needs

Mistake No. 2: Beginning Small, With a Half-Hearted Pilot

Mistake No. 3: Not Promoting Your Program

Mistake No. 4: Making Forms Too Complicated

Mistake No. 5: Instituting a Minimum Referral Threshold Above 1

Referral programs work best when they are allowed to grow organically. Requiring users to successfully refer, for example, five or ten friends before earning a reward will usually dissuade them from sharing.
CYDigital/marteq.io's insight:

Curated for you by marketingIO: One Source for All Marketing Technology Challenges. See our solutions.  #MarTech #DigitalMarketing

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An Epic List of 50 Referral Program Examples | Extole

An Epic List of 50 Referral Program Examples | Extole | The MarTech Digest | Scoop.it
Table of Contents:

  • Mobile First Referral Program Examples
  • Travel Referral Program Examples
  • Health & Beauty Referral Program Examples
  • Retail & eCommerce Referral Program Examples
  • Fashion Referral Program Examples
  • Food & Beverage Referral Program Examples
  • Software Referral Program Examples
  • Finance Referral Program Examples
  • More Examples
CYDigital/marteq.io's insight:

Prompts thinking.

 

Curated for you by marketingIO: One Source for All Marketing Technology Challenges. See our solutions.  #MarTech #DigitalMarketing

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Referral Marketing is a Road Less Traveled - marketingIO

Referral Marketing is a Road Less Traveled - marketingIO | The MarTech Digest | Scoop.it

Did you know that 84% of B2B buyers start their buying process with a referral (2013 Edelman Trust Barometer)?

 

84%. And by the way, should a company pursue those referrals, 3.6% are converted to a sale (Implisit, 2014).

 

Let's do the math. Suppose a universe of 100 suspects who are friends of your clients (not an unreasonable assumption!). 84 of them will start their buying process with a referral from your clients. Suppose you had a program in place where you secured those 84 as referrals. On average, 3.6% will turn into sales, or 3 new clients. Right in your backyard.

 

My bet is that very few B2B marketers are dedicating 84% of their efforts and resources towards this. Probably just the opposite, where 84% of resources goes towards inbound and outbound tactics. The actual figure? 39% of marketers are using referral marketing regularly, and a quarter of them say it has brought in more than 50% of their new customers (Gigaom Research, 2014).

 

Talk about a disconnect.

 

Clearly, a startup can't quite rely on referrals, but anyone other than that may be missing out on an opportunity. Huge opportunity.

 

Let's sketch out a straw man proposal that you may want to kick around a bit...

 

A road less traveled would be working your client base for referrals, and as referrals come in, execute an Account Based Marketing approach for each referral, utilizing a marketing automation package to deliver content, track and score. So how does this work? Thankfully, there are technology components that can be linked together to make this happen:

  • Probably the best referral platform we've seen is from Influitive (influitive.com), as it is geared towards the B2B marketer. As you search through referral platform providers, be aware that many are geared towards the B2C environment. 
  • As the referrals are generated, they flow into your CRM, and from there, your ABM strategy kicks in. CRM needed, not required.
  • And to execute on the ABM strategy, your marketing automation system is used to nurture and score your prospects.

 

OK, some resources:
-Referral Marketing articles: http://www.scoop.it/t/the-marketing-automation-report/?tag=referral+marketing  
-ABM articles: http://www.scoop.it/t/the-marketing-automation-report/?tag=account+based+marketing 

 

Want to kick the idea around with us?: hello@marketingIO.com

 

marketingIO

CYDigital/marteq.io's insight:

An original article by marketingIO: One Source for All Marketing Technology Challenges. See our solutions.  #MarTech #DigitalMarketing

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EXO B2B's curator insight, November 14, 2016 2:26 PM
84% of #B2B buyers start their buying process with a referral? 91% by #WOM
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84% of B2B Sales Start with a Referral — Not a Salesperson - HBR

Outbound B2B sales are becoming less and less effective. In fact, a recent survey found that connecting with a prospect now takes 18 or more phone calls, callback rates are below 1%, and only 24% of outbound sales emails are ever opened. Meanwhile, 84% of B2B buyers are now starting the purchasing process with a referral, and peer recommendations are influencing more than 90% of all B2B buying decisions.

Why are more and more buyers avoiding salespeople during the buying process? Sales reps, according to Forrester, tend to prioritize a sales agenda over solving a customer’s problem. If organizations don’t change their outdated thinking and create effective sales models for today’s digital era, Forrester warns that 1 million B2B salespeople will lose their jobs to self-service e-commerce by 2020.

The answer to the shift away from reliance on outbound sales could reside in social selling, the strategy of adding social media to the sales professional’s toolbox. With social selling, salespeople use social media platforms to research, prospect, and network by sharing educational content and answering questions. As a result, they’re able to build relationships until prospects are ready to buy.
CYDigital/marteq.io's insight:

Referral Marketing + ABM + Marketing Automation = sitting fat 'n happy.

 

Curated for you by marketingIO: One Source for All Marketing Technology Challenges. See our solutions.  

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4 Key Funnel Metrics from 400 Referral Programs | Extole

4 Key Funnel Metrics from 400 Referral Programs | Extole | The MarTech Digest | Scoop.it

The very rare outlier companies like PayPal and Dropbox have hogged the headlines by driving insane, viral growth with their customer referral programs.


marketingIO: One Source for All Marketing Technology Challenges. See our solutions

CYDigital/marteq.io's insight:

There's more detail to each metric as well as how to improve each metric.

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What You Should Know About B2B Referrals (But Probably Don't) - Influitive

What You Should Know About B2B Referrals (But Probably Don't) - Influitive | The MarTech Digest | Scoop.it

marketingIO: One Source for All Marketing Technology Challenges. See our solutions

CYDigital/marteq.io's insight:

Free and beyond a quick reg form.

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Whose Responsibility is it to Generate B2B Referrals? - MarketingCharts

Whose Responsibility is it to Generate B2B Referrals? - MarketingCharts | The MarTech Digest | Scoop.it

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The Yelpification of B2B Enterprise Tech: Why All Reviews Are Good Reviews - Marketo

The Yelpification of B2B Enterprise Tech: Why All Reviews Are Good Reviews - Marketo | The MarTech Digest | Scoop.it
B2B tech yelpification describes the way in which companies present buyers with peer reviews of B2B tech products to allow them greater insight into the product’s functionality. The funnel is dead, says May Petry, VP of Digital Marketing at HP, and social buying reigns instead. During the research process, potential leads are increasingly turning to their peers to ask for opinions and personal experiences to answer their important questions. The main difference between Yelp and these yelpified technology sites is that review sites validate users through means such as LinkedIn and personal interviews, eliminating the fear of fake advertising or competitors trying to attack rivals’ reputations. By filling the need for trustworthy insight from peers, the yelpification of enterprise technology helps buyers make more informed decisions.

Yelpification helps turn customers into advocates. Demand Gen Report’s 2014 B2B Buyer Behavior Survey shows that 72% of surveyed professionals look to peer networks for information when making B2B purchasing decisions. So, it’s clear that influencers’ opinions have real weight in a buyer’s mind. Yelpified sites can provide a direct method for these professionals to be active in their support of your brand, without the implied bias of when their opinions are presented through your company. Additionally, these sites can be invaluable in identifying which customers would be excited to share their experiences with your brand and can help you to launch a successful customer advocacy program.


From MarTech 101 to Advanced Techniques, marketingIO has you covered. 

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Invite Your Friends! Three Best-Practices for a Successful Referral Program - Profs

Invite Your Friends! Three Best-Practices for a Successful Referral Program - Profs | The MarTech Digest | Scoop.it

Not having a fun time with IT? Contact us: we can act as your buffer to get the job done.

CYDigital/marteq.io's insight:

And do your research on the best referral program application that fits your needs.

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Referrals Fuel Highest B2B Conversion Rates - eMarketer

Referrals Fuel Highest B2B Conversion Rates - eMarketer | The MarTech Digest | Scoop.it

About Us: iNeoMarketing provides Marketing Technology services, applications and support to B2B companies who may not have the required resources, knowledge or expertise. Visit us at ineomarketing.com.

CYDigital/marteq.io's insight:

The most underutilized in B2B Marketing: Referrals, Retargeting, SlideShare. Huge open avenues for you!

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Why Dark Social Could Be the Next Big Thing in Digital Marketing - ClickZ

Why Dark Social Could Be the Next Big Thing in Digital Marketing - ClickZ | The MarTech Digest | Scoop.it

Digest...


Everyone seems to be talking about dark social these days. The term, coined by Alexis Madrigal of The Atlantic, refers to social traffic from previously untrackable sources, such as links shared via emails, messaging apps, and some mobile applications. This is opposed to traffic from open social platforms - Facebook, LinkedIn, Twitter, etc. - which is easily tracked.

 

Why all the excitement? For one thing, dark social traffic is estimated to be three times larger, by volume, than standard social media traffic. If that seems hard to believe, just think about how often your friends and relatives send you links over email. But it’s the quality of dark social traffic as much as the quantity that has so many marketers paying close attention.

 

At the moment, we’re still very much in the early days of dark social tracking. But, according to Bancroft, brands at the cutting edge of dark social are already gaining an edge in their respective markets. "The future of dark social could be huge, potentially a bigger, higher-quality market than the existing social world we already know," says Bancroft.

 

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CYDigital/marteq.io's insight:

(1) Given B2B social measuring tied to business metrics is very low, I wouldn't get to heated about this. (2) Focus on a referral program rather than measuring dark social.

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Milena Mitova's curator insight, January 8, 2015 11:55 AM

Never heard of Dark Social? You might want to, since it could well shrink your funnel length...

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You Might Be Surprised Which B2B Referrals Are Closing | Marketing Technology Blog

You Might Be Surprised Which B2B Referrals Are Closing | Marketing Technology Blog | The MarTech Digest | Scoop.it
You Might Be Surprised Which B2B Referrals Are Closing by Douglas Karr on Marketing Technology Blog


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B2B Applications with a Viral Component - David Cummings on Startups

B2B Applications with a Viral Component - David Cummings on Startups | The MarTech Digest | Scoop.it

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CYDigital/marteq.io's insight:

Viral works for cat videos and sports faux pas. For B2B? It's not about viral (an incredibly rare occurrence) but about referrals, recommendations, and built-in sign-ups. Call it want you want, but you need that functionality built into your offerings similar to the examples above.

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Survey says referral marketing brings them in, email keeps them active - Marketing Pilgrim

Survey says referral marketing brings them in, email keeps them active - Marketing Pilgrim | The MarTech Digest | Scoop.it

Digest...


But only 39% of marketers said they were using it regularly. 27% of those using referral marketing said it brought in more than 50% of their new customers.

 

In addition to bringing in new customers, marketers said they liked referrals because they were a good way of rewarding current customers. So, bonus!

 

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CYDigital/marteq.io's insight:

One of the most underutilized tactics available today. And it provides quality opportunities!

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