Want to know how to use a powerful tool – referrals – to tap into much-needed growth as a Solopurnor? Or tap into a referral program to add even more growth potential? If so, great! You are in the right place. In this article, we will talk about how you can use referrals and better yet how to start a basic program in order to reach success. And as a solopreneur or entrepreneur, you are on a tightrope. Time and money are not on your side. So anything to get that extra leg up can be a game changer. For some, it could even make or break your career. First off let’s talk about what a referral program is.
What Is A Referral Program?
Let’s start with the first part of the question, simply what are they? The definition we will use comes directly from Shopify, “A referral program is a system that incentivizes previous customers to recommend your products to their family and friends.” Side note, Shopify is an amazing app if you buy a lot of stuff online and like to track it.
Oh, look at that, a referral that took place right before your eyes. See how simple it is? We do it so much it’s second nature.
But anyway back to the point, now that businesses know referrals are the best marketing channel they have access to. Most times these businesses will capitalize on this and develop a program to boost the number of referrals they get. This is also so common we see them all over the place. A lot of these referral programs may look like this, “Invite your friends and earn 20% off your next purchase!” The ROI on these programs are so large most places do not lose out on anything for making them. This type of marketing generates 3-5x higher conversion rates than any other channel! But what does this mean for you? Well, even if you are not a business and it’s just you, you can still tap into these same benefits.
Also, we just put out a blog about the top 4 referral programs in 2022. So if you wanted to see some programs in action then check that one out next. Little teaser; we talk on Airbnb and Uber among others.
Referral Program As A Solopurnor
Now that we went over what referral programs are, what can you do to make your own as a solo agent or business person? But before you start to think about your program people need to know about you or why would they bother referring others to you? So make sure you’re known around your area. Whether that’s for being a great agent and helping others, or for being a pillar of the community.
Once you have a foothold you can start your program by offering people a discount on your product or service when they refer someone. That is an easy way to get the ball rolling and this makes it so you can have your customers market you, for you! Try saying that five times fast. As Melinda Emerson said in her blog, “Use this to your advantage, and let your biggest fans – your customers – spread the word about how wonderful they find your business.”
If you find yourself asking; why do I need a referral program? The answer to that is simple, the hardest thing to do is find a reliable converting and customer growth channel. And a solid referral program takes care of that for you. How? Well, these programs save you money on marketing and loyal consumers spend more and have a higher chance to convert. Once you have this going here are other steps to be mindful about:
- Know your goals – What do you want from your program? Do you want to grow your customer base, or something else?
- Keep track of current referrals – Keep track of who you already have and who is happy. They are your lifeblood and are likely to help you grow.
- Reach out – By reaching out we do not mean spam emails talking about your referral program. But instead, craft content around who you are contacting. Newer customers or partners don’t need to know about your program right after doing business with you. Whereas your friends or strong loyal customers may not even need to be told!
- What you will offer – People need incentives. If there is none, no one will want to go through the program. That’s why most look like this “Refer a friend, gain 25$% off”
- Tell people about it – Once everything is set up it’s time to run out the gates and spread the word to your customers. This is the fun part because if you did everything to the best of your abilities you should start to see some growth!
NuOp, A Referral Powerhouse
Referral programs are great and a boon for solopreneurs at all levels. And NuOp can be an excellent supplement for your referrals especially if you are a solo agent looking for work. Or you are looking to send some referrals to lessen your load. NuOp is built to help the exchange of business referrals and help you grow your business. As stated near the start of this blog, referrals are the number one source of business and you would not believe how much of this is wasted. Either from the referral going cold or a lack of communication, you create so much value with the referrals you make and you may never know this value.
Why are referral programs important and why should you build one as a solopreneur? Referrals and referral programs are the best sources of high-quality business. And your program can make your most loyal customers market you for you. Meaning you save money and time on trying to create marketing content yourself. And customers who come to you from a referral are more likely to convert, requiring less effort to get them to do business with you.
To start making your own program you should; know your goals, track your current referrals, reach out, state what your incentive is, then tell people about it. Finally, NuOp is a great platform to help you find and create referrals through the live feed and the many tools at your fingertips such as Invite & Earn and “My Network” to name a few.
If you both tap into the power of referrals and referral programs you will find a lot more success as a solopreneur or entrepreneur over those that do not use this outlet.