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Referral marketing benchmarks

  1. 1. Referral Marketing Benchmarks Revealed Measure & Optimize Your Referral Program By Tony Mariotti @tonymariotti
  2. 2. Here’s a fair question:
  3. 3. Here’s a fair question: “What kind of ROI can I expect from a referral program?”
  4. 4. Every business is unique.
  5. 5. Every business is unique.
  6. 6. Every business is unique.
  7. 7. Every business is unique.
  8. 8. Every business is unique. Here’s what they have in common: Referral programs work!
  9. 9. Here are referral benchmark ranges for each step of the referral marketing funnel.
  10. 10. Here are referral benchmark ranges for each step of the referral marketing funnel. Followed by some suggestions for optimizing each step.
  11. 11. The Referral Marketing Funnel
  12. 12. The Referral Marketing Funnel User Participation Rate
  13. 13. The Referral Marketing Funnel User Participation Rate Sharing Rate
  14. 14. The Referral Marketing Funnel User Participation Rate Sharing Rate Referral Visits
  15. 15. The Referral Marketing Funnel User Participation Rate Sharing Rate Referral Visits Referral Conversion Rate
  16. 16. The Referral Marketing Funnel User Participation Rate Sharing Rate Referral Visits Referral Conversion Rate Lift on Revenue Cost Per Acquisition (CPA)
  17. 17. The Referral Marketing Funnel User Participation Rate Sharing Rate Referral Visits Referral Conversion Rate Lift on Revenue Cost Per Acquisition (CPA)
  18. 18. User Participation Rate This is the percentage of customer who share your business with friends,
  19. 19. User Participation Rate This is the percentage of customer who share your business with friends, creating the raw potential to drive new customers back to you.
  20. 20. User Participation Rate These could be people who visit your website, follow you on social media, and even those who fit none of the preceding criteria but for whom you have an email address.
  21. 21. How To Improve User Participation Rate • Enable sharing in more places on your website (homepage, order confirmation page, user account pages, product pages, stand-alone referral page, etc.)
  22. 22. How To Improve User Participation Rate • Enable sharing in more places on your website (homepage, order confirmation page, user account pages, product pages, stand-alone referral page, etc.) • Promote your referral program to your email list and social followers (email blast, post on Facebook, Tweet)
  23. 23. How To Improve User Participation Rate • Enable sharing in more places on your website (homepage, order confirmation page, user account pages, product pages, stand-alone referral page, etc.) • Promote your referral program to your email list and social followers (email blast, post on Facebook, Tweet) • Integrate your referral program into newsletters, transactional emails and more…
  24. 24. Sharing Rate This is the percentage of people who share when presented with an opportunity to do so via a referral widget (overlay or embed).
  25. 25. Sharing Rate This is the percentage of people who share when presented with an opportunity to do so via a referral widget (overlay or embed).
  26. 26. Sharing Rate This is the percentage of people who share when presented with an opportunity to do so via a referral widget (overlay or embed).
  27. 27. Sharing Rate This is the percentage of people who share when presented with an opportunity to do so via a referral widget (overlay or embed).
  28. 28. Some customers have exceeded a 50% sharing rate, a notable optimization goal for everyone.
  29. 29. How To Improve Sharing Rate • A/B test different referral incentives & offers
  30. 30. How To Improve Sharing Rate • A/B test different referral incentives & offers
  31. 31. How To Improve Sharing Rate • A/B test different referral incentives & offers • A/B test variations to the content
  32. 32. How To Improve Sharing Rate • A/B test different referral incentives & offers • A/B test variations to the shared content
  33. 33. Referral Visits The number of friends who see shared content on Facebook, Twitter or an email message Hey friend, I love this product. Click here & get $20 off!
  34. 34. Referral Visits The number of friends who see shared content on Facebook, Twitter or an email message and then click to visit your website. Hey friend, I love this product. Click here & get $20 off! www.
  35. 35. Referral Visits 1 visit per share: meh www.
  36. 36. Referral Visits 1 visit per share: meh 2 visits per share: solid www. www. www.
  37. 37. Referral Visits 1 visit per share: meh 2 visits per share: solid More than 5 visits per share: you’ve nailed it! www. www. www. www. www. www. www. www.
  38. 38. How To Improve Referral Visits • A/B test referral incentives/offers
  39. 39. How To Improve Referral Visits • A/B test referral incentives/offers • A/B test copy, images, etc.
  40. 40. How To Improve Referral Visits • A/B test referral incentives/offers • A/B test copy, images, etc. EXPERT TIP: Shared images on Facebook are quite prominent in the friend’s news feed and deserve special attention.
  41. 41. Referral Conversion Rate The percentage of referred visitors (friends) that convert when they get to your site.
  42. 42. Referral Conversion Rate The percentage of referred visitors (friends) that convert when they get to your site.
  43. 43. Referral Conversion Rate The percentage of referred visitors (friends) that convert when they get to your site.
  44. 44. Referral Conversion Rate The percentage of referred visitors (friends) that convert when they get to your site.
  45. 45. How To Improve Referral Conversion Rate • A/B test referral incentives/offers
  46. 46. How To Improve Referral Conversion Rate • A/B test referral incentives/offers • Build and A/B test a dedicated referral landing page (much better than driving referred visitors to your home page)
  47. 47. Referral Marketing Results This is where the rubber meets the road – the very things that determine if your time and effort has been worth it.
  48. 48. Referral Marketing Results This is where the rubber meets the road – the very things that determine if your time and effort has been worth it. Two key metrics summarize it all:
  49. 49. Referral Marketing Results This is where the rubber meets the road – the very thing that determines if your time and effort has been worth it. Two key metrics summarize it all: Lift on Revenue Cost Per Acquisition (CPA)
  50. 50. Lift on Revenue less than 5% meh
  51. 51. Lift on Revenue 5% to 15% solid less than 5% meh
  52. 52. Lift on Revenue 30% You’ve nailed it! 5% to 15% solid less than 5% meh
  53. 53. Cost Per Acquisition Referral programs average ‘single digit CPAs.’ That is to say, you should see your cost per acquisition no more than $10 per new customer.
  54. 54. Cost Per Acquisition Compared to display advertising ($20 to $40 CPAs), Pay Per Click ($30) and display retargeting ($10), referral programs are extremely efficient.
  55. 55. Thanks! For more tips and examples, visit us: Twitter LinkedIn Blog Tony Mariotti @tonymariotti

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