What type of Referral Incentive Should I Offer?
What motivates your customers to refer you to their friends and family?
Beyond your stellar service and team because we already know that 83% of happy customers would refer but only 23% actually do... so what can you do to start capturing back that lost 68% of business? Offering a referral incentive can help keep you at the top of your customer's mind the next time their friend mentions they are in the market for a new vehicle. Here is a list of 8 of the most common referral rewards. Do you know which is the most effective for generating the highest response rate?
- Loyalty points
- Cash back
- Discount (10% off for you and 10% off for friend)
- Upgrades – access to special features (SAAS and web apps)
- Donation to charitable cause
- Special events (in-store/brick and mortar)
- Premiums or Gifts (physical items like a tote bag or store merchandise)