Importance of Referral Program in Storage Facility
When it comes to marketing your business, you should consider every tactic available. The importance of placing a referral program to promote your company and gain new clients in the storage facility industry can't be measured. No matter the type of service you are trying to provide your clients with, when it comes to marketing - there is nothing that works better than one client recommending your brand to another one. It is that simple. So, why not use this to your advantage?
Expand your Customer Base with Referral Marketing
Expanding your customer base isn't as easy as it sounds. It requires your complete devotion. Time, energy, and money. That is why you need to make a strategy that will help you reach your goals. There are many options when it comes to marketing your storage facility business; however, building a referral program is an opportunity worth exploring. Here are some pros of having a referral program in place:
- New clients trust referrals
- Referral program helps you increase retention rate
- Leads that come through referral programs are more valuable
- Leads and customers that come through this kind of program will provide you with some useful data that can be used for further business growth strategies
- Referral marketing is a budget-friendly way to advertise your brand, increase online engagement and strengthen your presence
New Clients Trust Referrals
According to most statistics that are out there, more than 90% of customers trust referrals from people they know. These numbers speak for themselves. It is easy to conclude why word-to-mouth can improve your marketing strategy efficiency. You already know how critical online reviews are, and the impact of this type of marketing on new potential buyers is only higher.
Referral Program Increases Retention Rate
Don't let the common misconception about making more money for your business by acquiring new clients cloud your judgment. Gaining new leads and clients is not the only way to boost your profits. Focusing on client retention is a budget-friendly way to do the same thing. Retaining existing customers is six to seven times cheaper than gaining new ones, and that is only one of many aspects to consider when thinking about the importance of referral programs in the storage facility industry.
Referral Leads are Valuable
Why is that so? Here are some statistics that will interest you:
- People are four times more likely to buy when referred by a person they trust
- A referred customer is 16% more likely to become a lifelong customer
- 83% of customers that had a positive experience with your brand are willing to refer a friend
And these are just some of the statistics that once again prove the importance of referral programs in the storage facility industry. Yes, every lead is welcome. However, if you want to boost not only your conversion rates but your revenue as well – placing a referral program in place is more than just a good idea worth considering.
Once you build your referral program, you will be able to track your progress and get an insight into what your customers like about your brand. The same goes for the things that don't really work well. All this data can be used for upgrading your referral program, or any other marketing strategy for that matter.
By increasing your clients' engagement, you will also enhance your online presence and boost your brand's overall reputation. All these things work well together and could help you increase your ranking in search engine rankings.
How to Build a Referral Program for your Storage Facility Business?
Personalization is everything. Choosing the right method to acquire new clients for your business is hard work. Well-executed referral programs can catapult your customer growth by engaging and leveraging your business's most significant asset – your customers. But, to do so, this marketing strategy needs to be well-managed and optimized according to your clients' needs. And if we are being honest, getting your loyal customers to recommend your brand to their friends and family isn't easy. However – it can be done.
- Choose a service or a product you'd like to advertise through this referral program
- List possible referral sources
- Choose your incentive
- Alert your existing customers
- Set up tracking
What would you like to sell?
Different storage facility businesses have different services and products to offer. No matter what you'd like to sell, you need to make a strategy around that service/product. Would you like to boost your overall revenue or to target a product that isn't selling as much as you'd like? Pick your target wisely and work toward reaching your goal.
Where to start?
Possible referral sources could be your current or past customers, leads that may not have closed, industry leaders, friends, etc. Use every source you have.
Choose your incentive
Or don't. There are two options for a referral program: an incentive and a non-incentive option. Your existing customers need to get something out of this program for it to work. Focus on what you already know about them and try to make an offer - they are not likely to refuse.
Time to alert people about your program
The importance of a referral program in the storage facility industry is almost non-existent without having people talking about it. You need to inform your clients about this program of yours. So – spread the word! You can use newsletters, emails, your blog, CTA, a landing page or a product update to let your readers know about the new referral program.
Set up tracking
Yes. As we have mentioned above, a referral program can provide you with some valuable data about your clients and potential clients.
- Who was referred and who referred them?
- When they were referred?
- Whether or not they converted or were sold?
- How you're going to nurture and follow up with them, etc.
Once you set up tracking, you will get to know your clients better. And that is some valuable information. By getting to know your customers, you will learn how to sell your service better and faster.