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Innovative Referral Marketing Model For A Successful Business - Business - Nairaland

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Innovative Referral Marketing Model For A Successful Business by epixelmlm: 4:42am On Dec 01, 2022
The revolutionizing referral marketing model in the digital marketing space is poised to take off and transform the direct sales industry. Referral marketing models have been around for years, but never gained much popularity until recently. The word of mouth promotion has grown to become a big factor as people trust their friends, family members or colleagues more than any other form of advertisement nowadays. As direct sales entrepreneurs are becoming aware that many businesses can't afford expensive advertising campaigns, they're looking for new strategies like referral marketing which may be enhanced their business growth also.

The referral marketing is a longstanding marketing model that has been around for centuries. However, the digital space in which it operates has changed drastically since its inception and, as such, needs to be adapted accordingly. With this in mind, the direct selling industry tries to reinvent their referral network model, so they could continue reaching out to potential customers on an individual basis and incentivize both parties involved through personal connections and transactions. At present, with the advent of digital marketing, there has been a shift in traditional marketing to new-age digital marketing. There is a plethora of entrepreneurs who are trying their luck at it and some have succeeded too. With this revolution came many risks like cyber threats, data leakage and breaches which are quite common these days.

With the increased penetration of digital platforms and a rise in consumerism, direct sales businesses need to focus on delivering quality customer experience. Direct sales companies developed an exclusively human experience innovative model that would give them a competitive edge. The module help them easily find potential prospects and then easily filter these potential leads into their CRM system. With this effective platform, it is certain that no potential leads are missed, thus enhancing the business growth.

The results of using this innovative platform is remarkable and is as follows:
Reduced bounce rates with the new UI-23%
Customer support costs reduced -15%
Referral Traffic Increase-30%

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