In the advertising industry, advertisers know the content needed by their audience and can create it. Advertisers can, therefore, create a lot of content but they have discovered that trying to distribute the content on their own can deplete their resources without having the desired return from the investment. In the video gaming industry, most video game developers find it hard to market their content as it needs a lot of funds. Abyss has come up with a solution to build a platform where video games can be marketed via referral marketing.
What is referral marketing?
Referral marketing is a boom to e-commerce businesses nowadays. Referral programs are a form of marketing where you attract customers to your business and turn them into believers. You then turn the customers into ambassadors of your product or brand. In this form of marketing, your customers tell their families and friends about your brand, and this attracts customers in the long run. In an ideal situation, customers who come to you through a referral program become believers in your brand and become ambassadors. This cycle repeats itself over and over again as the brand widens its reach.
Referral marketing should not be confused with customer loyalty program. The two are nearly the same, but they are not entirely similar. Loyalty program involves offering perks to customers who shop for your brand very often. In referral marketing, there is also a promise of perks that drive customers. For referrals that are successful, you might offer your brand ambassadors discounts, coupons, free gifts and other rewards. The thought of being awarded drives ambassadors to refer more people to the brand.
On the other hand, in customer loyalty programs, the main goal is to get top customers to spend more money in your business or to shop more frequently. Your primary aim in referral marketing is to get your top customers to tell their friends, social media followers and family about the product and perhaps to convince them to use the product. This is an effective twist on customer rewards programs because it grows the revenue of the business by pushing customers to spend more.
In the long run, this marketing strategy can have a great impact on your company and help it to grow and increase revenue than the traditional customer loyalty programs.
What makes referral marketing superior to traditional advertising?
In traditional marketing, you spend a particular amount of money in different channels such as TV, print media, online, billboards and many others. This money will make your brand to be known to many people, but this does not necessarily see a great conversion rate.
Nowadays, consumers don’t want to take the word of a TV or billboard advertisement when it comes to making decisions on whether to buy it or not. People are far more likely to listen to people they trust such as family, friends or people they follow on social media. Referral marketing uses people who have a high convincing power to sell products. This is an effective form of marketing because the message will reach potential clients by word of mouth or social media accounts of the people they trust already.
Now that we have known the meaning of referral marketing, we can move on to address whether this program is beneficial for businesses. The answer to this question is yes but before using this marketing strategy, below are a few things we need to look at.
Is your annual income enough to warrant rewards?
You have to be prepared to offer rewards to your ambassadors with the referral program. You need to offer one-time rewards to the top customers as long as they are high lifetime value customers who are referring new customers successfully. If your business has a small transaction size then, you will have to think whether you need to reward your customers for the referrals they send.
Are you able to capture customer data?
At this point, your ambassadors will recommend your brand to your family members, friends, and social media followers but it is important to remember that you are rewarding referrals that direct business back to your store. This is not just the act of recommendation. This will make you need a transaction system that can track your customer data so as to implement a referral marketing program. If you don’t capture customer data, then you will not know whether or not the customer was referred to your store or found it on their own. Without custom data, it is difficult to automate your rewards for the ambassadors when their referrals do pay off. If you don’t automate, the reward process will be a tedious and long process, and it will almost result in poor services. You have to pay your most loyal customers on time so that they don’t feel neglected or frustrated.
Are you able to interact with your customers?
Online stores are relevant to the referral marketing process because an online store makes it easy to automate the tracking and rewards for the referral program. It is also important to have a social media presence so that you can be able to keep an eye on your ambassadors and the referrals they are making. You will have a chance to engage with the customers in conversations and increase their interest in the referral program and more.
The Abyss is going to introduce a referral program to enable lovers of video games to find new games referred by friends and other people. This program will benefit both Video game developers and gamers. Video game developers will reach many people, and they will cut on advertisement costs. This will give all developers an equal chance to grow, unlike advertisement which only favors people with financial muscle. Gamers will also benefit from referring other gamers to new games. The earnings from the referral programs and motivational programs will be paid in ABYSS tokens. Majority of internal services on the platform rely on ABYSS tokens.
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