In this article:
- Why should I run a bonus referral promotion?
- Benefits of running the promotion
- How to set up your promotion?
- How to check the success of your promotion?
Why should I run a bonus referral promotion?
Acquiring new customers to your store can be expensive, and can lead to a one time shopping experience for the customer.
If the focus of your program is to acquire new loyal customers, running bonus referral weeks may be of significant interest to you.
Benefits of running the promotion
Referred customers tend to have a 200% higher lifetime value, and tend to be 24% more loyal to your brand. Therefore it is important that your referral rule is visible, appealing, and is engaging to your current customers, to incentivise them to refer their friends.
Running this promotion for a limited time encourages your customers to refer their friends in order to benefit from the promotion, due to the sense of urgency.
How to set up your promotion?
1. Login to your LoyaltyLion account
2. Click on the tab Manage
3. On the left find Activity rules and click View rules
4. Find Refer a friend and click Edit
5. Adjusting the settings of your referral rule, so you can award your customers more points/higher rewards for referrals for a limited time.
Note: ensure to adjust this rule back to your original settings after the promotion
How to check the success of your promotion?
Once you have adjusted your rule appropriately, you can use the data within your Insights tab to pull a list of your loyal customers. This way you can target the promotion directly at the customers that are the most loyal to your brand.
(Click an Image to make it bigger)
Export the file and use your ESP to email your customers notifying them of this promotion. This way you will encourage them to refer their friends.
After your promotion, you can track the success of your promotion within your Analytics tab, and your referral results on your Dashboard. Compare the number of new referrals that were brought to your store during this promotion.