Isn't referral marketing more important than ever?

Question

I recently witnessed a discussion about the relevance of referral marketing, and that it is no longer as effective, because too many B2C businesses implement it. I certainly find truth in this statement, though it's hard to think of any successful marketing strategy that is not being vastly implemented by businesses these days. 
I personally think that referral marketing is now more important than ever, as customers are increasingly turning to the recommendations of their friends and family before making purchasing decisions. It's just way too many products and services out there, and as a consumer, it is always helpful to hear someone else's opinion. 
I'm looking forward to hear your point of view and would greatly appreciate if any of you would like to share! :)

Fabian Maume · Accepted Answer

In B2B referral marketing is still important for sure.
I think that content distribution, in general, will become key in the incoming year with the explosion of AI content. And good content distribution usually boosts referrals.

Answer

It's absolutely a great way to get more customers. In fact it makes it easy from the sales stand point as well

Olivia · Answer

@murali_aasaan Thank you for sharing Murali! I think so too, it builds upon the network effect.

Mikhail Pashintsev · Answer

@fabian_maume as for b2b i think it's even more crucial to have proper and effective viral loops for referral marketing

Answer

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Mikhail Pashintsev · Answer

I completely agree with @petalcompany point of view on the importance of referral marketing. In addition to the communication aspect, it is crucial to consider certain technical aspects for effective referral marketing:

- Ensuring the preview image and text that the recipient of the referral link will see are enticing and engaging.
- Proper transmission of the referral promo code through tools like GA4 for web or AppsFlyer/AdJust for mobile marketing.
- Analyzing conversions when sharing on different social media platforms and messengers due to variations in preview display based on open graph tags.
- Leveraging group chats, including parental groups, neighborhood groups, professional networks, and family chats, for distributing referral offers with tailored content if the company's niche allows.
- Providing ongoing support for the referral marketing functionality through in-app pushes, email campaigns, and other CRM communication methods to inform the existing audience about the benefits of referral marketing.

These technical considerations can enhance the effectiveness of referral marketing strategies in today's competitive market.

Olivia · Answer

@fabian_maume Thank you for sharing Fabian! I totally agree. It's going to be a race of who creates the better content.

Isn't referral marketing more important than ever?

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