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What is referral marketing and why does it work
What is Referral Marketing
Referral marketing is when you are offered something for referring people to a service or website. This can be a company rewarding you directly, for example my ISP gives me a discount on my monthly broadband charge if I refer people, the more people I refer the bigger the discount or it can be through a third party website. This third party referral marketing has in the past few years increased in popularity with more and more people making it their hobby, but why does it work. Third Party Referral Marketing
Before I go into the reasons I think this type of marketing works I'll provide a brief explanation of how it works. You, the customer sign up to a third party referral site. You then complete an affiliate's offer through that website and refer people to do the same. When you have referred enough people you are given a free gift. Why Does Referral Marketing Work
Basically because companies (the affiliates) are willing to pay the referral sites a fee for each of the people they refer. This then allows the referral site to buy your "free" gift. Now you may be wondering why companies (the affiliates) would pay a site for referring people. Television, radio and print adverts, even in the smaller local papers or stations can be expensive and there is no guarantee they will work. This way the company actually gets someone trying their service which is often the hardest thing companies face. And they are willing to pay for that. And ultimately everyone wins. You get a free gift, the referral site gets a profit and the affiliate gets a chance to actually show a customer how good its service is. |
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This intel was contributed by null
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May, 2012
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