10 Referral Reward Ideas

Do You Know the Top 10 Rewards You Should Be Giving Out to Your Customers?

If you’re like most business owners, you’re always looking for new ways to market your product or service. If you’ve been in business for some time, you know that most advertising will yield returns under 5%. Some forms of advertising will even yield results under 1%. Though most business owners understand that marketing is a numbers game; when they learn about the dramatic conversions some businesses get with other methods; it’s only natural to want a piece of that pie. In fact, currently:

  • Video sponsored ads offer a 36% conversion rate,
  • Search engine results advertising offers a 40% conversion rate,
  • Banner ads offer a 33% conversion rate, and
  • Social networking ads offer a 36% conversion rate

These are impressive numbers that demonstrate the level of trust that consumers have for these forms of marketing. However, what would you say if there was a form of advertising that offered a 92% conversion rate?

Though many people would think this was impossible, when was the last time you purchased a meal, product or service based solely on the fact that someone you know told you that you should?

For many people, that answer is “yesterday, earlier today, last week or last month.” We do it all the time. In fact, everyone does it all the time. We trust recommendations from friends and family members more than any other form of advertising out there. However, harnessing the power of referral marketing isn’t easy or predictable without a system. At InviteBox, our system is a simple one. We make it easy for you to quickly and conveniently offer your customers awesome rewards when they refer new paying customers to you; (so that you get that handy dandy 92% conversion rate).

What are the Top 10 Rewards to Give Out?

  1. A free month of service or an equivalent product for each paying referral sent your way;
  2. Reward points customers can use to, “shop,” for what they want in a rewards area of your website;
  3. Free consultations, (especially good for B2B sellers);
  4. Instant rewards like digital movie, music and ebook downloads. These motivate your customers to act fast;
  5. Vacations, electronics, jewelry, shopping sprees and spa days; these rewards are always welcome if you can afford them;
  6. High dollar prizes through sweepstakes for customers that post the most socially about your company or send you the most new business;
  7. Cash, gift cards and Bitcoin. People will always clamor for money that they can use anywhere;
  8. Recognize them as VIP customers. Give them high-quality gold or black membership cards, that can hold money or store credit; along with other perks;
  9. Free gasoline and other monthly expense items that add up over time like groceries; or gift cards for WalMart, Walgreens or CVS etc; and
  10. Lastly, entertainment memberships like Netflix, Hulu, local bowling allies, movie passes, amusement park multi-passes etc.

Contact us at InviteBox to learn more exciting ways to market your business today!