Referral Marketing for Crypto and DeFi

Referral marketing is when clients of firm share information about the product with someone they know (i.e., a referral), generating new sales.   Referral marketing programs encourage both old and new referred clients to buy from you by offering attractive rewards to those who bring in customers, usually a discount on their next referral.  

When a potential purchaser wants to order from a company, he is given an offer that encourages him to share information about you with someone he knows, and you offer a reward for this.  The same or similar offer is also given to the person or company they share information with, which encourages both parties to seek services. For example, a customer has used your services, you thank them for their cooperation and offer a 10% discount on his next order in exchange for him sharing the same offer with entrepreneurs he knows.  His acquaintances have been thinking about using the service you offer for a long time, so your offer will come in handy.  They contact you and can expect a 10% discount as well. Your firm has only turned one customer into two. 

Why should you pay attention to it?

Referral marketing is an extremely powerful way of promotion. 

For example, a Nielson consumer survey found that “recommendations from people I know” were rated the most influential on customer buying habits.  Buyers referred through referrals spend twice as much and are capable of doubling your clients base. 

Moreover, referral marketing not only provides a more reliable form of customer engagement.  It provides a higher quality of clients service at all stages.  A study by Goethe University Frankfurt and the University of Pennsylvania found that referred clients were more brought in more profits in the long run than buyers who came across the project by other means. Moreover, such customers are more loyal.

Are there any cons?

The downsides of referral marketing are not obvious at first glance.

However, by their very nature, refer-a-friend programs can be time-consuming.  The results you achieve are only as good as the effort you put in with a well-optimized offer for clients to bring their friends. Your referral campaign will further influence your sales.  And depending on what or who you use to create and launch your referral campaigns, tracking the outcome can also be tricky – though you can contact the experts at Hodle.

During recent decades marketing has changed completely in different ways but some things remain as stable and constant as ever.  One of them is the power of word of mouth.  Hodle experts are confident in the quality of referral marketing for customer engagement.  We encourage everyone to try it and see what referral marketing can do to boost your business growth.  One of them is the power of word of mouth.  Hodle experts are confident in the quality of referral marketing for customer engagement.  We encourage everyone to try it and see what referral marketing can do to boost your business growth.