Create,Your,Own,Referral,Rewar business, insurance Create Your Own Referral Reward Program
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Any business can create their own referral rewardprogram with just a few minor tweaks to current referral ideas and plans. Aswith any business plan, creating your own referral reward program should beshared with all of your employees to keep everyone on the same page and workingtowards similar goals. What You Will NeedTo create your own referral reward program you willneed no more than a computer and a spreadsheet program. How to Create a Referral RewardProgramGather your employees for a brainstorming session. Determinewhich types of rewards you want to offer to your referring customers. Types ofreferral awards can include:Cash or Check RewardsDiscount RewardsStore Credit RewardsReward Point SystemsIf you are planning to go with a reward pointssystem, create a list of prizes or merchandise you would like to offer atspecific point levels. Trackingand Identification SystemsMake sure you have a plan of action that includes atracking system for customers who refer others. If your business is a small onea simple spreadsheet may do the trick. Once your business grows you may want toconsider a large CMS system that can help you to implement your referral rewardprogram. Add your referrers to the spreadsheet by their last name and thentheir first. Since you may have referrers who are family and share the lastname, be sure to flag or list them as individuals so the program doesn't sufferany setbacks once it comes time for rewards.Have a whiteboard or poster board created that listsall the rewards of your referral reward program. Make sure you have listed:Terms and ConditionsHow Long the Program will LastRewards OffersDifferent Point-Value SystemsCash Offerings for ReferralsLeading ReferrersNot only should you reward your referrers, but itcan also be a great idea to show who your top referrers are. Often this cancreate a competitive atmosphere that will encourage even more referrals. Sharethe ProgramMake sure any of your employees that have directcustomer contact will mention your referral programs as often as possiblewithout overdoing it. If possible, have a punch card for them to share whenthey successfully refer a new consumer. This will give each referrer a positivereinforcement detail that is hard to ignore. As the card is checked or punched,each referrer receives not only the referral rewards program incentives, butalso a hardcopy showing their own progress in your program. Make sure your referral reward program is generousyet simple enough to easily encourage participation and not overly difficult tounderstand or expensive enough to result in serious monetary loss for yourbusiness. A referral rewards program should increase your business as well aswiden your consumer base. If you find your bottom line doing a back peddle, itmay be time to review what part of your rewards program seems to be causing thedisparity.
Create,Your,Own,Referral,Rewar