Referral Research is a methodology of finding and listing referrals. It also includes exploring more and effective referral sources to be used. There are numerous ways and tools for referral research. Some of the widely used tools are Referral Candy, Viral loops, Curebit, Yotpo, etc. The key and basic point in the Referral research however is referral sources, their selection, and use.
What are Referral sources?
Referral sources are such sources from where a person, a client more specifically, gets the information about the products, and services of the company. Referral sources are a vital part of a company’s marketing and if used efficiently they can participate in generating a significant amount of profit as referral sources are the actual drivers of clients. More clients mean more revenue and more profit. Selecting proper referral sources, understanding their essentials, technicality, and mastering them can be key in the success and failure of a certain company. Using these referral sources can be a key point in making or breaking a company or a business. Thus, these referral sources must be given certain importance when establishing a company or launching a new campaign or product.
Which are the most commonly used referral sources available in the Market?
Some of the common referral sources used by most of the companies are google ads and LinkedIn. Some companies also used other social media platforms as their referral sources. These social media platforms run ads like Youtube ads, Facebook ads, Twitter ads, Instagram ads, and others. The type of social media platform used largely depends on the type of product and audience to be targeted through these ads. The company which is using these platforms for a campaign can uplift the referring parties through providing campaign running or product advertising texts. Sometimes, some people can also work as referral sources. Such people are called advocates. Advocates work in a way that they can invite other people, their family members, friends, etc using a referral link. These links can be shared through emails, blogs, and text messages. These advocates get rewards from the company when any person purchases their specific referral code or link.
Referral research in a nutshell:
Finally, referral research is the exploration of referrals bases upon the knowledge of referral sources. Referral sources are the sources that attract clients and are used to market products of companies and are always a key point in the profitability of a company or a business. Moreover, the importance of these sources increases if the company or the business is an online business or a company. Thus, they must be given a good amount of importance. These referral sources can be Facebook ads, google ads, Instagram ads, Twitter ads, and ads appearing in other apps and games. Apart from that some people also work as referral sources, called advocates, and invite other people to buy the product through sharing links or referral codes.