About prasad

Experienced in Search Engine Optimization, Search Engine Marketing,Social Media Marketing and other traffic generation methods. Specialties:Search Engine Optimization (On Page & Off-page), Search Advertising (Ad-Words), Social Media Promotions, Email Marketing, Google Analytics, Adobe Site Catalyst (Omniture), Keyword research, SEO reports generation, Competitive analysis, Landing Page Creation

Lead Generation v/s Referral Marketing

There are two important kinds of marketing that any marketer uses to gain more customers – Lead generation and Referral Marketing.  Lead generation marketing is quite obvious as the name suggests is also known as cold lead generation. Cold lead marketing involves marketing through TV, internet, radio, bill boards, telemarketing and direct marketing. Referral marketing involves marketing through client testimonials/Reviews and through known acquaintances like friends, family, colleagues etc. If you have to put it in a simple way, cold lead marketing involves people who are complete strangers and referral marketing includes known people.

When compared between lead generation and referral marketing, the latter is the preferred choice amongst companies.  Referral Marketing makes more ROI (Return on Investment) by generating higher closing ratios at lower cost acquisition (18-22% against 2-3% in case of lead generation ). Review marketing programmehas a better reach on customers by touching them closely. Now let’s take a closer look on why review marketing programme is better than lead generation or any other programme.

Lead generation typically happens when there is an enquiry or interest shown during a sales pitch. This enquiry is passed on to the sales team who process and then follow up with the customer. However in Review marketing, referrals come from known sources like family, friends, well wishes even ex-employees. Chances are that they would have taken the service and then recommended it. This might attract prospective customers and view the company / service in a different light.

Let’s talk about how referral marketing works. There is a 3 step principle to follow –

 Entice

  • Strangers
  • Prospective leads
 Switch
  • Leads
  • Customers

 Close

  • Customers
  • Promoters

This principle explains referral marketing to the T. The first step is to entice strangers to the product /service and turn them into prospective customers. The next step is to convert these prospective leads into sure shot customers and the last step is to seal the deal. These customers will then promote the company amongst their acquaintances and the cycle goes on.

Let’s talk about the advantages of referral marketing

Trust - Most of the customers from referral marketing choose the product or company because their acquaintances have done so. They already have an inherent trust factor playing; hence there is no need to spend any additional money on advertising. This largely reduces the marketing budget.

Sales increase –Before any sale, companies spend a lot in generating leads by cold calling. However with referral marketing, generating leads happens automatically. Most of the leads do not need much pushing before turning into customers. This has a direct effect on sales when opposed to cold calling which takes a lot of time and persuasion.

Retaining customer base – This is a tricky one but if played right, referral marketing helps in maintaining a loyal base of customers. Once a customer is happy and satisfied, chances are that he will think of switching over to any company and will promote equally. However this can backfire if the services are not up to the mark. Then the promotion can snow ball into negative publicity for the company. Hence it is not only important to maintain service levels but also to meet customer’s expectations.

In today’s digital age, old marketing techniques do not hit the mark. It’s time to resort to new age marketing mantra and referral marketing is here to stay.

Review management system: Vital for engaging customers / Trade

A review management system is essential for any kind of business. Social media marketing is gaining more momentum in the last few years. Any customer testimonial or word of mouth shared via internet about the product, service or company refers to Social media marketing. Given a platform to share thoughts, consumers get together to discuss their opinions or give feedback. Such opinions can form a tremendous image boost for the company.

Review management system works in conjecture with the social media. Today with all the available forums, one can highlight their company / product in a great deal. But keeping a track of all the platforms is a humungous task. Having a review management tool helps in managing and stream lining the posts and testimonials. Social media sites also carry a great deal of information on the services and products attracting prospective customers. A reliable review management tool helps to organize and sift through all the information highlighting important ones.

Trust is very important since the company’s image is in the hands of the tool. There are few companies who specialize in this area of work. Topping all of them is Testimonials for (www.testifor.com). This Bangalore based company not only helps in developing a perfect solution for the business but also manages it pretty well. Testimonials For authenticate each business review and run it past all security measures before publishing it across all boards. The company can also design specific solutions to suit your requirement. Testimonials For tracks the company’s footprint on social media platforms and tweak it to suit the requirement. The company also manages on behest of the customer if required. All their executives are well trained and operate with highest integrity and stringent rules.

To engage any kind of marketing, what is foremost required is a robust customer engagement review system. Reviews or feedback received from customers is translated into business and advertised across all social media platforms. What is more important is that not only products have to be advertised well; it has to be managed equally well. Just by posting across social media platforms would not fetch the desired result. All the activities need to be managed with fine precision to rule out sabotages, spam messengers and fake reviewers. There is no ‘one size fits all’ policy when it comes to managing social media review management system.

It is not wrong to say that in this digital age, a company’s future largely depends on its customers. With technology running at lightning speed, new age marketing techniques have to be implemented and used. Usage of social media platforms accelerates growth and profits with minimal investment.These platforms provide right publicity and market the company/ product in every possible area. Choosing the right company to do that is all it takes. TestimonialsFor is the best choice in this field because they come with a rich experience in setting up multiple customized tools for various companies. Contact us now for a live demo!