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Implementing Referral Awards Programs

May 30, 2008
Referral awards programs are a good way to get as many recommendations as possible. The reason why most businesses use this special program is because with these awards, people would most probably call in the kind of people that have the same kind of interest as them. As such, most the time, you customer and the referrals that they bring would usually share the same kind of interest. Check out some of the other reasons why companies are implementing referral awards programs as part of their moneymaking strategy.

There are many types of referral awards programs and each of these programs would usually be adjusted such that it meets the purpose of the company. This would simply mean that there are no 2 referral awards programs that are exactly identical.

For example, in a particular company, they used the posting system to identify the referrals that are interested in their product. Once you sign up for this program, you will be given a set of prepaid postage cards with your name printed on. So what you have to do is to go around and ask your family and friends whether they are interested in the product. If they are interested, then simply write down their name and contact number and drop the card into the mail. You would not need to worry about the steps following the process. If you are lucky and the referral likes the product and makes a purchase, then the company will reward you in cash as a small token.

You can make loads of money just by helping the company get the right kind of referrals to buy their product. It is that easy.

As aforementioned, there are other types of referral awards program. Another popular type would be a referral award that would be given to the employee who helps the company recruit new talent. This is usually common in larger companies or industries. The employer will be rewarded with cash if the referral stays in the company for more than 3 months.

To be fair, referral awards program are only applicable to those employers who have friends and their referrals. Referrals cannot be fellow relatives, former employers, or current employers.

But of course, different companies will have different set of terms and conditions.

More and more companies are encouraging the referral awards program because it helps save a lot of time, and yet are able to grab as many customers as possible. Referrals usually place a lot of trust on the person who has recommended them as such a level of credibility is already established.

This is definitely useful if you are running a business that sells products.

Almost all referral awards programs works along the same line, which is to reward their loyal customers or employers for recommending their products and services to their friends. Everyone knows that word of mouth get passed down very quickly just like wildfire. This is why businesses consider this as one of the easiest, safest and cheapest technique to grab as many customers as possible.
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