5 benefits of social media marketing for referral programs

Businesses, big or small, rely on the benefits of social media to reach their target audience and promote their products and services to boost the rate of conversion. 

One of the effective ways of tapping into the benefits of marketing on social media is using social media referral services. With social media referral programs, businesses often tie-up with existing customers, especially individuals with higher followers who have a good reach. These customers advocate the products or services to their followers, friends and family and increase the business's sales.

Social media refer and earn programs give customers incentives like free products, discounts, and sometimes a payout for each referral. 

Benefits of social media for referral services
 

1) Reach the ideal target audience:

Social media uses a well-developed algorithm to help you reach the relevant target audience with proper marketing techniques. When businesses implement referral programs, they use existing customers to reach like-minded individuals with similar tastes, values and interests. 

2) Create virality for the business:

It takes one post or video to go viral on social media. By tapping into this benefit of marketing, brands can reach hundreds or even thousands of potential customers by creating attractive marketing campaigns based on prevailing trends.

3) Share snackable content:

The popularity of social media content, especially attractive posts and quick 15 or 30-second videos, has boosted the demand for snackable or small, easy-to-consume and share content. With referral programs, businesses can focus on creating affordable and time-saving content in collaboration with their customers and reach a wider, more targeted audience.

4) Foster social proof with testimonials and reviews:

Social media marketing is essential not just for product promotion but also to inculcate a sense of trust and reliability among the consumers. Recommendations by existing customers are the best way to get new customers to trust a brand's offerings.

5) Save money with social media refer and earn:

Even though referral services involve incentives in the form of free products, discounts or payments, these programs are considerably cheaper than most traditional marketing strategies. Businesses can also streamline rewards in the form of loyalty points that can be awarded to the referring customers.

Benefits of referral services for referring customers

We looked at the benefits of referral services for businesses. Let us see how they benefit the referring customers.

Referral services are the perfect side hustle for individuals to establish a secondary source of income that supplements the primary source and creates a much-needed financial safety blanket. Individuals can partner with brands and get free products, enjoy attractive discounts and earn money by referring the products to their loved ones and social media followers.

If you, too, wish to be a part of a referral program, check out the IDFC FIRST Bank MyFIRST Partner Program. As a registered MyFIRST Partner, you simply have to refer the IDFC FIRST Bank loans to anyone in your social network who needs a loan. And, if your referral leads to a successful loan disbursal, you earn a 1.5% payout, done on a weekly basis. Simple, isn't it? What's more, you can earn over Rs 50,000 per month just by referrals.

Check out MyFIRST Partner Program by IDFC FIRST Bank if you are looking for a convenient way to earn a second income from the comfort of your home and with zero investments. At present, there are 2 lakh+ users reaping the benefits.

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.