ChristianFinding referral programs that work can be a difficult task for some small businesses. A critical reason behind this issue is following specific referral programs that have been efficient for others, but without adding customization to cater to the business owners offerings. Another reason why referral programs can fail is a user’s lack of understanding about a myriad of issues that include everything from confusion about the referral system itself, to using the options available improperly.
What Makes a Referral Program That Works?
While there is no one available referral program that will work universally, there are a few that have show tried-and-true results for those who have utilized them. Most often, an efficient referral program will combine one or more types of referral programs together. The types of referral plans are:
- Publishing Referrals
- Product Referrals
- Social Networking Referrals
Finding a good combination to customize for your business is imperative. One of the best methods for affiliate or referral marketing is to combine publishing referrals with product referrals. If a business focuses more on services, it may be better to focus on publishing and social networking referrals. Without a product to list on other types of referral networks, that option is out.
Referral Programs Known to Work
Amazon – Amazon offers their referrers the chance to earn cash for every product purchased through their affiliate ID. This means that once a product is listed, anyone who works as an Amazon affiliate may also promote a business’s products.
eBay – eBay’s Partner Network allows affiliate marketers to apply promotional content on their website in order to drive traffic to Ebay or one of their partners.
ClickBank – ClickBank works well for those who have no products to offer as well. ClickBank users can decide for themselves which products they would like to promote on their site. Affiliates for ClickBank commonly earn high percentages on their kick backs.
Even though there are several more options for referral programs that work, they are likely very similar to the above website’s referral methods. Most website owners who affiliate market their own or the products of others will agree that using just one referral program probably isn’t going to create a significant enough passive income to quit the day job over.
In order to grow that income, affiliate marketers need to produce their own creative and entertaining, if possible, system of referrals, that is tailor made and optimized to create kickbacks and passive income, while being promotional enough to qualify as direct income.
Referral Programs That Will Work for Your Business
The best way to find referral programs that work perfectly for your business is through a bit of trial and error. Always weigh the benefits offered by the referral site against the vision you have for your company, as well as the bottom line costs that will affect it. When a referral program takes more from your business than it gives back, it is time to tweak and customize that system until it becomes more beneficial.
Christian Fea is CEO of Synertegic, Inc. A Joint Venture and Referral Marketing firm. He exemplifies how to profit from Joint Venture and Referral relationships by creating profit centers with minimal risk and maximum profitability.
Click here for more Referral Program Strategies to help you increase your profits.