the power of social referrals using extole
DESCRIPTION
A case study of how to use Extole's social referral software to promote virtual card provider Entropay.TRANSCRIPT
- 1. Growing the EntroPay user baseBusiness case for a refer-a-friend campaign December 19, 2011
- 2. Campaign planning: starting points Goal: acquire new customers via referrals from existing customers First, decide a timeline for this campaign, eg: over four quarters. Second, confirm that the target referral figure: eg: 10% of 1m users = acquisition aim of 100K users. Thirdly, how can we target existing users to refer, eg: top 10% to generate the new users?
- 3. Duration the longerthe better..
- 4. Campaign planning: user base Tactic: to target from EntroPay database the most active users with the highest average order value your brand advocates Benefit: the added benefit that new users generated this way more active users of EntroPay Design: This built into the design of the referral programme
- 5. Campaign planning: referral design Incentive: structure of the program would need to set the level of the offer and the sign up reward Offer: eg: 5 for referrer, 5 for each friend, with rising scale for multiple sign-ups >> Budget Channels: promoted via Website, Facebook, Twitter, Email and Personal URLs Business bonus: What are some of the other benefits of a successful referral campaign? >>
- 6. And some of the other benefits of social referrals..
- 7. Campaign planning: channels Timeline: after confirming a target timeline, and a budget, and which users to target on the database, what next? Channels: we need to consider which channels best to use Tracking: and we need to have a robust campaign tracking system to monitor performance for easy reporting
- 8. Typical share ofresponse by promotion placement
- 9. Campaign planning: channel execution CMS: look to get access to the CMS to generate banners, and a landing page which has analytics set up to monitor success Social: plus set up Facebook Page, with landing page, using FB Insights Email marketing: use Dotmailer to A/B test email marketing based on variations of subject line again to monitor and adapt campaign across timeline
- 10. ..billmyparents arelooking to goglobal..opportunity?
- 11. Campaign planning: In-house vs 3rd party Builder: final element is to consider in terms of the costing as to whether a specialist social marketing provider would return a higher ROI Benefits: 3rd party specialist would have the advantage of built-in metrics, cross-sector expertise, and ability to tie together the channels in one dashboard
- 12. Campaign planning: Using simple KPIs PLAN Increase in user base by 10% over a given timeKPI Objectives period Metrics Numbers of new users signed up Benchmark 5% increase at campaign mid-point Ensure weekly monitoring to track results Results >> feedback performance into programme design reviews
- 13. Campaign planning: populate and share the project planCampaign timeline: 1st quarter 2nd quarter 3rd quarter 4th quarter2012Actions Design program Review at quarters Review at quarters Review at quarters - determine Budget end end end - fix aim and objs (tactics to improve (tactics to improve (tactics to improve - in-house/ 3rd party? performance) performance) performance) Launch program (home page; email; social channels) Review at quarters end (tactics to improve performance) against KPIs
- 14. Growing the EntroPay user base = growing a community of brand advocates!