The latter referral marketing program benefits the existing customer through increasing reputation and gaining special treatment from the parent company through working For example, telecommunication companies may offer discounts or vouchers to customers and credit card companies may offer redeemable points, coupons or cash for a new service. The former is much more common and includes rewards such as cash, prizes, discounts, shopping vouchers or the service itself for a limited time. There are typically two types of referral programs: incentive payment and non-incentive payment. Lastly, is a reward or incentive given to the existing customer by the company for the successful conversion of their network to their products and/or services. Secondly, an overarching aim to convert an existing customer's networks to join as new customers.
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They are company driven in that they are actively managed by the parent company, different to organic WOM which involves the unprompted recommendation for a company's products or services through external interaction, free from company influence. There are three fundamental elements that help define and differentiate referral programs from organic WOM (word of mouth). Most recently, referral marketing has allowed companies such as PayPal, Dropbox and Airbnb to grow exponentially with their personalized referral programs.
Modern-day referral marketing now heavily relies on social media and the internet, allowing the scope of referrals to increase dramatically by reaching a far broader audience. In the past, referral marketing was purely focused on spreading information through verbal interaction with a close network. Referral marketing is a tool used by various businesses and corporations across a wide variety of different industries to grow and build customer bases.
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