Track referral campaign to reduce SaaS churn
Creating a referral program isn’t enough rather you need to track performance regularly. Identify the right success metrics consistent with your program’s goals. Track engagement of existing customers and referrals, and take necessary improvement actions.
How to use the technique
- Identify the right metrics to measure success. Look at the goals of your referral program for metric identification. Are you trying to increase sales, revenue, leads, or something else? Not sure how to do it? Grab our free churn optimization framework for more details.
- Set tracking to track events and actions. Track referral links. Intimate customers on the progress of their referrals.
- Generate daily, weekly, and monthly reports. This is crucial. Daily and weekly reporting help you identify bugs and loopholes on time. Constantly monitor your referral program to fix issues before they convert to massive challenges.
- Compare reports with industry benchmarks and your previous reports. Do improvements increased referrals? If yes, at what percentage? Compare last year’s churn rate with the current year’s.
- Identify success. Again it has to be linked to your company’s and referral program’s objectives. Do you really consider the numbers as successful? Is it really a long-term success?
- Tweak and improve referral program. Measuring success won’t help much if you won’t take the necessary actions for improvement. Track, measure, tweak, and improve. Get our free guide on tracking and tweaking.
Mistakes to avoid
- Hesitating to change referral program goals. Don’t hesitate to change the goals if it isn’t working. It’s better to change your referral program instead of shutting it down permanently.
- Not quantifying metrics. It’s challenging to quantify metrics like engagement and brand awareness. However, you have to do it for measurement, tracking, and decision-making. It is necessary to track all the metrics.
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READ MORE ON THE TOPIC
> How to set-up a referral program for any industry
> How to Build a Customer Referral Program
> 7 Steps to Launch: How to Run Your First Referral Program
> 5 Quick Tips to Building a Customer Referral Program
> How To Set-Up Data-Drive Referral Marketing Campaign Goals
The Advocate Marketing Playbook by Influitive found that leads generated by referral programs are 4-10x more valuable than other lead types. It was suggested in the report to measuring metrics for program success to ensure your referral program is doing well.
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