Namaste to all the yogis out there! If you're running a yoga studio, you know the importance of spreading the love and sharing the zen with as many people as possible. But, how do you get the word out there? Enter referral marketing - the secret weapon for growing your studio. Join us as we delve into the world of word-of-mouth marketing and explore how to set up a referral program that will 3x your revenue.
According to a report by Neilson
92% of respondents trusted referrals from people they knew.
Companies with formalized referral marketing programs experienced 86% more revenue growth over the past two years when compared to the rest.
But how to create a referral program that is successful?
It is important to understand the reasons for failure.
One of the biggest reasons why referral programs fail - the process of referring is too complicated.
If there are 5 steps for your client to refer someone, there is a possibility that he might drop out of the process is much higher versus a program that can be implemented in 1 step.
Another friction could be non-availability of your program on mobile apps through which clients can easily share your business.
The third and last friction is that the program is being difficult to find and share. Make sure that your clients are able to easily locate the program and can intuitively share it with friends and family.
The worst incentive that you can give out in your referral program is — Cash!
Do you know why?
The most cost-effective reward?
They keep money in your business and give valued customers a reason to keep coming back (and keep spreading the word!)
Follow this step-by-step method to create a referral program that will not fail:
As the first step, structure your program, decide the incentives and rewards to be given. One of the best referral programs is:
One of Bookee’s clients, Booster Transform, ran a very successful referral program after which they ended up adding almost $51k to their revenue.
The structure of Booster’s program is:
The referral program offers a trial class to your friends for free when referred, and if they attend a 2nd class at Booster, the one who refers gets a free class.
Different incentives that can be offered are:
Your referral program should be communicated in a way that it catches attention. It should sound like there is value in the program. This value will motivate your clients to refer more.
Your yoga studio management software should facilitate a friction-free referral experience. Your clients should not have to spend time to figure out how to refer. It should be a single step process.
One of the most crucial step: promoting the program through different channels.
The ultimate success of your referral programs is when the referred clients become your regular paying customers. This can only happen when you provide them with a great in-studio experience. Keep a track of the referred clients and give them a personalised and welcoming experience.
Let us spill the beans on how businesses create a successful referral program.
Create class packs and offer some premium services along with them.
Since, these classes are premium, each class becomes a more valuable class. Due to this, the perceived value of each class goes high.
At this point, a free class becomes a big reward to get.
Hence, giving a referral becomes very enticing since your clients are getting something very valuable in return.
Bookee knows that one of the most profitable channels to grow is referral marketing which is why we have created a referral marketing setup that is easy and intuitive and will surely help you add clients to your studio just like it did for Booster Transform.
What Bookee offers is:
Setting it up is also extremely simple.
To set up a referral program on Bookee, you can follow the below steps:
New customer offer:
Referring customer offer:
Looks pretty simple, right?
Setup your referral program for success right away!
Enable it through the best tech around - Bookee!