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The power of social referrals using Extole


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A case study of how to use Extole's social referral software to promote virtual card provider Entropay.

Published in: Business, Technology
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The power of social referrals using Extole

  1. 1. Growing the EntroPay user baseBusiness case for a refer-a-friend campaign December 19, 2011
  2. 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. 3. Duration – the longerthe better..
  4. 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. 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. 6. And some of the other benefits of social referrals..
  7. 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. 8. Typical share ofresponse by promotion placement
  9. 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. 10. ..billmyparents arelooking to goglobal..opportunity?
  11. 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. 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. 13. Campaign planning: populate and share the project planCampaign timeline: 1st quarter 2nd quarter 3rd quarter 4th quarter2012Actions Design program Review at quarter’s Review at quarter’s Review at quarter’s - determine Budget end end end - fix aim and obj’s (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 quarter’s end (tactics to improve performance) against KPIs
  14. 14. Growing the EntroPay user base = growing a community of brand advocates!