Report Code: A15204 | Pages: NA | Apr 2023 | 680 Views | ||
Author(s) : NA | Tables: NA | Charts: NA |
|
Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Referral Marketing Software Market
Request Now !Referral marketing software is the internet-based, or Software as a Service (SaaS) approach to traditional referral marketing. Referral marketing works by tracking online customer behavior through the use of web browser cookies and similar technology. Online referral marketing can potentially increase brand awareness and revenue of a company.
The surge in penetration of advanced technologies and digitalization support e-commerce and online retailers in transforming customers’ shopping experiences. The adoption of shopping technologies enables to reach more customers. This increases the competition between brands to acquire a large customer base. To gain new customers, enterprises offer discounts, cashbacks, and new deals to customers for referring the brand to others.
COVID-19 Scenario Analysis:
It is estimated that the lockdown period in many countries due to the outbreak of COVID-19 has positively impacted the growth in the number of social media users and online users. With this, the scope of digital campaigning, broadcasting, and advertising has also increased. The increase in the number of social media users is expected to positively impact the growth of the referral marketing software market.
It also affects the buying behavior of consumers. Brands across industries witness a sudden drop in sales owing to the changing customer priorities amid the COVID-19 crisis. Hence, marketers put more emphasis on referral marketing strategies as people trust recommendations from family and friends rather than any other source.
Top Impacting Factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis
The scope of digital media and digital platforms has increased globally. The need for customer acquisition and retention via digital platforms increases exponentially. The demand for a platform that can easily communicate, generate leads, advertise products, and enable customer acquisition has increased with the rise in the number of social media and smartphone users. This results in the increase in adoption of referral marketing software, which is expected to help the sales and marketing department to easily communicate with customers and maintain efficiency in communication.
Referral marketing software has reportedly increased the efficiency of companies with respect to spending on advertisements. Earlier, the cost of lead generation, communication, and campaigning was comparatively high, which restricted companies from investing more on advertising, but the ROI has increased with referral marketing software. Adoption by SMEs and start-ups to advertise their products via advance digital technology has also increased, which drives the growth of the referral marketing software market.
Referral marketing software enables companies to target a mass consumer base. However, the software is not supportive if the company aims to customize its selection of target audience. The marketer or the brand has no control over the selection of the types of customers for its marketing strategy. During its practice, there are chances that the referred customer might not be fit for that product or service. This is anticipated to adversely affect sales and spending of companies and is also a major restraint for the market.
Â
Key Benefits of Report:
Questions Answered in Referral Marketing Software Market Report:
Referral Marketing Software Market Report Highlights
Aspects | Details |
---|---|
By Component |
|
By Deployment Type |
|
By Type |
|
By Industry Vertical |
|
By Region |
|
Key Market Players | Referral Candy, Extole, Refersion, Amplifinity, Referral Rock, Friendbuy, Referral SaaSquatch, OmniStar, Zinrelo, Tapfiliate, Post Affiliate Pro, Buyapowa InviteReferrals, Annex Cloud, Invitebox, Rocket Referrals, Mention Me, Campaigned, Genius Referral, Hello Referrals |
Loading Table Of Content...
Start reading.
This Report and over 19,945+ more Reports, Available with Avenue Library. T&C*.
Enterprise
License/PDF
Library
Membership
*Taxes/Fees, if applicable will be added during checkout. All prices in USD
To ensure high-level data integrity, accurate analysis, and impeccable forecasts
For complete satisfaction
On-demand customization of scope of the report to exactly meet your needs
Targeted market view to provide pertinent information and save time of readers
Get insights on topics that are crucial for your business. Stay abreast of your interest areas.
Get Industry Data AlertsTo ensure high-level data integrity, accurate analysis, and impeccable forecasts
For complete satisfaction
On-demand customization of scope of the report to exactly meet your needs
Targeted market view to provide pertinent information and save time of readers