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.
Key Benefits of Report:
- This study presents the analytical depiction of the industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the referral marketing software market share.
- The current market is quantitatively analyzed to highlight the referral marketing software market growth scenario.
- The report provides a detailed market analysis based on competitive intensity and how the competition will take shape in the coming years.
Questions Answered in Referral Marketing Software Market Report:
- Which are the leading market players active in the referral marketing software market?
- What would be the detailed impact of COVID-19 on the referral marketing software market?
- What current trends would influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the referral marketing software market?
- What are the projections for the future that would help in taking further strategic steps?
Referral Marketing Software Market Report Highlights
By Deployment Type
By Industry Vertical
Key Market Players
Extole, Tapfiliate, Post Affiliate Pro, Referral Candy, Referral Rock, Mention Me, Refersion, Annex Cloud, Hello Referrals, OmniStar, Zinrelo, Buyapowa InviteReferrals, Invitebox, Friendbuy, Referral SaaSquatch, Rocket Referrals, Genius Referral, Amplifinity, Campaigned