Referral approach
Referral approach, or referred approach, is a marketing strategy in which businesses encourage their customers to refer new customers to them. This is typically done through word-of-mouth or by providing incentives for referrals.
For example, a company might offer a discount to a customer if they refer a friend who makes a purchase. This not only helps the business acquire new customers, but also strengthens the relationship with existing customers.
Another example of a referral approach is when a company partners with other businesses to cross-promote each other’s products or services. This can help both businesses reach a larger audience and generate more sales.
Overall, the referral approach is a cost-effective way for businesses to acquire new customers and build loyalty with existing customers.
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