Increasing Referrals & Repeat Business

Lear Financial

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Client and Objective:

Lear Financial, a precious metals company, wanted existing clients and people who had inquired about precious metals but had not purchased, to refer any friends or associates they knew and may have an interest investing in gold. A letter and email was sent to customers letting them know about the program and that they win different types of GOLD COINS for each successful referral. Customers were directed to call Lear and give their email address or sign up directly online.

Campaign Strategy:

Customers would email friends a Coupon, created with the ReferNow coupon wizard, that entitled them to FREE Shipping and Insurance (up to $70.00) on the purchase of their first precious metals order… The referral had to be a new customer of Lear Financials and invest at least $1,500.00 dollars. Whenever a coupon was redeemed …Lear simply input the ReferNow unique coupon code into their programs back office. This would instantly send a thank you email to the referring customer and award them 10 points they could use to choose between any of the FREE GOLD COINS as their reward. All coupons, points and rewards were tracked by the ReferNow program.

Results:

Lear Financial, Inc started using the ReferNow program over five years ago. In the first year of using the program, Lear increased their referral business by 20% when compared to their previous referral marketing program. By the third year Lear had completely discontinued the previous referral program and began using the ReferNow program exclusively. Referrals had increased by 100% compared to their previous referral efforts. By year five, Lear had increased their business by 9% through referrals sales, which was responsible for an additional $6,000,000.00 increase in annual revenue!