What is Referral Monitor?
Referral Monitor is a web based application which allows you to manage a referral marketing campaign with minimum hassle.
Like most of the other web based applications/services Referral Monitor offers 4 separate packages based on the features. Pricing starts from $5.99/month and goes up to $19.99/month mainly depending on the number of referrals you can add for a given month.
You also could sign up for their FREE account (with limited functionality) to familiarize with the application before subscribing for a paid account.
Why Use Referral Marketing?
The world is overwhelmed with marketing and advertising; with so many, often conflicting, messages it is no wonder today’s consumer discounts what they see on a billboard, hear on the radio or see on their screen- TV, computer and mobile phone alike! Consumers are increasingly turning to one channel they can trust: friends and colleagues that have personal experience with the product or service under consideration.
Effective referral marketing does not have to include ad campaigns, discounts, coupons or fancy gifts. Many businesses that don’t use rewards, or are prevented by regulation from doing so, mistakenly operate under the assumption they can’t do referral marketing. Nothing is further from the truth. The most important referral marketing campaign isn’t a campaign at all; it is a way of doing business.
Referral marketing leverages another sales force to grow business. This channel, also known as the existing customer base, is low cost and highly effective. Like any channel, however, it does take some management to flourish.
As mentioned in the above section referral marketing campaigns are one of the most effective ways to promote your small business products and services. But managing a good campaign is a daunting task due to the complexities such as monitoring the referrals, rewarding them, etc. This is getting more complicated if you expect to have several levels of the campaign. Referral Monitor seems a good attempt to simplify the process and help you with your small business referral marketing campaigns with the minimum cost.
However I’d like to see them (Referral Monitor team) improving this application to make it a real success.