Referral marketing

Referral marketing is a strategy that encourages existing customers to refer new customers to a business or product. It relies on word-of-mouth recommendations to drive customer acquisition and retention. Referral marketing often rewards both the referring customer and the new customer with incentives such as discounts, free products or services, or other benefits. This category involves various techniques such as referral programs, affiliate marketing, influencer marketing, and customer loyalty programs. Referral marketing can be an effective way to acquire new customers who are more likely to convert and become loyal to a brand or product due to their trust in recommendations from people they know or trust.