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Each successful referral earned both the referrer and the new user additional storage, up to a limit.This allows users to experiment with the tool before committing. Examples: Nosto is a SaaS-based personalization platform designed for e-commerce businesses.
If you run an e-commerce store you can do a similar thing. I’ve seen a number of cutting edge e-commerce stores employ this tactic magnificently. My secret tactic involves a nice twist on this concept and is particularly lucrative when you combine it with recommending products with high profitmargins.
This method can provide several advantages, including higher profitmargins, better customer relationships, and greater control over the brand. Brands can act as their own distributors through various marketing strategies in the algorithm to target their key audience as e-commerce continues to grow.
The top metrics salespeople track are average profitmargin, sales productivity, YoY growth, revenue from new vs. existing customers, average revenue per user, and win rate. 66% say referrals from existing customers offer the best leads, followed by social media, tradeshows and events, telemarketing, and inbound marketing.
Research finds 53% of customers prefer to engage with businesses digitally, and 59% of shoppers make purchases from companies via social media, according to Salesforces State of Commerce Report. Is it profitable? Take a look at the margins to determine whether the products or services in your niche offer a viable profitmargin.
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