Starting a referral marketing platform requires a great deal of effort, dedication, and most importantly passion.
If you're interested in how to sell referral marketing platform, or selling referral marketing platform online, you can use this page as a guide for everything you'll need to know.
Want to learn more? You can check out our full guide on how to start a referral marketing platform ➜
|Min Startup Costs||Max Startup Costs|
|Office Space Expenses||$40||$2,350|
|Employee & Freelancer Expenses||$0||$4,000|
|Equipment & Supply Expenses||$500||$5,000|
|Business Formation Fees||$600||$4,700|
|Advertising & Marketing Costs||$0||$1,400|
|Total Startup Costs||$1,534||$27,569|
|Referral Marketing & Customer Retention Software||mention-me.com||#71,464|
|Flexibility||You can put as much time into the business as you'd like. If you like the work and have some initial experience, you can start small and manage all aspects of the business on your own.|
|Ability to start your business from home||It's not necessary to have a physical storefront or office space to get your business started. You can do everything from the comfort of your own home, at least in the beginning!|
|Little startup costs required||The cost to start a referral marketing platform costs significantly less money than most businesses, ranging anywhere from 1,534 to 27,569.|
|Rewarding work||Starting a referral marketing platform can be really rewarding work. After all, you are solving an immediate issue for your customer and you're working on something you truly care about.|
|Scalable||With businesses and processes changing daily, there will always be demand for new features, products and services for your business. Additionally, there are several different business models and pricing tiers you can implement that will allow you to reach all types of customers.|
|No overhead costs||To get your referral marketing platform started, there are no costs associated with overhead, storage, packaging, etc. This will save you a lot of time and money!|
|Crowded Space||Competition is high when it comes to your referral marketing platform, so it's important that you spend a good amount of time analyzing the market and understanding where the demand lies.|
|Longer Sales Process||A referral marketing platform can be a big time and money investment for your customer, so it's important you plan and predict a longer conversion funnel and stay in communication with potential customers.|
|Work can be inconsistent||As a referral marketing platform, the amount of work assigned to you and schedule tends to be more inconsistent, which may make your income less stable. It's important to set boundaries and budget accordingly based on the amount of work you plan to have.|
|Lack of benefits||With a referral marketing platform, you are typically self-employed and responsible for finding your own insurance, which can be quite costly and time-consuming.|
|Isolation||Often times, as a referral marketing platform, you typically work alone and do not have much face-to-face interaction with other team members.|
|Taxes||As a referral marketing platform, you typically pay self-employment taxes which can be quite high. It's important to understand what you will be paying in taxes each year so you can determine if the work you're taking on is worth it.|
Affiliate marketing is a great way to bring in a new revenue stream, especially when you don't sell products or services.
Simply put, an affiliate program is an agreement where a business pays another business or influencer ("the affiliate") a commission for sending traffic and/or sales their way.
The affiliate typically gets a unique link where clicks and conversions can be tracked.
Word of mouth is when a consumers reflects their interest in a company’s product or service in their daily dialogues.
Therefore, word of mouth advertising is essentially a free advertising triggered by the customers experience.
According to Nielsen, 92% of people trust recommendations from friends and family.
Therefore, in today’s hyper-connected world, a single recommendation through a word of mouth can have a huge impact to your business.
Social media advertising is one of the leading ways to get the word out when it comes to referral marketing platform.
There are various different Social Media platforms available to you. Some may be more critical for your marketing efforts than others, however, it's important to have an understanding of what's out there and available to you.