Every financial institution would like more referrals. And for good reason; referred customers require fewer marketing resources and in turn generate more revenue at a lower cost . Perhaps even more compelling, a Harvard Business Review study shows that referred customers are nearly 20% more likely to stay with a bank, and generate over 15% more profits than other non-referred customers. 
It makes sense that loyal and highly satisfied customers are your best source for referrals. One of the biggest challenges to maximizing referrals is knowing how to identify highly satisfied customers and facilitating a means by which you can specifically ask those customers for a referral.
Recently, one of our customers confronted this challenge in two steps. Using the Micronotes platform they first launched a customer satisfaction survey, through which they were able to clearly identify highly satisfied banking customers.
Having identified the satisfied customers, the bank re-targeted those customers with a $50/$50 incentive referral campaign, directly asking for the name and contact information of a friend or family member for referral.
In the three weeks since the bank has launched the referral campaign, they’ve seen a 4.20% click through rate on the referral campaign itself and approximately 8% of responders agreed to provide a friend or family member’s information. Customers had the option to provide the referral information either during a phone call or email conversation with a banking representative.
If you could use some help facilitating the referral conversations with your customers, we’d love to help!