Referral marketing is a growing field, today we have 10 year olds working all the time promoting products that they never have used and they might never have seen. The market has seen so much spike these days that even the really unworthy products end up getting referred and bought by people.
This brings me to the question that what makes referral marketing such a lucrative business. Why is everybody rushing forth to get a piece of this cake?
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A simple answer can be that people need time in their lives. Time to have more fun, time to sleep more. Time to work more. They don’t want to waste their time making decisions which might not be linked to survival or extremely important stuff.
Referral marketing fits in this very place and works in the way of easing the whole process of finding a thing which is suitable for us or meets our needs.
I can explain this with a very elaborate example. A blogger friend of mine Pradeep Kumar runs a device blog called as DeviceBar. Now every time he posts something about any gadget and refers it via his links, I am compelled to buy the product. Not because it’s too awesome.
But only because I trust the person and I know what he has promoted must be an awesome product and truly value for money.
So this example was just a short insight, let’s cover the top 5 reasons why referral marketing is the future of online earning:
1.) People need to be saved from the hard decision making process. They want their decisions to be automated. To be offloaded to those they trust.
2.) Referral marketers can build a huge market if they own a good brand. For example : Everyone knows Neil Patel as the go to guy for SEO. If he promotes a new SEO product tomorrow people might even line up for buying the product. That’s the power of branding and it can’t be bought in a day or so.
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3.) The payout can be huge for good referral services. Barring a few websites like Flipkart and others, the payout is quite good on hosting packages and other referral marketing products.
4.) The demand for gadgets and technical goods is bound to increase with time. So there’s a whole untapped market in the making which requires decent referral services and people who actually promote good products.
5.) The need for people based services will never go down. For sure technology can improve and reduce human interaction and efforts required in anything. But in the selling business everything depends upon that human touch, that close kinship that a seller generates with the people buying products from them.
Whenever we think about referral marketing we think about shady people spamming different groups with their links and promoting their stuff like crazy. But it isn’t so entirely.
Some of this jocks earn so much money that they could sleep on it daily. Money earned from other various sources like owned media and websites is on the decline day by day.
This is because the competition is too much and there’s already a trove of content lying unred out there. Why would anyone want to invest money on such a business. Simply put, services and the idea of referring products is more rewarding in the long run and people can earn better and more with it.
If you like at any pro marketer they too follow the same strategy, firstly they build a brand and then they use their brand power to refer the services through which they can earn good money and this in turn benefits them as well as the users who get a good product without the pain of research and too much thinking.
So, did you like our “top 5 reasons why referral marketing is the future of online earning” post?
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