Sample interview questions: Have you ever developed and executed a referral marketing program? What metrics did you use to measure its success?
Sample answer:
Metrics used to measure the success of a referral marketing program:
- Number of referrals: This is the most basic metric to track, as it shows how many people are actually referring your business to their friends and family.
- Conversion rate of referrals: This metric shows what percentage of referrals actually end up becoming customers.
- Customer lifetime value (CLTV) of referred customers: This metric shows how much revenue referred customers generate for your business over their lifetime.
- Return on investment (ROI) of the referral program: This metric shows how much money you are making back for every dollar you invest in your referral program.
Tips for developing and executing a successful referral marketing program:
- Make it easy for customers to refer your business: Provide customers with clear instructions on how to refer their friends and family, and make it easy for them to do so.
- Offer incentives for referrals: Offer cus… Read full answer