Referral Marketing is one of the most effective marketing technique extensively used by a variety of businesses. The use of referral marketing techniques is widely adopted by many internet companies as well. However, the segment hasn’t seen much innovation in almost a decade.
Note: This is a press release.
Referral Foundation, a UK-based organization has decided to change things in the referral marketing industry by promoting the use of cryptocurrency technology. The organization, an initiative of Referral Group Limited has also introduced a crypto token called ReferralCoin to set things in motion.
ReferralCoin is the first decentralized crypto token created exclusively for the referral economy which is estimated to be worth over 11 million dollars. With ReferralCoin, the Referral Foundation intends to educate the players about the benefits of digital currency and blockchain technology, while driving adoption simultaneously. The ReferralCoin is created while keeping the unique requirements and challenges faced by the industry in mind. The blockchain technology based solutions provided by the platform will create more opportunities while leveraging on transparency and ease of transactions.
The referral economy involves rewards for those who promote a brand, product or service within and beyond their network. Whenever a new user or a customer gets onboard, the person or the platform influencing its adoption is remunerated as a form of encouragement. Referral Foundation envisions ReferralCoin and its underlying technology to be adopted by the industry, to meet its complex payments structures. The use of smart contracts will help further automate the process.
Some of the advantages of ReferralCoin includes enhanced marketing, improved efficiency, and increased productivity. Studies have proven that customers gained through referral programs are more profitable and loyal than other customers. They are known to have a higher contribution margin and retention rate, making them valuable both in short and long term.
By creating a transparent and universal referral system powered by ReferralCoin, it will be easier for every company, entrepreneur and startup to make use of the infrastructure to create and run a profitable business.