Your customers love you and tell their friends all about your brand. So, you can develop and launch an advocacy marketing program to reward their loyalty, gain points as they complete referrals and bring in new customers for you.
Today’s marketing world is driven by metrics that let marketers track the effectiveness of what advocates say.
But how do you measure return on investment (ROI) from an advocacy marketing program? Here are several key metrics to consider.
Key Metrics for B2C Advocacy Marketing
1. Revenue Impact
Measure the revenue generated through your advocacy and engagement program to understand its financial contribution.
2. Lead Value
Track engagement metrics, including the number of active members, to see how effectively your program engages customers and converts them into advocates.
3. Conversion Rates
Analyze the percentage of members who become advocates by referring others and sharing their brand love.
4. Referral Success
Monitor the number of referrals converted into customers during specific time frames to gauge the program's effectiveness.
5. Reward Redemptions
Assess points redeemed to understand the monetary value of rewards and the engagement level of advocates.
Key Metrics for B2B Advocacy Marketing
1. Commission Tracking
Monitor points earned by channel partners to manage your spending on incentivizing referrals, comparing these costs to revenue generated from new customers.
2. Engagement Metrics
Evaluate the interaction levels of your partners and how many have participated in advocacy efforts, helping to strengthen B2B relationships.
3. Long-term Relationships
Focus on the loyalty and retention rates of partners who engage with your advocacy program, as this will impact overall business growth.
Wrap up!
By measuring these results, you’ll gain valuable insights into how advocacy marketing fosters loyalty and fuels your company’s growth.
Tada is here to be your trusted partner in building loyalty, whether you're focusing on end customers or channel trade partners.
Our loyalty and rewards platform is designed to meet your unique needs, offering flexible options like on-premise and private cloud solutions to ensure compliance with any security standards. Request our demo now.
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