Dan Martell - March 19, 2018


How To Create a Referral System for Your B2B SaaS


Episode Stats


Length

5 minutes

Words per minute

191.93198

Word count

1,061

Sentence count

53


Summary

Summaries generated with gmurro/bart-large-finetuned-filtered-spotify-podcast-summ .

In this episode, Dan Martell talks about how to create a referral system to get your current customers to share your product with a new customer without overthinking it. He talks about the benefits of using a referral page and why it's a must-have feature in your product.

Transcript

Transcript generated with Whisper (turbo).
00:00:00.000 Hi, I'm Dan Martell, serial entrepreneur, investor,
00:00:02.300 and creator of SaaS Academy.
00:00:03.580 And in this video, I'm gonna share with you
00:00:05.020 how to create a referral page system
00:00:07.580 to get your current customers sending you new customers
00:00:10.440 without overthinking it.
00:00:11.780 And be sure to stay to the end
00:00:12.780 where I'll tell you how to get my exclusive
00:00:14.440 referral page blueprint to get you going as fast as possible.
00:00:30.000 You probably realize this but one of the easiest ways to get
00:00:33.800 high quality, excited customers for your product is to ask your
00:00:37.500 current users to share it with a friend.
00:00:39.740 You've seen this with the Dropbox.
00:00:41.980 Everybody knows their story but they went from a thousand,
00:00:44.780 a couple thousand users to millions of users by ensuring
00:00:48.520 they've incentivized their customers at the right time to
00:00:51.280 share their product with a friend.
00:00:52.580 I've been doing it in every one of my companies.
00:00:54.460 Most recently with Clarity.fm, before that Flowtown and it's
00:00:57.520 something that I coach all of my clients to implement in their
00:01:00.720 product day one.
00:01:02.260 Step one, choose a win.
00:01:04.920 If you've ever had anybody, and this could be like a gym or a
00:01:07.920 local business or even a software product you're visiting their
00:01:10.860 website, ask you to share that product with a friend before
00:01:14.880 you've even used it then you realize that that strategy does
00:01:18.340 not work.
00:01:19.180 The reason why is you need to figure out what is the moment
00:01:21.620 within your customer's user experience or journey that gets
00:01:24.920 them a win and prompt them at that moment because it's on that
00:01:28.220 high when they've just gotten the result that you've promised
00:01:32.520 that they're most eager and likely to share that product with
00:01:36.500 somebody that they know would be an ideal customer for them.
00:01:39.460 So you need to choose a win and insert the ask or the referral
00:01:43.440 at that moment.
00:01:44.640 Step two, give to both.
00:01:47.240 The super specific strategy that you need to implement when
00:01:50.480 you're building a referral system is not only to reward the
00:01:53.040 the customer you're asking to share it with,
00:01:55.940 but you need to give them something that rewards the receiver,
00:01:59.640 the new customer because you need to create the mindset that
00:02:03.860 there's an exclusive opportunity that their friend or colleague
00:02:07.580 will only get if they take action today.
00:02:11.200 Meaning that if they go to the homepage and they sign up for
00:02:13.360 the product, they're gonna get a list of features but if they use
00:02:17.640 the link that that person referred, they get an enhanced
00:02:21.140 version of the product.
00:02:21.980 This could be more space as Dropbox does.
00:02:24.720 This could be a longer trial as many B2B software tools do.
00:02:29.360 This could be any other little perk or tweak to the features
00:02:32.880 that allows them to get a benefit only received when that
00:02:36.780 individual shares their referral link.
00:02:38.820 That is key.
00:02:39.660 Both need to win.
00:02:40.860 Step number three, make it easy.
00:02:43.320 Most people do something simple as providing a link,
00:02:46.480 a referral link that if your customer shares,
00:02:48.740 it gets tagged to their account so they receive
00:02:50.940 the credit for that new customer sign-up.
00:02:53.040 But you need to take it to another level.
00:02:55.180 You need to make it so simple that within the interface
00:02:58.340 they don't have to leave to share.
00:03:00.440 Maybe it's as simple as clicking some check box
00:03:02.420 and sharing on their Facebook, Twitter,
00:03:04.120 or other social networks.
00:03:05.660 Or even more so, going to the next level deeper
00:03:08.360 and don't even make them think about the copy
00:03:10.660 that they should share in the tweet.
00:03:12.320 And better yet, and this is the ultimate,
00:03:14.060 if you provide the opportunity for your customers
00:03:16.900 to use email, write the email for them.
00:03:19.540 For you to think that your customer is going to be able
00:03:21.740 to explain your product or define the benefits
00:03:24.480 and the features in a way that's going to entice
00:03:26.440 the receiver to click that link, register,
00:03:28.520 and try out your product, you're dreaming.
00:03:30.820 Work with a copywriter, write the email,
00:03:33.280 make everything executable in one spot
00:03:36.520 and really make it easy for your customer.
00:03:38.920 Step number four, seed it.
00:03:41.120 You know, one of my favorite things to do
00:03:43.400 when I design product is to hint towards
00:03:46.940 the next step in the interface.
00:03:48.700 And that could be as simple as having an invite a friend box
00:03:53.000 in the top right corner of your product.
00:03:54.740 It could be a modal window, a pop-up that shows up at one
00:03:58.180 point and say, you know, at some point we might ask you to do
00:04:00.680 one of these three things.
00:04:01.880 It could be even a link in an email.
00:04:04.080 But whatever you do, you need to seed your referral system so
00:04:07.980 that customers know that it's coming and they can expect it.
00:04:11.060 And some people are going to be so excited, especially if you
00:04:13.000 offer, you know, extended trials or discounted pricing for
00:04:17.220 inviting new friends or you might actually pay them with
00:04:19.920 real dollars, you need to make sure that you bring that
00:04:23.120 awareness to them.
00:04:23.920 So many times I see products that have a referral system but
00:04:27.500 it's buried in the product and customers using it never get
00:04:31.960 exposed to it.
00:04:32.660 They don't see it via email, prompt in the interface or in
00:04:36.240 the navigation.
00:04:37.240 If you want to get people to use that and refer other
00:04:39.980 customers, you need to see it inside the product.
00:04:42.880 So quick recap, number one, choose a winning moment.
00:04:47.040 Number two, give to both parties.
00:04:49.040 Number three, make it easy, write the copy.
00:04:51.940 Number four, seed it in the interface
00:04:54.420 so they are aware that there is a way
00:04:56.520 for them to be rewarded.
00:04:57.840 As I mentioned, I want to share with you
00:04:59.100 an exclusive download, my referral page blueprint.
00:05:01.940 You can click the link below in the description
00:05:03.820 to download the wireframe and the specific features
00:05:06.680 that you need to build a referral system
00:05:08.940 that's not complicated and doesn't get you
00:05:11.060 to overbuild that process.
00:05:13.160 If you like this video, be sure to click the like button below,
00:05:15.720 hit subscribe and share it with a friend.
00:05:18.880 Thanks for watchin', I'll see you in the next video.
00:05:22.240 I don't understand, Jared, I wasn't doing the story before.
00:05:25.000 I would just get into it.
00:05:26.020 Are you saying I should do it?
00:05:27.620 At the end of last round.
00:05:29.200 Okay.
00:05:30.040 So we weren't doing it.