Global Referral Marketing Software Market: Introduction
Referral marketing software is the internet-based, or Software as a Service (SaaS) approach to traditional referral marketing. Referral marketing works by tracking customer behavior online through the use of web browser cookies and similar technology. Online referral marketing can potentially increase brand awareness and revenue of a company.
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Global Referral Marketing Software Market – Dynamics
Increased Scope for Customer Acquisition and Retention via Digital Platforms
The scope of digital media and digital platforms has increased across the globe. The need for customer acquisition and retention via digital platforms is increasing exponentially. Demand for a platform that can easily communicate, generate leads, advertise products, and enable customer acquisition has increased with the rising number of social media and smartphone users. This has resulted in increasing adoption of referral marketing software which could help the sales and marketing department to easily communicate with the customers as well as maintain the efficiency in communication.
Improves Operational Efficiency
Referral marketing software has reportedly increased the efficiency of companies with respect to spending on advertisements. Earlier, the cost of lead generation, communication, and campaigning was comparatively high, which restricted companies from investing more on advertising. But, the ROI has increased with referral marketing software. Adoption by SMEs and startups to advertise their products via advance digital technology has also increased, which is driving the growth of the referral marketing software market.
Lack of Professional Expertise with Regards to Digital Advertising Platforms
The number of professional experts in digital marketing management and with the skill set to manage referral marketing software is comparatively less. The level of HDI is low, majorly in Asia Pacific and South America compared to other regions. Therefore, the number of skilled and professional workers is low in these regions. Lack of awareness and low HDI is restricting the growth of the referral marketing software market.
North America Expected to Dominate the Global Referral Marketing Software Market
In terms of region, the global referral marketing software market can be divided into North America, Europe, Asia Pacific, South America, and Middle East & Africa. North America is expected to dominate the global referral marketing software market during the forecast period, due to strong digital infrastructure, specifically in the field of digital advertising.
COVID-19 Impact on the Global Referral Marketing Software Market
It is estimated that the lock down period in many countries across the globe due to the outbreak of COVID-19 has positively impacted growth of the number of social media users and online users. With this, the scope of digital campaigning, broadcasting, and advertising has also increased and it is expected that increasing number of social media users would positively impact the growth of the referral marketing software market.
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Global Referral Marketing Software Market – Competitive Landscape
- In August 2019, Amplifinity, the leader in referral partner management software was acquired by Impartner to streamline the management of the emerging channelpartners
Established in 1997, Impartner provides the most advanced SaaS-based Partner Relationship Management (PRM) solution, helping companies worldwide manage their partner relationships and accelerate revenue and profitability through indirect sales channels. Impartner was acquired in 2015 by Kennet Partners. The company delivers the top SaaS-based PRM solution across the globe.
Global Referral Marketing Software Market: Segmentation
The global referral marketing software market can be segmented based on:
- Enterprise Size
Global Referral Marketing Software Market, by Enterprise Size
Based on enterprise size, the global referral marketing software market can be divided into:
- Small & Medium Enterprises
- Large Enterprises
Global Referral Marketing Software Market, by Industry
Based on industry, the global referral marketing software market can be divided into:
- Banking, Financial Services & Insurance
- Telecom & Information Technology (IT)
- Wholesale Distribution
- Non-profit Organizations
- Food and Beverage
- Others (Hospitality, Government, and Public Sector, etc.)
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.