Agents Do The Math On The Value of Referrals
Inexpensive online rewards programs help agents improve CLV ReferNow.com, the leading web-based customer and referral rewards program, announced a new program that helps insurance agents increase Customer Lifetime Value (CLV).Customer Lifetime Value (CLV) projects the value of a customer over the entire history of that customer’s relationship with a company. Agents that measure CLV generally place emphasis on long-term customer satisfaction, rather than on maximizing short-term sales. ReferNow.com helps health, auto and life insurance agents leverage their relationships with existing customers and increase CLV by offering rewards for new customer referrals. Referrals are my bread and butter, said Bill Levin, co-founder and president of www.HealthInsurancePricing.com an online portal that allows consumers to price various health plans. â€œI see so many agents spending thousands of dollars on new customer acquisition this approach is becoming less and less effective. The best way to grow your business in the long-term is by mining your existing customer base for referrals. One of the easiest things you can do to rapidly increase the value of every customer you worked so hard to acquire. Agents who use ReferNow.com and actively conduct a referral marketing campaign will inprove CLV, lower advertising costs and increase the number of referrals they receive. Whether you are an independent agent or a marketing coordinator for a larger agency, asking for referrals from your existing customers can quickly build your business. It is the best way to increase the CLV of every customer. Plus, at $49.95/month, ReferNow.com quickly pays for itself.