Most people today do not know that only three percent of the GDP is online, even if eCommerce is increasing day by day. That’s why we’re excited to join the Stripe Partner Program to increase internet commerce and help companies start, run, and scale their businesses through word of mouth referrals. By joining the program, our mutual customers will now benefit from the combination of btwn’s technology with Stripe’s seamless payments platform.
We believe that removing barriers to online commerce helps more new businesses get started, levels the playing field, and increases economic output and trade around the world. Together with Stripe, our mission is to bring more commerce online through referral marketing and increase the GDP of the internet.
btwn is a seamless referral marketing solution we created to help B2C and D2C companies grow their customer base by using word of mouth referrals. The patented technology used on btwn can automatically track and reward a customer that makes a referral to a friend or family member without the need to share a referral code or link.
Our solution helps Stripe customers grow their revenue through word of mouth referrals and, at the same time, transforms customers into loyal buyers and fans of your brand.
Here are some of the benefits that Stripe customers will have when joining btwn:
Increase your customers lifetime value through repeated purchases
The solution we developed allows us to help transform your regular customers into repeat customers by using word of mouth referrals and other tools that will engage customers after their first purchase.
The customer lifetime value is an important metric to keep track of, and that impacts your revenue. The key to return customers is customer engagement — meaning how engaged your customers are with your brand. Do they like everything you post on social media, interact with your contests and giveaway, leave reviews? These are all questions that can help you understand the level of engagement of each customer.
btwn has incorporated features that can help you engage with new customers through surveys, coupons with personalized messages, invitations to product launches, or free products. The features help a customer that came to your brand through word of mouth stay engaged and refer friends further. A customer referral is the best way they can engage with your brand – this means that they trust and identify with your brand, being confident to mention you to other people.
A customer acquired from a referral is more likely to make a purchase again because they trust your brand.
Increase customer engagement
Engaged customers are the ones that will come back to make a purchase and interact with your brand – they are your ideal customers and have the traits you identified when building your ICP and product/service. Keeping them engaged can be hard to do, but with btwn, it is easier than ever. Our merchant dashboard has a series of features designed to grow your customer engagement in mind. Here are some of the ways you can engage with new customers and incentivize them to come back using our btwn dashboard:
- Coupons & Offers – Sending a special coupon with a discount or offering your new customer free samples can have an impact on keeping them engaged with your brand. Promotional discounts sent to their btwn profile in the mobile app will get their attention right away.
- Invitations – This feature is optional for e-commerce stores, but it can serve you well when you have a new product line that you’ll launch, for example, and you want to invite a few of your new loyal customers to try it out.
- App Notifications – This is a great way to raise awareness of your promotions in your store and reach all our app users. To send notifications to users of our app, send us the message, and we will publish in-app notifications with your promotions. Our team also periodically publishes notifications of partnered vendors on the app, social media, and newsletter.
- Surveys – This is a great way to learn more about customer feedback, what they think of your products, customer service, and the quality of your brand. With our solution, you can send 1-3 questions within our app that your customers will receive on their phone (if they have installed the app). You can include coupons and other offers to incentivize them to complete the survey. Listening to customer feedback will improve the quality of your products/service and increase your brand awareness.
Lower your customer acquisition costs
When you acquire a customer through a referral, the cost is lower than running an ad or using influencer marketing. There is no clear ROI when using paid ads. With referrals, the only resource is the amount you choose to pay your old customers for bringing you new sales. The power of word of mouth marketing has a direct impact on the acquisition cost. Same as the customer lifetime value, this metric is impacting your revenue and profit margins. If the customer acquisition cost is higher than the customer lifetime value, you are not profitable, and your company is failing. A good ratio is CLV: CAC should be 3:1, which means your lifetime value should be three times higher than the cost you pay to gain that customer.
Our solution helps solve this issue by offering a referral program that is sustainable for your business in the long term. The only cost you will pay is a referral fee (10%-20%) to the customer that made the referral as a reward when you gain a new customer from that referral.
Free of charge referral marketing solution
Compared to other referral marketing solutions that are complex and expensive – usually requiring more human resources – ours is free of charge and automated. It does not require a lot of time and resources because it is automated to track referrals from customers and connect them with your data from Stripe.
After signing up, linking your Stripe account, and setting up your profile on the app, the only thing left to do is to spread awareness about your partnership with btwn. Everything else is working in the background for you.
We are beyond excited to bring this solution to Stripe customers to help them increase revenue through a powerful form of marketing – your word of mouth. Are you thinking of leveraging those happy customers? You can get started today by creating a free vendor account on btwn.