Global Referral Marketing Software Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Referral Marketing Software Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Referral marketing or customer advocacy marketing is marketing that harnesses the voice of happy customers to market to prospects. A referral software or referral marketing software is a deliberate, systematic way of getting people to make referrals to your business, that helps you design, manage, and optimize successful customer referral campaigns.

Market Overview:

The latest research study on the global Referral Marketing Software market finds that the global Referral Marketing Software market reached a value of USD 560.92 million in 2022. It’s expected that the market will achieve USD 1078.78 million by 2028, exhibiting a CAGR of 11.52% during the forecast period.

Referred customers have higher customer life cycle value (CLV)

Compared with consumers obtained through other channels, the lifetime value of recommended consumers is 16% higher. Referred customers have high value for subscription services due to their low cost, high engagement, and many repeat purchases. When your customers share your brand, they are thinking about knowing who will like your product or service. Ultimately, referral marketing will greatly help your subscription business.
Overall, referrals are 25% more valuable than non-referrals. Referral marketing can also help companies grow revenue by 86% in two years. Customer referral marketing is an extraordinary strategy for subscription companies, especially since only 30% of companies today are using referral marketing. As recommended customers are cheaper to obtain, more loyal and have a higher lifetime value, the demand for referral marketing software is expected to continue to increase in the coming years.

Limitations

Some Referral Marketing Software is more expensive, resulting in fewer users. For example, some programs allow only a limited number of customers to register recommended products. Insufficient security is vulnerable to hacking, leading to data leakage. In addition, fraud can also occur in referral programs, which will limit the development of the industry to a certain extent. In recent years, with the development of the economy, people's demand for wages has become higher and higher, resulting in rising labor prices around the world. The development and maintenance of Referral Marketing Software requires highly educated IT talent. As labor costs increase, the costs of market participants increase, leading to a decline in industry profitability.

Region Overview:

United States dominated the Referral Marketing Software market in 2022, with a market share of 33.63%.

Company Overview:

Influitive is one of the major players operating in the Referral Marketing Software market, holding a share of 6.12% in 2023.

Influitive

Influitive Inc. provides customer advocacy program software. The Company allows users and marketers to manage various aspects of advocate relationship references, referrals, and public communications in a centralized cloud-based platform

Talkable

Talkable is a technology platform that enables marketers to run a customizable refer a friend program.

Segmentation Overview:

Among different product types, Cloud-based segment is anticipated to contribute the largest market share in 2028.

Application Overview:

The market's largest segment by application is the segment Mid-size Businesses, with a market share of 40.67% in 2022.

Key Companies in the global Referral Marketing Software market covered in Chapter 3:

Referral Rock
Referral SaaSquatch
OmniStar
Talkable
InviteReferrals
Invitebox
Refersion
Extole
Smile.io
Genius Referral
Tapfiliate
Post Affiliate Pro
Hello Referrals
Buyapowa
Rocket Referrals
Annex Cloud
ReferralCandy
Swell Rewards
Amplifinity
Zinrelo
Friendbuy
Influitive
Mention Me

In Chapter 4 and Chapter 14.2, on the basis of types, the Referral Marketing Software market from 2018 to 2029 is primarily split into:

Cloud-based
On-Premises

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Referral Marketing Software market from 2018 to 2029 covers:

Small Businesses
Mid-size Businesses
Large Enterprises

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)