When customers refer a product or service among friends, it’s an act of social belonging, reciprocity and trust. Humans crave social connections and it’s hardwired into our psychology. The emotional reward of feeling part of “our tribe” is irresistible and in order to obtain it, we’ll gladly accept the risks involved in taking social action. But, there’s a limit to what we will do. Trust is at the heart of this dynamic. The attraction of refer-a-friend programs is not only financial; they tap into a much deeper need for social recognition and belonging. Understanding this psychology will help you build better programs.
Kate Good, Partner, SVP Multifamily Development and OperationsHunington Residential
Theme: The US perspective and more