Locorum Product Update July 2023

Highlights: 

• New ways to control your budget 
• Personalized user flows for your clients 
• Set your own program terms 
• Automate all your email marketing (August)
• No more marketplace (July)
  
  

Hey there Locorum community! As you know, we’re crazy about customer feedback. Why? Because it helps us make Locorum the best it can be for you. After all, you're the reason we're here. We love to hear your thoughts, your bright ideas, and even your constructive criticisms. It all helps us shape Locorum into an even better, slicker, more user-friendly platform.

Your fantastic feedback has already been put to work. We're super excited to share with you some awesome improvements and a sneak peek into some cool new features on the horizon.

Remember, every update we make isn't just a shiny new button or a slicker interface. It's a token of our commitment to you and a testament to the magic we can create together. So, keep your thoughts, ideas, and feedback coming. We're on this exciting journey together and your voice drives the direction we're heading. 

What’s New: 

Many of our most recent upgrades allow you to have greater control over setting up your referral program. Controlling your costs is incredibly important for small business and a major reason referrals outperform ads, so we want to make this as easy and as flexible as possible. 

Fixed budget + Other Budget Controls

1. Fixed Budget: We’ve implemented the ability to set a fixed budget (in addition to variable) for your referral programs. This means instead of making it variable based on deal value you can simply set a fixed amount for each referral.
   
   
2. Rewards Split: We now allow you to control the rewards split between the referrer and referral recipient. You can also see the outcome right where you set your budget.
   
   
3. Finally, we’ve added in the ability to set a maximum budget for variable programs to help you cap your acquisition costs on larger transactions. 

Personalized Invite Flows

Whenever a customer engages with your program now they are sent through a dedicated user-flow customized to your business with limited Locorum branding. We want these interactions to be with you and Locorum to be in the support seat. This has also significantly improved the response rate and clarity for customers. Personalized flows have automatically been applied to your account for: 

1. 1. Gift Reward accepting 
   2. Invite accepting 
   3. Receiving referrals 

Program Terms

You can now set up “Program Terms” in your profile creation section. This allows you to communicate to your customers any terms associated with the referral program (in addition to our standard terms). You can use this field to clarify when the user gets the reward, any restrictions of issuing rewards etc. This is a free text field so you can add anything you want here that suits your program. 

Updated Rewards Widget

We have made multiple changes to the rewards widget on your landing pages. We are constantly A/B testing designs to determine the most effective widget for engaging viewers. We will continue to make updates to this as we test versions! 

What’s coming: 

Email Marketing Automations

“I don’t have the time”

That is the number one line we hear from our partners when it comes to advertising and marketing their services. Creating content, building emails, scheduling and consistently delivering value to your network is extremely time consuming and despite its importance to your business - often one we put off as owners.

We’re fixing that for you. Launching in August will be a fully automated email marketing content engine in Locorum. You will be able to select from pre-built campaigns specific to your industry with detailed campaign objectives and launch automated email campaigns in minutes.

Imagine launching a monthly newsletter with home maintenance tips and unique referral program engagement snippets in under 5 mins. Or launch a 6 email onboarding campaign that engages your network in your new referral program, adding your own twist for the introduction of each email and getting it all done in under 10 mins.

This year we’re going to give you back dozens of hours and help you stay consistent with client touch points. Stay tuned, this launches in August.

Removal of the Marketplace

By request from a number of businesses, we are removing user access to the marketplace feature. We have found most businesses do not want users to be so easily aware of any other rewards being offered in their industry. This was a difficult decision for us, as it provides new leads to businesses and value to users.

However, in examining our core values we recognized that our goal is to build tools that help small businesses succeed in online marketing. Our referral program and accompanying tools are fulfilling that mission and we want our focus to be dedicated to the highest ROI features for our partners (you!).

If you have any questions regarding this change, please feel free to reach out to the team.