Referral rewards

but not back yet May Get entries for signing up with my referral link, plus a £1 gift voucher balance which you can put towards a gift voucher for your favourite store.

Sign up to Freejackpot here. Once signed up, you can choose your location at top left of their website. Current countries listed are: UK, US China, Korea, Australia, Canada, Taiwan, Hong Kong. GoHenry is a kids' prepaid debit card and financial education app.

It lets kids learn about money with in-app lessons and real-world money experience. At the time of writing you can get £30 added to your GoHenry account for each friend you successfully refer! They pay for a maximum of 10 referrals £ per calendar year, at the time of writing.

Find a link in the app to share your referral with friends and family. Not a member yet, but interested? Click here for our GoHenry review , free trial offer and exclusive signup bonus. Get £4 for each successful referral to JamDoughnut, an app that gives instant cashback when you buy gift vouchers for supermarkets, restaurants, shops and more.

Top tip: Buy supermarket vouchers for your next food shop to reach the £10 cashout threshold instantly! Refer a friend for money with Lebara who pay up to £50 per referral. Check out the amazing Lebara SIM o nly plans with my exclusive link. Or sign up for the refer-a-friend scheme to start earning!

Minted run some great refer a friend offers. If your friends use your referral link and sign up for a monthly plan then you can both earn a cash reward.

These are time limited campaigns, but once you're a customer you'll find out about them via email. The last one ended 31st October You can get £10 free cash for using my referral link and following the instructions ONLY IF they have a referral campaign running.

I'll try to keep dates updated here when I know a referral campaign is running, but check their terms and conditions for official dates. Monese regularly give and increase uses of their refer a friend codes. Monese is a mobile banking app, at the time of writing offering £10 per successful referral.

Not a user? Find my Monese invite code in my blog post and instructions to get your £10 free cash with my Monese referral code VICT Monzo is giving away £5 in free cash to new users that sign up with a referral link!

Sign up to Monzo using my referral link. Full instructions in my Monzo free money blog post if you want a step-by-step guide.

Are you with Octopus for your energy? We use them for our gas and electric. They offer green energy and if you refer a friend they'll split £ between you both. Want a quote from Octopus?

Click our Octopus referral link to get a quote in a few minutes! For every friend you refer to OhMyDosh! you'll get £5 once they have earned £ Get a £1 bonus when you sign up to OhMyDosh!

Do you use the Pawns app to make money online? If so, you can make extra free cash by referring your friends with your exclusive referral link.

app is a get-paid-to app that offers a variety of ways to make extra cash online, some with virtually no effort on your part! You can make money by sharing your unused internet bandwidth using the mobile or PC app. There are also surveys to complete to make extra cash if you use the mobile app, as well as a refer-a-friend scheme.

app using my exclusive link. Pi is a new cryptocurrency that can be mined from your phone for free. If you refer friends, you can mine Pi at a higher rate. Plum is a fintech app with many different features from autosavings to investments to saving money on regular household bills and spending.

They sometimes run referral offers. The amounts vary. For example, in you could refer 3 friends and get £40, and another time you could get £ They run these for a limited time and the amount can change.

Sign up to Plum with my referral link and keep an eye on your emails and in the app for their latest referral offer! Share your referral link with your friends when the referral offer is running to get free cash if you meet the refer a friend conditions, usually you need three signups to qualify, but check the terms.

Not only can you make extra cash at home matched betting with Outplayed was called Profit Accumulator , but you can earn £10 for every friend you refer that signs up as a paying customer. Try Outplayed 's free trial here! Check my matched betting blog to learn what matched betting is explained simply.

Try it yourself, then refer a friend for money and so they can make some easy cash too! Sign up friends to survey app Qmee for 50p to £1 per referral. You can choose to get £1 or split with your referral for 50p each! There are lots of ways to make extra cash with Qmee from completing surveys, searching the web and even cashback.

The best part? No minimum cashout! At time of writing, if you refer a friend to Quidco, you get £15 and they get £5 as soon as they make at least £5 in cashback! The offer changes regularly, so it could be more or less.

The Revolut banking app offers a free plan and you can get up to £50 per friend referred at the time of writing! The current offer runs in January and the last was in November , so check the app for the latest offer depending on when you are reading this.

In October they had a referral offer for even more! This offer regularly changes, so keep an eye on your app and emails for the latest offer, terms and dates. Not a member yet? Sign up to Revolut here. Then, share your refer a friend link from the app with your friends when they have an offer running.

To get to the refer a friend page, click your initials in the top left of the app and you'll see a heart with "invite friends" or sometimes the offer is on the first page when you go to the app. Shares app lets you refer up to 10 friends for £20 per referral.

You can't withdraw for 30 days: set a reminder on your calendar. Don't forget to sign up with my link first for a £5 free share of your choice which you can sell right away if you like! Download the Shares app on your mobile phone using this link , complete signup and choose what to invest your free £5 in.

When top-up has processed you receive your free share depending on time of day, this may be pending until the market is open. Once top-up is successful and free share is awarded, you will be able to invite your friends to the app and earn up to £ for referring 10 friends!

Please note, if you choose to use Shares app to buy and sell shares with your own money your capital is at risk. The Skedadle app gives 50p per successful referral. Plus, customers can earn more rewards the more they buy with a specific company. Customers can use store credits on anything and they are often cumulative and can be used together.

Unlike coupons that usually have a limit of one per transaction. Friendbuy customer example: Store credit reward programs are used by direct-to-consumer brands. Thinx, a feminine hygiene company, offers store credits for successful referrals.

They present the data in an easy-to-understand table so that customers can quickly see how much they have earned. Subscriptions are a type of business model where the consumer pays a monthly or yearly fee to have access to a product or service. Popular subscriptions are beauty boxes, meal kits, and pay TV.

This keeps customers happy and engaged and more likely to recommend the brand once a referral program is established. Sometimes subscription services have a referral program that uses a one-sided incentive where the Advocate sends a free box or free month to a Friend.

Others use a two-sided incentive structure, which is more likely to keep an Advocate a repeat customer while gaining new customers. Friendbuy customer example: Subscription-based companies give away all kinds of rewards for their referral programs. Gift cards are always a good referral offer since the gift card can be customizable.

Gift cards usually have an expiration date so customers have to use them by a certain date. The reward can be used at a number of third-party stores, and not just at the retailer that is having the rewards program. Customers can choose a gift card that suits their needs or they can even give it away if they want.

Nowadays, gift cards come in a digital form which makes them even easier for customers to use. The ease of receiving and using digital gift cards engages customers, even more, to participate in a referral program.

Friendbuy customer example: Gift card rewards are a great option for any business. It is fast becoming popular with both businesses and customers to be used as a reward in a referral program. This is one of the most valued discounts for consumers and encourages them to engage in a loyalty program.

Using discounts in a referral program is a no-brainer for companies, especially for those that sell numerous products or products that customers have to constantly buy.

Bonus points if the discount is only for the referral program, it will make the Advocate and the Friend feel special! The discount encourages customer loyalty, attracts new customers, and the repeat purchase from Advocates is good for the business.

Friendbuy customer example: A discount percentage can be used by most retailers in their referral programs. These rewards could come in the form of special content like white papers, how-to guides, tips, upgrades, or event experiences that are only available through the rewards program.

Rewards like access to exclusive blog posts or videos are entry-level incentives that can boost enrollment in a referral program. The more expensive and pricey rewards can be used as a higher ranking reward for VIP customers.

To create a personalized rewards program, the business will have to look at all the data they have collected about its customers. Third-party data can be purchased and can give a peek into what customers are thinking.

From there, businesses can create segments and figure out what these customers value and what would be the right reward for them that will spur them to join a referral program. Friendbuy works with Segment to easily collect and make sense of all the data that is collected about customers.

Which allows businesses to make informed and personalized decisions for their customers. Rewards that customers can exchange for a donation to charitable institutions are perfect for companies that are socially responsible. It is a win-win situation for both the company and the customer but in a feel-good way!

Donations can be in the form of products or cash, depending on the type of business and if they have products that charitable institutions need. The donation can be given as a reward for a referral.

Gathering and experiencing an event is a prime reward for customers. Many people like to go to in-person events, see products up close, and have a personal experience. An event can be anything from a store opening, a product launch, or an event with a panel of tastemakers. It can also be done virtually in the form of webinars, conferences, and trade shows, among others.

Pens, notepads, calendars, and other swag are the usual gifts that customers receive. But, if used in a referral program these giveaways need to level up! It is more likely for Advocates and Friends to join a referral program if the gift is glitzy and something that they want.

Many brands also like to give Advocates an unexpected gift once in a while, especially for those who are very active in a referral program, as a token of appreciation.

Friendbuy customer example: Aside from their year-round referral program, Flaviar, launched another referral program based around holidays. For National Friend Day, advocates and Friends who join the club both got a bottle of whiskey. Merchants can decide what kind of premium referral offer is best for the brand.

Check out these five metrics to know about how to improve referral marketing ROI. Customer loyalty is at an all-time low and even though many retailers have existing loyalty programs, the engagement of customers with those programs can be improved.

Loyalty programs offer a points-based system where customers earn rewards for purchases they have made. The goal is to motivate customers to redeem the points for discounts, freebies, or unique offers.

Programs like this engage customers, build trust with customers, and make repeat purchases occur more often. Friendbuy customer example : Most retailers and consumer-based products - like fashion and beauty, food, education, and travel - need repeat customers since it is easier to work with current customers than try to convert new customers.

With a loyalty platform like Friendbuy's, you can make a personalized points redemption experience. Here's an example of a member dashboard that shows which points a customer has, and how they earned them. Our platform makes it easy to create a campaign, run, optimize, and maintain referral programs.

All kinds of industries can benefit from a referral program:. Get Back Necklaces. Basic referral programs are good and dandy but with Friendbuy you can supercharge your referral program by choosing reward triggers that increase ROI as much as possible.

A referral program process begins with an Advocate sending out invitations to Friends and ends with the Advocate receiving a reward. Each act in the process triggers the next stage.

On the Friendbuy website, the brand you! has to set up the Advocate Reward. Go to a Campaign and under the Advocate Reward tab choose the Rewards Settings section. Next, you have to decide which event will trigger the Advocate Reward.

This type of reward taps into the loyalty of Advocates engages them and is a good way to incentivize your best customers with advanced rewards. Interior Define, a custom furniture brand, uses tiers but in a dual rewards configuration.

Both Advocates and Friends receive rewards, but the more the Friend spends the bigger the reward. This type of reward structure motivates the Friend to spend more to get a bigger discount.

Each Advocate has a unique referral code, making it easy to track any data connected to that account. These referral codes are made on the platform and then shared by the Advocate.

Once the Friend converts, either by giving their email, making a purchase, subscribing to a service, etc. Referral codes can be tracked on the platform, you can find the Analytics page on the Friendbuy dashboard. This is where you can also see how a referral program is performing.

Then, you will have to choose if the Friend will be sent to a Friendbuy-hosted landing page that says "Offer Not Valid," or a specified URL of your choosing. As a precaution, it is a good idea to limit the number of rewards an Advocate receives. A campaign can be configured to set the number of rewards an Advocate can receive - monthly, yearly, lifetime, or custom basis - or to exclude a campaign entirely.

Limiting the number of rewards can also create a sense of exclusivity and boost the value of the reward. Limits can come in the form of:. It is a bit of a balancing act! But if you figure out the best way to use limits in a referral program by looking at customer data and testing campaigns, then you are one step closer to making customers happy and your campaign a success!

You will be able to see how changing an image, discount reward, or referral offers can affect engagement and choose the right direction for a campaign. Each element that is changed may have a direct impact so it is recommended to change one at a time and compare it with the default version, the one that is currently being used.

After about eight months, they switched things up and offered a percentage discount instead. Now, this is where rubber meets the road.

Once the referred Friend purchases a Tonal machine, Advocate receives a reward email to redeem Tonal swag. IG Group celebrated a The popular fintech singled out a record increase in the number of active clients hitting , in the quarter, up IG Group is an excellent example of how referral can be used in a more complex and sophisticated business.

Because IG is paying out such potentially large referral rewards, it was also vital to ensure that rewards were only paid out for genuine verified referrals. IG has placed their referral program behind the login for My IG, meaning that only existing clients can refer.

Once they log in, however, referrers can easily access their unique referral code and share it using native sharing options, including email, text, Facebook, and Twitter.

Source: Google. But one particular cloud-based solution that Google has been growing and supporting with the help of a referral program since is Google Workspace, formerly known as Google Apps and later G Suite. The collection of cloud computing, productivity and collaboration apps is popular among businesses and individuals alike and includes Gmail, Google Calendar, Google Drive, Google Docs, Sheets and Slides, Google Meet and Google Chat, to name just a few.

In October , Google shared that Workspace had grown to more than 2. Much of that growth is attributed to the transition to remote working during the pandemic which has helped boost business for cloud-based workplace productivity and collaboration tools.

a business or organization that brings with them 10 users i. And Google will reward these referrers for up to users in a single referral i. Google have also laid out very clear instructions and guidelines on their referral homepage and has even included definitions, a step-by-step example of a successful referral, an interactive timeline, and testimonials from successful referrers to help reduce possible confusion and inspire confidence.

Finally, with a timeline that can take over days to complete, Google ensures that referrers are kept up to date with regular status emails that can encourage them to chase referrals and nurture them, particularly those that are more lucrative. These emails include helpful information, as well as the number of In-trial Referrals who are currently completing the day trial, the number of Potential Paid Referrals who have completed the trial but not the 90 days as a paying customer, and the number of Paid Referrals who have completed their 90 days as paying Google Workspace users who are now eligible for the reward.

Users can also contact Google directly to know the number of users each referral has. Vitality, a leading provider of Health, Life, and Car insurance in the United Kingdom, has a shared value approach to insurance and uses rewards as a key part of its business model, and is a USP for prospects and customers.

In alone, its members saved £m as a result of the Vitality healthy living program, which helps them to understand their health and then encourages them to get healthier through incentives and rewards. In addition to helping members directly via rewards. Vitality identified referral as a hugely economical acquisition channel with a low CPA and high ROI.

We needed a referral platform that could deliver on that promise. The Vitality brand and by extension, their referral program, demonstrate the significance of rewarding to develop positive word-of-mouth and brand awareness.

Their reward structure is crafted to match the value of the new customers with high-value rewards and a choice to make sure their customers are engaged.

The ongoing promotion of their campaign at key customer touchpoints ensures that customers are always reminded of the rewards on offer. The CTAs for the program surface at moments of joy for customers, and are always accessible in their account area.

The program worked so well that Vitality has since rolled out to various other parts of the business and customers can now refer their friends to other product lines and policies, being rewarded differently depending on the value of the product.

Kaizen Gaming is one of the fastest-growing global gaming companies. Its two brands currently operate in Greece and Cyprus under the Stoiximan brand, and in ten further countries as Betano, including Germany, Romania, Portugal, Bulgaria, Brazil, Peru and Chile, among others. In , it counted over 2.

Focusing on providing an excellent, user-friendly interface and an engaging customer experience through cutting-edge technology, its brands have continued to grow at a phenomenal rate.

Their ongoing success has been reflected in the illustrious list of GameTech industry awards the brand has amassed over the past year, including Operator of the Year and Sports Betting Operator of the Year at the global EGR Operator Awards and Sportsbook Operator of the Year award at the SBC Latinoamérica Awards.

Kaizen Gaming understood the value of Reward Marketing as a supplement to launches in new territories. With new international opportunities opening up outside of the main established gaming territories, Kaizen Gaming looked to lead in these new markets by leveraging referral marketing.

These will soon be joined by Peru, the Czech Republic and Canada. Their CRM Campaign Manager expresses the importance of referral in their rapid expansion:. We needed a best-in-class solution, and we needed it now.

For each successful referral, the referrer is given a randomly generated £10 bet across any sport or bet type. In this manner, it achieves many of the same objectives as the Robinhood program. The bet, like the stock, may or may not have any value, but it encourages both the referrer and the referred-in friend to engage with and experience the platform.

And by giving both the same bet, it further aligns the interest of the existing customer and the friend. They have also not imposed any limit on the number of referrals a customer can make. A program that saw them jump from , users to 4 million in just 15 months.

And as a testament to the validity of their approach, that program still runs today! Referrer Reward:. The heart of the Dropbox referral program lies in simplicity of its referrer rewards. To encourage existing users to become advocates, Dropbox offered a simple yet powerful reward: additional storage space.

A reward where the referrer could instantly see the value being offered and immediately benefit from it by storing additional data. And because subscribing for extra data storage had a visible sticker price, available on the Dropbox website, a user could easily ascribe a dollar value to that benefit, even though the marginal cost to Dropbox was minimal.

Though there have been changes to the reward over time, the current reward is MB of free storage per referral, up to 16 GB. Dropbox Plus users earn 1 GB of free storage per referral, up to 32 GB.

A key element of this incentive was that the referrer and the referee could both benefit, as the referrer could now share files and data with that friend in Dropbox and vice versa — often the motivation to refer in the first place would have been to share a file or photos etc. with a friend or colleague.

And importantly, as the incentive encouraged usage of the product itself, each referred-in friend would quickly learn the value of extra storage and be incentivized to earn more by referring friends. Thus, Dropbox effectively converted new users into an active part of their referral loop.

The current reward is MB of free storage if a new customer is referred. Dropbox Plus customers earn 1 GB of free storage instead. Between and , they doubled their user growth every three months, reaching 4 million users and becoming the industry leader.

Fast forward to , and Dropbox had a remarkable million registered users, Book a Demo. GOT QUESTIONS? Find out more. FIND OUT MORE. Referral program List Item 2 List Item 3.

recruit Promote Track Verify Reward Control Integrate. Application process Application management Onboarding process. Recruit Promote Track Verify Reward Control Integrate.

Resources About us WORK WITH US FAQ BLOG. How buyapowa works Managing your program Developer resources Work With Us About us Blog Tech Docs FAQ. Solutions Features Customers Resources Pricing English EN Menu. Table of Contents What is a referral program? What is referral marketing?

Why use referral programs? What are the different types of referral program? What makes a good referral program Who has the best referral programs?

What are the different types of customer referral program? Tips to building a great referral program A good referral program is clearly one that succeeds in bringing good quality customers who spend more and stay for longer.

These are some of the elements that can help your referral program succeed: Ask Your Audience Make sure that you ask your audience customers, clients, employees, partners etc. Choose Your Moment Ask at moments when you think those people are most likely to have a net positive view of your brand.

Ask The Right People Analyze your customers and clients, and then target your most loyal, satisfied and profitable customers. Be On Brand Make sure that the bond between your brand and your customer or client is not broken, by asking as you the brand and not letting a supplier put its branding in the way of your brand relationship.

Have A Clear CTA Make sure that you have a clear call to action and that the wording of your program is clear and understandable so that each participant knows exactly what they have to do to earn a reward or incentive. Keep It Simple Provide a safe and easy way for participants to share using any of their favourite sharing tools with natural sharing direct from mobile phones and using links or memorable words or codes that can be shared in other channels.

Offer Valuable Rewards Think how you can offer rewards that have a high value in the eyes of the referrer or referred-in friend but little cost to you, like how DropBox and Evernote offered extra online storage.

Pay Out Promptly Subject to any necessary post completion rules to protect your margins, for example only paying after cooling-off periods have expired, aim to pay out rewards as soon as you can to keep your referrers engaged and encourage them to refer again.

Use Smart Psychology Use gamification and smart psychological tools to encourage participants to share again and again and to encourage referred-in friends to take action and take action now by using tiered rewards, booster campaigns to create time jeopardy and the fear of missing out FOMO and league tables.

Improve Your Reach Market your campaign across all touchpoints using the principles of activation and discovery to ensure your audience knows you have a referral program and knows where to find it. Analyze and Improve Make sure you have advanced reporting and analytics to track the performance of your campaigns and understand what moved the needle for you.

Who has the best referral programs?

Review the best online referral programs to make money, including GetResponse, Dropbox, Fiverr, Tesla, Robinhood, Spanx, and more Referrer Rewards: Earn 10 points for your first three referrals – enough for three months of Premium or 3 GB of additional monthly upload, then whenever a Well, here's everything we know. And, now, you do too! Referral rewards are a thank you to customers who have successfully referred their friends. They're also

Some Of The Best Refer A Friend Schemes In The UK

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Referral rewards - Referral rewards and incentives are what attract people to your program. Read our step-by-step guide (+ examples) to help you find the best Review the best online referral programs to make money, including GetResponse, Dropbox, Fiverr, Tesla, Robinhood, Spanx, and more Referrer Rewards: Earn 10 points for your first three referrals – enough for three months of Premium or 3 GB of additional monthly upload, then whenever a Well, here's everything we know. And, now, you do too! Referral rewards are a thank you to customers who have successfully referred their friends. They're also

We cover all you need to know in three basic steps:. When planning your referral rewards program , one of the first things to ask is who do you want to motivate? Who will give the biggest benefit to your business and bottom line? The answer to those questions is the party or parties who should get the referral reward or incentive.

Deciding who will get the referral reward helps to lay the foundation for all other elements in your referral campaign. One-sided or one-way incentives are offered to either the existing customer the referrer or the new customer the referred friend — but not both.

Best for: Companies that are new and need to grow their brand awareness, as well as those selling more affordable products. One-sided rewards encourage customers to bring more people to your company.

And with the strong recommendation in mind — plus, a reasonably priced product offer — the referred friend is likely to make a purchase, even without a discount incentive. Example: HR technology company Justworks offers an attractive one-sided referral rewards program. Giving a discount or freebie is a highly effective way to move someone from a prospect to a customer.

By offering a referral incentive to the referred party, you increase the odds of them moving down your sales funnel. Best for: Businesses that operate using subscription models, frequent purchases, or are considered a luxury purchase.

Offering an incentive will help those who are already interested move toward a purchase, and hopefully end up as long-term customers. While one-sided incentives for new customers may lead to a smaller amount of referrals, they may will lead to a greater customer base.

Two-sided or double-sided referral programs reward both the existing customer and the new referred customer. The reward can be the same for both parties i. Best for: All business types, but mostly for those with enough resources to give referral rewards or incentives to both parties. Like Blue Apron, HelloFresh also offers a one-sided incentive to send new customers: a Freebie box with a free week of meals.

Aside from any concerns about perceived costs, some businesses may not feel the need to offer any extra incentive to customers. Instead, they choose to focus on making the overall experience so positive that word of mouth will happen naturally.

Best for: Companies with no budget to offer incentives, or are establishing a natural referral rate without added incentives. Aspirational or luxury brands may also prefer not offering tangible rewards, and find non-incentivized referral programs or brand ambassador programs to be a better fit.

Referral rewards are the main drivers of your referral program. The right reward depends on your type of business and customer base. What type of products or services are you offering?

What reward would best motivate your customers? The table below outlines the most commonly used referral rewards across different types of businesses. Find which rewards work best for you, and read more about them in detail:.

Usually, discounts are presented as a percentage off a purchase. For repeat customers, discounts provide great value, especially if a brand offers a wide range of products or requires repeat purchases.

For businesses, these repeat purchases boost sales and encourage customer loyalty. However, for products with a relatively long lifespan, such as bikes or furniture, discounts may not seem very valuable. Cash is another favorite referral program reward.

Cash rewards also tend to generate a lot of buzz, which are great for referral programs in a new or competitive space. Like discounts, store credit can only be used to buy the same brand, keeping the value within the business.

Store credits are especially useful if your product is pay-per-use or purchased on a regular basis. And by making it easier for customers to keep buying from your business, store credits are a great way to build customer loyalty.

Also, store credits are often cumulative i. they can be stacked and applied all at once to a single purchase. People love getting something for free. When that free item is one of your products in exchange for referring a friend, this can help accelerate sharing and build more excitement around your brand especially for new customers making their first purchase.

The razor brand used free products to build buzz before their official launch, and collected a staggering , emails from referrals in only a week! The product you choose must be cost-effective to offer for free, relative to your average customer acquisition cost. Swag is one of the most fun referral rewards or incentives.

It can be a tote bag, a mug, a sweatshirt, a water bottle, or any number of free products outside of the standard sales cycle. Swag can also be very cost-effective when ordered in bulk. Bonus: The right swag can do wonders for your business.

In addition to being an attractive referral offer, branded swag also serves as advertisement for your business. Deciding on what swag to offer can be a bit tricky, though.

The item has to be something people want and even worth talking about, in itself. For example, would your customers really be excited about a coffee mug with your logo?

How about if it came in a cool design or pattern? You also want to consider the weight of the item and the cost of shipping. To see all the different swag you can offer, Swag. com has a lot of fun options for every type of customer.

They can also handle logistics and shipping for your company in branded packaging, of course! Customers love a gift card reward. Gift cards are usually spent on more memorable items as opposed to cash , but also offer customers a lot of flexibility and control.

Gift cards was also a popular reward for referrals. For example, a sports company can give Adidas gift cards, while a travel agency can offer Airbnb gift cards. Most companies will also offer a range of gift card quantities and denominations to fit your budget.

Unlike cash, however, gift cards can have expiration dates. This can be a big benefit, as it allows businesses to track any key metrics, and incentivizes customers to use their reward within a given time.

Weed Man Lexington enjoys these benefits thanks to their gift card referral program. Customers get to select their reward from a gift card menu, so the freedom of choice brings extra motivation. Many businesses these days operate on a subscription model. For example, meal delivery services, like Freshly, are usually paid per week, while streaming services, such as Netflix or Spotify, operate on a monthly basis.

Many SaaS businesses also run on a subscription model. If your business offers subscriptions, as well you might want to consider offering a free subscription period in your referral rewards program. Not only does this encourage existing customers to stay with your business, it also gives interested individuals a free taste of what you have to offer — and this may be just the nudge that turns them into a long-term customer.

For example, social scheduling SaaS Postcron offers a free month of their premium subscription — for both the referring customer and new customer — in their referral program. Donations are an unconventional, but very meaningful, referral reward.

Offering customers the opportunity to turn their referral reward into a donation turns the standard program into a win-win-win situation. Sometimes, companies will choose to offer a referral gift box or gift basket for successful referrals, containing several tangible rewards at once.

This opens up the opportunity to personalize the gift for each referral, which can be a great incentive for the most faithful advocates. No matter what referral reward or incentive you end up choosing, always provide a good customer experience.

Determine what event will actually trigger rewards to be sent to the customers. Is it as soon as the referred friend clicks on the referral link and signs up, or will they actually have to make a purchase for the reward to be issued? Some programs include various levels of referral rewards and incentives, usually based on the number of actual referrals.

While this is more complicated, a tiered program structure does create an opportunity for customers to become dedicated members of your referral marketing program. For example, instead of consistent referral rewards throughout the program, you can jumpstart your campaign by giving higher rewards for the very first referral.

Or, you can also do the opposite, starting off with a smaller reward and then graduating to a larger reward for a higher number of referrals like The Hustle does with its tiers of swag. Not all referral program software can handle tiered programs. Referral Rock can help you set up a tiered program with ease.

A multi-step rewards structure means giving rewards at multiple different stages of the sales process. For example, you might give a referring customer a smaller reward when a lead is qualified, and then a larger reward when that lead makes their first purchase.

This structure is great for B2Bs and other businesses with longer sales processes. Only select referral program software options can help you set up multi-step reward structures.

Determine if your referral program will reward customers for every single referral, or only once a certain number is reached. But maybe you want to do something different. Why not? Taking a different route with your referral incentives can end up even more rewarding for you and your customers.

A contest or drawing can help drum up excitement and even viral growth for your referral program. Contests work best in a shorter time frame, such as during a seasonal or holiday promotion.

And of course, the grand prize has to be something that really motivates your customers. Independent retailer Huckberry uses seasonal contests to boost their regular ongoing referral rewards program.

People like to be appreciated which is a main reason referral programs work so well. But they also like a bit of competition. Taking from the traditional employee-of-the-month program, you could reward your best customers of the month. The rules of this incentive program are up to you.

Are you ranking by number of customer referrals, as the Stockton Heat hockey team did in the example below? Or, will you select purely at random, from all customers who make at least one referral during the month? Consider applying elements of gamification to your referral rewards program.

In addition to the referral reward or incentive, you can put up a referral leaderboard that features the winning customer of the month, and give them a shout out on your website and social media channels.

Sometimes, a business has a drawn-out purchasing process. It may require an initial consultation, demo, or trial period before an actual sale is made. But if a customer has to wait too long before they can see their rewards, they may no longer be motivated to make any referrals.

In this case, it makes sense to break down the entire referral process into steps, and give rewards for each step a customer accomplishes. Here are some examples:. Of course, most of us are already familiar with programs that offer cash as a referral reward. Who gets the referral reward? The current subscriber, using a one-sided referral incentive.

What type of referral reward? Mostly swag, but the highest-level reward is a work-from-home makeover, complete with tech. How is the reward structured? Tier-based reward structure, with customers getting greater rewards for more referrals. Both the current and new customers are rewarded, using double-sided incentives.

Customers get the same reward for every successful referral, and the referred friend gets their free packs only on their first order. As a Kickstarter alumni, Misen offers high-quality kitchen tools at honest prices. As one of the pioneer DTC direct-to-consumer brands, Misen operates an ecommerce store and invites customers to share its products with others through an attractive DTC referral program.

Existing customers get the same reward for every successful referral, and the referred friend gets a discount only on their first purchase. Shutterfly specializes in print-to-order photos, calendars, and other paper products.

With so much in store, they use many of their own products as referral rewards. Customers get the same reward for every successful referral, with a limit of 10 rewards per year. Car dealerships operate in a competitive industry. To separate itself from the pack, Courtesy Chevrolet offers a very generous gift card for every successful referral.

Anyone customer or not whose referral results in a car purchase at the dealership. Referrals continue to play a crucial role in a healthy B2B sales pipeline. Read on as we share some of our favorite referral program examples, what makes them effective, and how you can apply these ideas to your program.

This search engine giant has a referral marketing program, which rewards business customers for each new user they sign up to Google Workspace. After joining the referral program, customers are provided with a personalized link to share with their network.

This will strengthen your relationship with them and encourage them to refer to you again and again. Personalized join links also make it easy for customers to promote the program to their peers over email or across social channels, all while getting credit for any new business they bring you.

Dropbox offers an extra MB of free storage space to both the customer who makes the referral and the newly referred user. Product-based discounts, perks or upgrades can make your customers more invested in your brand and more engaged with your product.

This will strengthen their loyalty—and likely result in them submitting more referrals. This ride-share app builds referrals into its product—assigning each customer a personalized referral code as soon as their account is activated.

They also have a r eferral program for their drivers to refer contacts to become future drivers for Uber. Offering dual-sided rewards allows your advocates to approach their contacts with direct value. The Shopify Affiliate Program rewards entrepreneurs, influencers, content creators and others who send referrals to Shopify but must apply and get accepted before receiving their unique referral link.

Affiliate Program members are paid biweekly for each batch of referrals that become Shopify customers. Adding an application process to your referral program will attract advocates who are serious about helping your business succeed and increase the quality of your referral leads.

That said, make sure your benefits, criteria and incentives are clear so that membership does not become an obstacle for participation. Offering your advocates something of value before asking for a referral will inspire them to keep submitting high-quality referral leads.

Creating credit-based incentives encourages customers to refer often to redeem for high value rewards. Expensify offers ExpensifyApproved , a partner program, where they earn tiered discounts based on the number of clients they onboard to the Expensify platform.

Gamifying the referral process with badges, levels and tiered rewards will engage your advocates and motivate them to submit more referral leads. Including a charitable element or reward in your referral program will motivate your advocates to submit high-quality referrals more often and may attract those who cannot legally accept monetary rewards from you.

Wealthsimple, an online investment service, is currently revamping its referral program to provide stock rewards. When customers invite friends to Wealthsimple Trade and the friend funds their account, both parties will earn the cash equivalent of one stock.

Find unique offerings in the form of add-on products or services to help increase the customer lifetime value of both your advocates and their referrals.

Long-term offerings give you more time to nurture new customers while helping current customers become more successful with your product. This blog was originally published on October 26th, , and was updated on May 18, Click Here to download the 9 Stellar Referral Program Examples. This website uses cookies so that we can provide you with the best user experience possible.

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Not only Taking Advantage of Home Equity Growth this encourage existing customers to stay with Referdal business, Job loss financial aid also Referrsl interested individuals a free taste of what you have to offer rewarde Referral rewards this Redemption rewards catalog be just the nudge that turns them into a long-term customer. Sock Fancy gives you the chance to earn awesome socks for free! Determine if your referral program will reward customers for every single referral, or only once a certain number is reached. How awesome is that? Book a demo. The Friend Incentive Trigger is activated when the Friend makes a purchase, signs up, or enters their email address. Become a Partner.

Referral rewards - Referral rewards and incentives are what attract people to your program. Read our step-by-step guide (+ examples) to help you find the best Review the best online referral programs to make money, including GetResponse, Dropbox, Fiverr, Tesla, Robinhood, Spanx, and more Referrer Rewards: Earn 10 points for your first three referrals – enough for three months of Premium or 3 GB of additional monthly upload, then whenever a Well, here's everything we know. And, now, you do too! Referral rewards are a thank you to customers who have successfully referred their friends. They're also

The gift cards typically do not have an expiration date. Friendbuy customer example: Businesses that do not sell retail products but instead offer services often use a cash back reward.

Insurance and financial institutions often give gift cards for referrals. Store discounts are commonly coupons which customers redeem to purchase products.

They usually come as a percentage off or a dollar amount off a one-time purchase. When it is used in a referral reward program, the Advocate comes back for a repeat purchase, rather than a person that is just looking for a deal.

They have a lot of products customers buy on repeat, so the coupon from a referral program will encourage them to buy with the retailer again. Friendbuy customer example: For digital retailers or companies who sell online, referral coupons come in the form of promo codes.

Think of store credit as a combination of coupons and cash back rewards. The great thing about store credits is that they are easy for customers to earn and use so it builds customer loyalty. Plus, customers can earn more rewards the more they buy with a specific company. Customers can use store credits on anything and they are often cumulative and can be used together.

Unlike coupons that usually have a limit of one per transaction. Friendbuy customer example: Store credit reward programs are used by direct-to-consumer brands. Thinx, a feminine hygiene company, offers store credits for successful referrals.

They present the data in an easy-to-understand table so that customers can quickly see how much they have earned. Subscriptions are a type of business model where the consumer pays a monthly or yearly fee to have access to a product or service.

Popular subscriptions are beauty boxes, meal kits, and pay TV. This keeps customers happy and engaged and more likely to recommend the brand once a referral program is established.

Sometimes subscription services have a referral program that uses a one-sided incentive where the Advocate sends a free box or free month to a Friend. Others use a two-sided incentive structure, which is more likely to keep an Advocate a repeat customer while gaining new customers.

Friendbuy customer example: Subscription-based companies give away all kinds of rewards for their referral programs. Gift cards are always a good referral offer since the gift card can be customizable.

Gift cards usually have an expiration date so customers have to use them by a certain date. The reward can be used at a number of third-party stores, and not just at the retailer that is having the rewards program. Customers can choose a gift card that suits their needs or they can even give it away if they want.

Nowadays, gift cards come in a digital form which makes them even easier for customers to use. The ease of receiving and using digital gift cards engages customers, even more, to participate in a referral program.

Friendbuy customer example: Gift card rewards are a great option for any business. It is fast becoming popular with both businesses and customers to be used as a reward in a referral program. This is one of the most valued discounts for consumers and encourages them to engage in a loyalty program.

Using discounts in a referral program is a no-brainer for companies, especially for those that sell numerous products or products that customers have to constantly buy. Bonus points if the discount is only for the referral program, it will make the Advocate and the Friend feel special! The discount encourages customer loyalty, attracts new customers, and the repeat purchase from Advocates is good for the business.

Friendbuy customer example: A discount percentage can be used by most retailers in their referral programs. These rewards could come in the form of special content like white papers, how-to guides, tips, upgrades, or event experiences that are only available through the rewards program.

Rewards like access to exclusive blog posts or videos are entry-level incentives that can boost enrollment in a referral program. The more expensive and pricey rewards can be used as a higher ranking reward for VIP customers. To create a personalized rewards program, the business will have to look at all the data they have collected about its customers.

Third-party data can be purchased and can give a peek into what customers are thinking. From there, businesses can create segments and figure out what these customers value and what would be the right reward for them that will spur them to join a referral program.

Friendbuy works with Segment to easily collect and make sense of all the data that is collected about customers. Which allows businesses to make informed and personalized decisions for their customers. Rewards that customers can exchange for a donation to charitable institutions are perfect for companies that are socially responsible.

It is a win-win situation for both the company and the customer but in a feel-good way! Donations can be in the form of products or cash, depending on the type of business and if they have products that charitable institutions need. The donation can be given as a reward for a referral.

Gathering and experiencing an event is a prime reward for customers. Many people like to go to in-person events, see products up close, and have a personal experience.

An event can be anything from a store opening, a product launch, or an event with a panel of tastemakers. It can also be done virtually in the form of webinars, conferences, and trade shows, among others.

Pens, notepads, calendars, and other swag are the usual gifts that customers receive. But, if used in a referral program these giveaways need to level up!

It is more likely for Advocates and Friends to join a referral program if the gift is glitzy and something that they want. Many brands also like to give Advocates an unexpected gift once in a while, especially for those who are very active in a referral program, as a token of appreciation.

Friendbuy customer example: Aside from their year-round referral program, Flaviar, launched another referral program based around holidays. For National Friend Day, advocates and Friends who join the club both got a bottle of whiskey. Merchants can decide what kind of premium referral offer is best for the brand.

Check out these five metrics to know about how to improve referral marketing ROI. Customer loyalty is at an all-time low and even though many retailers have existing loyalty programs, the engagement of customers with those programs can be improved.

Loyalty programs offer a points-based system where customers earn rewards for purchases they have made. The goal is to motivate customers to redeem the points for discounts, freebies, or unique offers.

Programs like this engage customers, build trust with customers, and make repeat purchases occur more often. Friendbuy customer example : Most retailers and consumer-based products - like fashion and beauty, food, education, and travel - need repeat customers since it is easier to work with current customers than try to convert new customers.

With a loyalty platform like Friendbuy's, you can make a personalized points redemption experience. Here's an example of a member dashboard that shows which points a customer has, and how they earned them.

Our platform makes it easy to create a campaign, run, optimize, and maintain referral programs. All kinds of industries can benefit from a referral program:. Get Back Necklaces. Basic referral programs are good and dandy but with Friendbuy you can supercharge your referral program by choosing reward triggers that increase ROI as much as possible.

A referral program process begins with an Advocate sending out invitations to Friends and ends with the Advocate receiving a reward. Each act in the process triggers the next stage. On the Friendbuy website, the brand you!

has to set up the Advocate Reward. Go to a Campaign and under the Advocate Reward tab choose the Rewards Settings section. Next, you have to decide which event will trigger the Advocate Reward. This type of reward taps into the loyalty of Advocates engages them and is a good way to incentivize your best customers with advanced rewards.

Interior Define, a custom furniture brand, uses tiers but in a dual rewards configuration. Both Advocates and Friends receive rewards, but the more the Friend spends the bigger the reward.

This type of reward structure motivates the Friend to spend more to get a bigger discount. Each Advocate has a unique referral code, making it easy to track any data connected to that account. These referral codes are made on the platform and then shared by the Advocate. Once the Friend converts, either by giving their email, making a purchase, subscribing to a service, etc.

Referral codes can be tracked on the platform, you can find the Analytics page on the Friendbuy dashboard. This is where you can also see how a referral program is performing. Then, you will have to choose if the Friend will be sent to a Friendbuy-hosted landing page that says "Offer Not Valid," or a specified URL of your choosing.

As a precaution, it is a good idea to limit the number of rewards an Advocate receives. A campaign can be configured to set the number of rewards an Advocate can receive - monthly, yearly, lifetime, or custom basis - or to exclude a campaign entirely.

Limiting the number of rewards can also create a sense of exclusivity and boost the value of the reward. Limits can come in the form of:. It is a bit of a balancing act! But if you figure out the best way to use limits in a referral program by looking at customer data and testing campaigns, then you are one step closer to making customers happy and your campaign a success!

You will be able to see how changing an image, discount reward, or referral offers can affect engagement and choose the right direction for a campaign. Each element that is changed may have a direct impact so it is recommended to change one at a time and compare it with the default version, the one that is currently being used.

After about eight months, they switched things up and offered a percentage discount instead. Now, this is where rubber meets the road.

Once the referred Friend purchases a Tonal machine, Advocate receives a reward email to redeem Tonal swag. Advocate clicks primary call to action on desktop or mobile web. Once business rules and reward validation checks are passed i. Advocate shares via email or PURL. Friend clicks and submits their email address and starts the application process.

Advocate clicks referral CTA, which triggers the referral widget. Advocate can share via Email, SMS, Facebook, personal Link, or any custom channel,. Referred Friend submits a quote. Advocates share via PURL, email, or social media.

Friend receives referral email invitation and after Friend makes purchase, Advocate receives reward email with coupon code. The more you get used to using Friendbuy's easy-to-use program the more things will be easier. But, in the meantime, Friendbuy's experts can answer any and all your questions.

Below are some of the most common questions we get about referral rewards. Anyone considering a referral program really needs to take a good look at their customers - what they value, what they purchase, how often they purchase, what they like about your product, etc.

The next thing to think about is what will motivate your customers to purchase products on a repeat basis.

Then it comes down to figuring out the optimal referral program and testing these ideas to figure out what will work best. Luckily, you can run experiments and see what works best for your customers and brand. The goal is to encourage repeat purchases and referrals from Advocates and Friends.

Swag like a t-shirt with a company logo is nice, but how many people would really find that valuable and worth exerting effort over? The whole point of starting a referral marketing program is to make money, right? Friendbuy has best practices that customers can follow but for a further understanding of referral marketing ROI, check out this guide.

To access program data on the Friendbuy dashboard, click on Analytics and then the Performance Overview to access the program data by month or by year. Under Program Data you can view revenue, purchases, AOV, etc.

While Funnel Metrics let you see more granular data such as views, clicks, and shares. Email Metrics report what was clicked, opened, shared, and other revenue metrics. Unfortunately, fraud in a referral program is something to be concerned about.

After all, free stuff is great, but some customers want a lot more than others. It can come in customers creating multiple accounts, voucher abuse, or creating fake Friends. Friendbuy makes it easy to prevent fraud.

On the dashboard go to Settings then Program Integrity then Fraud Settings. You can choose to enable these settings connected to email, cookies, IP addresses, etc. The merchant has to decide if it is worth seeking out and prosecuting those who commit fraud. Most often than not, merchants avoid this and, instead, use ways to mitigate the action instead.

A referral program is an exciting opportunity to learn more about customers, what they value, and what will encourage their loyalty. Not only that, you can tap into your creativity and figure out a winning strategy to increase sales and revenue. Find out more about the customers we work with and how they're using the Buyapowa platform to supercharge their customer acquisition.

Everything you need to guide you through setting up and managing your reward marketing program. View our latest vacancies and find out more about our award-winning culture. A referral program is a system where a brand identifies and reaches out to the people who like or love the brand and asks them to tell friends and family about them.

The program usually provides an easy and safe means to share a message, accurately tracks the success of the referral, and offers a reward for each verified transaction. Considering a referral program for your business? Our guide will take you through what they are, the different types, tips to ensure success and examples from the most successful referral programs.

A referral program is a marketing strategy that encourages existing customers to share your brand with their friends and family. When someone refers a new customer who makes a purchase, the original customer receives a reward from the company.

Referral programs are a great way to acquire new customers and build loyalty among your existing customers. Although conversely, the recommendation of a trusted friend can add more value for more considered purchases such as telecommunications , insurance , banking and utilities.

And given that the value of a referred-in customer is often much higher in these industries, the opportunity cost of not having a referral program is greater. Referral marketing is a growth marketing tactic that seeks to encourage existing and past customers to recommend a brand to their friends, family, and colleagues.

Often called word-of-mouth marketing , it seeks to supercharge natural or latent positive word of mouth with easy-to-use sharing tools such as referral links or codes , referral rewards and gamification. And to cap it all, consumers are typically less loyal than they used to be. By comparison, the business case for referral marketing is clear.

This is because studies consistently show that consumers trust word-of-mouth , or recommendations from friends and family, above all other forms of advertising.

Also people tend to open and read emails and text messages from trusted friends and family. And, in addition, as highlighted by research from the Keller Institute , the reason that referral marketing often works so well is due to better matching and social enrichment , which means that a referral is likely to reach the right person at the right time, be read and be received from a trusted source.

As a result, new customers gained from referral marketing are often better customers than those obtained from other marketing channels, and spend more and are more loyal as detailed in the seminal research by Wharton University in Referral programs can be operated by B2C and B2B brands to encourage customers or clients to refer the brand within their circles of influence.

While many of the mechanics of B2C and B2B referral programs are often the same, there can be important differences, not least in the time scales between the referral and the action, the fact that many more actors may be involved in a B2B referral and the rewards for a B2B referral can be much higher.

While referral programs are often directed at customers or clients, they can also be restricted to certain audiences such as a class of customers or clients e.

loyalty scheme members , employees as an employee perk to allow friends and family of the employee to receive special deals or for business partners, affiliates and influencers. In addition, we can also distinguish between the typical referral program that offers both a reward to the referrer and an incentive to the referred-in friend a dual or double-sided referral program , from those that offer only a reward to the referrer or only an incentive to the referred-in friend a one-sided referral program , and occasionally programs that offer no reward or incentive to either side.

In our view, unless you have a good reason not to, we think that a dual sided referral program often works best as a referral rewards acts as thank you to the referrer for the effort expended and, as documented by Yale and UC Berkeley , can overcome the psychological barriers to referral, whereas research from Harvard showed that the presence of a good deal for the friend can encourage a customer to refer.

A good referral program is clearly one that succeeds in bringing good quality customers who spend more and stay for longer. These are some of the elements that can help your referral program succeed:. Make sure that you ask your audience customers, clients, employees, partners etc.

Ask at moments when you think those people are most likely to have a net positive view of your brand. For example, after a purchase particularly a repeat purchase , a renewal, upgrade or moving from freemium to premium, or after having left a positive review or given you a high NPS, having liked or defended your brand in social media, or having any positive touch point with your store staff, call center or even via chat.

Analyze your customers and clients, and then target your most loyal, satisfied and profitable customers. Make sure that the bond between your brand and your customer or client is not broken, by asking as you the brand and not letting a supplier put its branding in the way of your brand relationship.

Make sure that you have a clear call to action and that the wording of your program is clear and understandable so that each participant knows exactly what they have to do to earn a reward or incentive.

Provide a safe and easy way for participants to share using any of their favourite sharing tools with natural sharing direct from mobile phones and using links or memorable words or codes that can be shared in other channels.

Ensure your design and user experience is as simple and easy to use as possible, and constantly work to reduce any unnecessary friction points that might stop referrals or actions by referred-in friends. Think how you can offer rewards that have a high value in the eyes of the referrer or referred-in friend but little cost to you, like how DropBox and Evernote offered extra online storage.

And if your brand has a high affinity i. your customers love you than why not consider swag like branded t-shirts, mugs or even online status badges.

Subject to any necessary post completion rules to protect your margins, for example only paying after cooling-off periods have expired, aim to pay out rewards as soon as you can to keep your referrers engaged and encourage them to refer again.

Use gamification and smart psychological tools to encourage participants to share again and again and to encourage referred-in friends to take action and take action now by using tiered rewards, booster campaigns to create time jeopardy and the fear of missing out FOMO and league tables.

Market your campaign across all touchpoints using the principles of activation and discovery to ensure your audience knows you have a referral program and knows where to find it.

As a minimum, you should be marketing on your website, in emails and newsletters, on your blog and in social media etc. Make sure you have advanced reporting and analytics to track the performance of your campaigns and understand what moved the needle for you.

Based on the detailed analysis of your reporting and analytics, tweak and test all the elements of your system to improve conversion rates, and keep testing and improving.

The need to ensure all of these elements is why we recommend looking at a best-in-class provider of referral program software. Like all marketing programs, referral marketing is most effective when managed efficiently and optimized to attract the right customers.

But having the best referral marketing software is only half the battle; ensuring that your marketing actively encourages the referrals — meaning that your loyal customers recommend your business to their friends and family — is the real challenge.

So, to inspire you, we have put together a list of twelve leading referral programs to highlight the ideas and tactics they have used to get their customers referring.

You can think how these can fit into your own referral marketing template to generate more and more customer referrals. These brands have tapped into the perfect blend of understanding their audience, offering rewards that their customers will value, and streamlined user experiences to create some of the best referral programs.

Koodo needed a way to bring in new customers at less cost, all the while keeping their current member base satisfied and happy.

So they decided to build a referral program which offered:. What they did right: Koodo was able to provide a seamless program experience for their customers through single sign-on and kept their fun, bright branding consistent throughout their program design.

It worked so well, in fact, that Koodo made referral an integral part of their marketing mix; rolling out regional campaigns across Canada and making it available in different languages to maximize accessibility and engagement. To this day, Elon Musk and Tesla Motors are rarely out of the news.

Tesla is a ubiquitous name in tech and energy circles. Like their namesake, Nikola Tesla, Tesla Motors is futurist, forward-thinking, and divisive. With its resounding success, Tesla closed out Phase 9 of their referral program and introduced a new referral program in March ; continuing to make referral a key part of their growth strategy.

Bringing back the referral program for vehicles, especially with the Cybertruck as a prize, could be a demand trigger for Tesla.

In July , the US program was updated for include new incentives for Model 3 and Y vehicles. The first owner to achieve 10 orders in North America, Europe, and Asia received a free Model X SVU.

Referee Rewards: In July , Tesla updated their US referral program to push sales for the Model 3 and Y. With this addition, a cash discount applies for referred-in customers buying the Model 3 and Y as well as several months of free FSD Full-Self Driving.

As mentioned above, Tesla has constantly been changing the rewards and incentives offered in its referral program, and is currently offering Loot Box Credits. What they did right: Tesla has generated a relentless spirit of evangelism around their vehicles.

Their current program not only offers a meaningful reward for each successful referral in the form of Loot Box Credits, which can be redeemed for free Supercharging etc, but they cleverly use tiered rewards and gamification to drive repeat referrals.

Tesla is a great example of how a referral program can be adapted throughout the life of a company from start-up to high growth and maturity, and how ingenuity with rewards and incentives can keep a program relevant and exciting.

The internet lodging titan that we know today as Airbnb started out when the founders rented out an air mattress in their living room and the rest is history. Now, Airbnb is one of the defacto examples people cite when they think about a startup unicorn.

If you want to know more about how using prosocial or friend benefiting rewards can improve the performance of your referral program, then this recent research from Harvard Business School, Olin Business School, and the University of California should interest you.

Image source: Buyapowa. The shave accessory giant boasts a billion-dollar subscription service through their e-commerce store and a barbershop in Manhattan. A large part of that figure success has their referral program to thank. In this great example of a referral program that incorporates other elements of a digital marketing strategy, they offered incremental tangible rewards to those who were willing to refer their friends through email, Facebook or Twitter.

Referrer Rewards: Accumulating rewards: Refer five friends, earn free shave cream. Refer 10 friends, earn a free razor. Refer 25 friends, earn a free premium razor. Refer 50 friends, earn free shaving for a year. Results: As the week-long campaign wrapped up, the results surpassed all expectations.

They generated , leads within the first week. While their latest referral program lacks the aggressiveness of that initial scheme; their venture into the world of referral was undoubtedly a fruitful one.

Evernote has come a long way since their launch in Evernote decided to close its referral program in , so the information below relates to the period before its closure.

Referrer Rewards: Earn 10 points for your first three referrals — enough for three months of Premium or 3 GB of additional monthly upload, then whenever a referred friend buys Premium, earn 5 points. Their simply designed program also encourages customers to keep making referrals to sustain their free trial of Premium.

Wireless uncarrier T-Mobile decided to break the referral program mold and offer actual shares in the company in return for referrals. Referrers could earn up to shares in T-Mobile.

And customers who had been with T-Mobile for more than five years were offered two T-Mobile Shares for every successful referral. Referrer Rewards: Earn one T-Mobile share for every successful newly activated T-Mobile Line.

Referee Rewards: One T-Mobile stock after being referred and staying with T-Mobile for at least 15 days. What they did right: The highly differentiated program generated millions of dollars worth in free marketing as a result of the extensive press coverage.

And, by diversifying the rewards offered to include actual company stock, rather than a financial incentive, credit or discount; T-Mobile was able to offer something with more unique and special for their referrers and their friends.

Today, they boast 15 million personal customers and K business customers worldwide, and the Revolut platform supports more than 35 countries and over 28 currencies and offers everything from bank accounts and debit cards to stock trading and cryptocurrency exchange.

Revolut now joins a band of cutting-edge fintechs looking to disrupt the financial services industry with innovative, customer-centric solutions.

Key to their continued success and growth is a need to reduce customer acquisition costs; enter their referral program. Also, where the offer is more generous, the number of friends that a customer can refer is typically capped e. Referee rewards: As above, the conditions can change for each campaign, but often a cash reward is also given to each referred-in friend who orders a physical card and makes 3 card payments.

By creating a situation in which potential referrers have a short window of opportunity to refer and collect a reward, customers are spurred into action, and potential issues surrounding customer apathy and lethargy are cleverly mitigated. And so as to reinforce the effect, at the end of a campaign, the offer no longer appears in the app.

In addition, by limiting the number of referrals a customer can make, Revolut creates a scarcity effect. In one example, the offer is limited to 5 referrals of new customers.

Revolut tends to reduce the number of permitted referrals when the reward offered is higher. And finally, to avoid paying out for low-value customers, referrals are only confirmed once the referred-in friend has made three payments. However, the Buyapowa team recently tested this referral program in action and noticed somethings which could be improved.

As of the August iteration of the program, we noticed a lack of communication to the referred-in friend as to the steps that needed to be taken for the referral to be approved. Image Source: Buyapowa. Robinhood Markets is a US financial services company, best known for pioneering commission-free trades of stocks and exchange-traded funds via their innovative mobile app.

So pioneering, in fact, that after announcing plans to offer commission-free cryptocurrency trading in early , their waitlist exploded to more than 1. They already offer the ability to trade in Bitcoin, Ethereum, Dogecoin, and Litecoin and plan to offer full support for cryptocurrency wallets, allowing deposits and withdrawals.

What they did right: Their referral program is fairly simple; both the referrer and the referred-in customer receive a stock drawn from a pool of stocks at random. But as the value of a stock can rise or fall over time, the value of that reward can also rise or fall, and a referrer or referred-in friend who receives a lower value stock may be tempted to hold that stock to see if the value rises over time.

Another interesting point is that by crediting the referral reward, i. This is a good example of using rewards to encourage use of their core product, rather than offering rewards that can draw the customer away from the platform, like a voucher or cash reward. Source: Gousto.

Gousto is a popular British meal kit retailer headquartered in London. The company delivers their subscribers with recipe kit boxes that include fresh, pre-portioned ingredients and easy-to-follow recipes for delicious meals. Despite their rapid growth and success in performance marketing, they eventually hit a ceiling and needed to find a broader brand-led approach to help them push past it, which included a transition from performance marketing into direct response and branded TV and, of course, their referral program.

The referrer receives a one-time £15 credit per referred friend added automatically to their account. Firstly, they regularly communicate about their referral program with their customer base, not just via email but also in their app and on their website.

And, moreover, those messages are strategically timed to arrive when their customers are most likely to refer, such as after a good experience, having given a positive rating, or just after joining. And they also follow up with referred-in friends that hesitated on signing up to remind them of the benefits of their service and the introductory referral offer available.

And finally, Gousto also understands the power of limited-time offers to encourage action or booster campaigns as we like to call them. Source: SMARTY. SMARTY, a wholly-owned MVNO in the UK telecoms group Three, was launched in as a SIM-only, contract-free mobile network targeting a young, tech-savvy demographic.

And, understanding that their target audience was both super connected and marketing adverse, far more likely to listen to real-world advocacy from trusted peers than to generic marketing messages, SMARTY wisely incorporated a referral program right from the beginning.

Firstly, SMARTY perfectly aligned its value proposition with its target audience, and provided exceptional value and service for its customers, as seen from their Trustpilot rating of 4 out of 5, one of the highest NPS in the industry, and the fact that they have won multiple accolades, including Best PAYG Network and Best Value SIM-Only at the uSwitch Broadband and Mobile Awards.

Everything about SMARTY is lean, and the network itself went from concept to reality in just six months with its website and self-serve mobile platform being built by just four engineers.

Staying true to this philosophy meant that their referral program also had to be simple, straightforward, and honest with easy native sharing straight from the mobile app, a referrer dashboard, and easy-to-understand rewards of free months of service.

Source: Buyapowa. With the explosion of fintechs offering investment, trading, and wealth management services, IG decided to build upon the passion of their existing clients by investing in a strategy with a great return on investment: Referral marketing.

IG Group celebrated a The popular fintech singled out a record increase in the number of active clients hitting , in the quarter, up IG Group is an excellent example of how referral can be used in a more complex and sophisticated business.

By Sharg

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