In a brand new analysis of the world’s top referral programs, their structure, rewards, and trends, we explore opportunities in the referral marketing landscape to help your business leverage this thriving marketing channel.
We’ve studied the rewards and program structures of over 100 referral programs across various industries to help you answer questions like:
- What rewards are today’s top companies using to drive customer referrals?
- What is the most popular referral program reward structure?
- What referral program reward strategies can be used to get the best ROI?
Here’s a sneak peek at our key insights:
With over 50% of referral programs using dollars of credit as a reward, and 90% of programs relying on a purchase to define a successful conversion, businesses are using referral programs to encourage spending from new and existing customers.
The overwhelming tendency to create double-sided programs tells us that companies understand that referral incentives must play to the needs and desires of both the existing and new customers. Without motivation for both the promoter and their friend, chances of successful referrals are heavily impaired.
Tiers are a heavily underused component of referral programs today, even though they present the opportunity for a better return on investment (ROI) and more program engagement. When they can be implemented, there’s no reason to have a static, one-size-fits-all program.