A common challenge with on-going referral programs is keeping them top of mind for your brand advocates. One approach we recently tested with a client was doubling the reward for one week, from this we gained two critical insights.
- More qualified referrals: The program saw a 74% increase in qualified referrals during the one week that reward value was doubled.
- The benefit continues: After the reward amount is returned back to its steady state, the number of referrals remained high. When comparing the four weeks after the reward double, the engagement with the program returned to its previous level for the same period the previous year there was a 24% growth in qualified referrals.
Making short-term increases to your reward value will stimulate your advocates to reengage and does not just accelerate referrals you would have already received. To learn other best practices for referral programs, checkout this recent post.
Todd Carter is the Chief Digital Officer at YA. YA works with companies to build referral programs that engage their customer bases to advocate for them. For more information about optimizing your referral program, please contact us.