A good Referral program can unlock a huge revenue potential from your existing customers. A referral program is simply a viral loop that can bring new customers, without you spending tons of money in advertisements.
Referral Program Example
A typical Referral program example is:
You get $5, your friend gets $5
A customer refers his friend. The friend gets $5 coupon code. The friend places his first order using the coupon code. Referral is now complete. The customer gets $5 coupon code
How it works
John places an order or registers for an account in your store and gets a unique referral link
John shares the link to his friend Smith
Smith visits the store using the referral link.
Smith will be given a $5 coupon code
Smith makes a successful purchase with that coupon code
John (who referred Smith) will be sent a $5 coupon code. (because Smith made a purchase)
The Viral Loop
John can refer as many friends as he likes
Similarly, Smith will get a referral link when he makes a successful purchase
So Smith can start referring his friends
And this loop keeps going on
How Retainful makes this possible?
Once you set the rewards for both your existing customers (Advocate) and the friend, Retainful takes care of the program in autopilot mode.
When a customer makes a successful purchase or registers for an account, Retainful generates a unique referral link: Example: https://my.refrl.co/veNkyttD and gives it to the customer.
When a friend visits your store using the referral link, Retainful asks for their email address to send them the reward (say, $5 coupon code)
Once the friend gives his email address, he is shown the coupon code and also it is sent to his email address
When the friend makes a successful purchase, the advocate (the customer who referred him) will be automatically emailed with their reward coupon as well
Retainful tracks all these activities in a neat dashboard and you can see how many members you have in the referral program, how much revenue you earned and all the referral activities like who referred what and the status
Ready to launch your Referral program? You can get started in three-simple steps