Glossary
Referral Program
A referral program is a structured system that rewards existing customers for referring new customers to your business. It transforms word-of-mouth into a scalable, trackable growth channel.
Why Referrals Work
Referred customers have a 16% higher lifetime value, 37% higher retention rate, and 4x higher conversion rate than customers from other channels. People trust recommendations from friends and family more than any form of advertising.
Referral Program Structures
- Two-Sided: Both referrer and referred get a reward (most effective)
- One-Sided: Only the referrer gets a reward
- Tiered: Increasing rewards for more referrals
- Contest: Top referrers win prizes
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