Referral Program Incentives

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1. Cost consideration is also a determinant factor. Any incentive will cost you money or will have to forego some profit. But the good thing is that you will have gained important leads during the process in the form of successful referrals. The trick here is to create multiple rewards that are attractive enough to different segments. “There are two types of referral program rewards that you can consider: the friend offer and the referral reward.” The friend offer is designed for referred users to make them eager to buy something that you are offering in your store. The referral reward is the most common type of incentive and rewards the referrer for making a successful invitation. Depending on your brand identity and what you are offering, you can choose either one of them. In other cases, both types of incentives can apply where you reward both the advocate and the friend. Double-sided rewards are highly recommended.

   In Two-sided referral incentives

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