Friends with benefits: how referral schemes can really pay off

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1. Across energy, banking, shopping and entertainment, there are lots of companies and brands offering existing customers perks for bringing in new business. How it normally works is that a customer shares a link or code with a friend or family member, and then the referred friend or relative either signs up to the service or buys a product. “In return, either or both parties get a pre-agreed reward, which might be cash, credit, money off, a free month or points.” For businesses, these schemes can often be seen as an easy win as they can be a way of bringing in good-quality new customers for less than the cost of paying for more advertising. But for customers, there are potential dangers.

   In Referral incentive models

2. Across energy, banking, shopping and entertainment, there are lots of companies and brands offering existing customers perks for bringing in new business. How it normally works is that a customer shares a link or code with a friend or family member, and then the referred friend or relative either signs up to the service or buys a product. “In return, either or both parties get a pre-agreed reward, which might be cash, credit, money off, a free month or points.” For businesses, these schemes can often be seen as an easy win as they can be a way of bringing in good-quality new customers for less than the cost of paying for more advertising. But for customers, there are potential dangers.

   In Two-sided referral incentives