Companies and loyal customers both benefit from online referral programs. Businesses gain new customers, and referring customers receive cash, credits, and discounts for a successful referral. However, not all referral programs are created equal or offer appealing incentives.
In this post, we’ll look at some of the most effective referral programs on the market.
What exactly is referral marketing?
Word-of-mouth marketing (WOMM) is used by businesses to generate honest discussions and recommendations about their products. The goal is to get people to talk about a company, brand, product, or service. WOMM works because, as social creatures, we like to share our experiences with our family, friends, colleagues, and network. A great referral marketing program is one way to stimulate WOMM.
Referral marketing is a method of promoting products and services to current customers and users. Customers are given unique links that they can share with others. As referral incentives, most referral programs provide discounts and account credits. For example, Joe sends Suzy his referral link in order for her to save $10 on her first purchase. Referral programs are known by a variety of names, including:
- Advocate program
- Customer reward program
- Invite-a-friend
- Loyalty program
- Refer-a-friend (RAF)
- Rewards program
Affiliate marketing vs. referral marketing
Under the umbrella of performance marketing, referral and affiliate marketing do overlap, but they are distinct. Affiliate marketing refers to the online promotion of products and services by affiliate marketers, who are typically full-time content creators, bloggers, and YouTubers. Affiliates are compensated by companies for generating leads and sales. GetResponse, for example, has two affiliate programs that pay both recurring and bounty commissions on new sales.
The table below illustrates the distinctions between referral and affiliate marketing:
Which one should you choose, given the differences between referral and affiliate marketing?
If you want to occasionally share deals with your friends and people you know but don’t want to focus on creating content, promote referral offers. If you want to create content part-time or full-time in order to earn extra money passively, consider affiliate marketing.
Examples of successful referral programs
Let’s take a look at the best online referral programs from companies that have demonstrated consistent referral program success. If a company has its own referral program, it will most likely be visible in the footer menu of their website, and you may receive information about it in the company’s email or newsletter.
- GetResponse offers a $30 account credit for each referral.
- Dropbox – Up to 32 GB of storage space per referral
- Fiverr – You can earn up to $100 per referral.
- Chase Bank – $50 for each referral
- SoFi – $10 for each referral
- TurboTax – $25 for each referral
- Wise – $50 for every three referrals.
- Acorns – $5 for each referral
- Charles Schwab – Up to $500 in referral bonuses
- Robinhood – A stock reward for each referral
- Wealthfront – $5,000 in free management per referral
- Sam’s Club offers a $10 gift card for each referral.
- Walmart is offering a $10 promotional offer for each referral.
- AT&T offers a $25 account credit for each referral.
- T-Mobile – $50 for each referral
- Casper offers a $75 gift card for each referral.
- Coursera offers a 50% discount on a course for every referral.
- Purple – Earn up to a $75 gift card for each referral.
- Smile Direct Club offers a $100 referral bonus.
- Spanx – $20 for each referral
- Tesla offers car miles and cash for referrals.
Online marketing and services
Let’s dig a little deeper into the referral program examples we just mentioned, and look into their referral process and provide you with more information to help you decide which customer referral program you might be interested in.
GetResponse
GetResponse is a leading all-in-one digital marketing platform that provides email marketing, automation, websites, landing pages, conversion funnels, webinars, and other services. We assist over 350,000 businesses of all sizes in increasing their leads, sales, and customers.
Customers of GetResponse and their referrals who become paying customers will each receive a $30 credit. GetResponse also offers other referral programs that may be more suitable for your needs. For new sales, the programs offer high one-time and recurring commissions. For more information, check out these affiliate marketing and agency partner programs.
Referral fee/reward: $30 account credit as a referral fee/reward
Website: GetResponse referral program’s website
