The rewards are the one thing that will make your referrers share the referral link with their friends if and only if they see the reward is benefiting them in some ways. The same goes for the friends of the referrers. If they are getting something good out of your referral program, then only you can expect a conversion.
Giving out rewards is no rocket science, and also there is no rule for "perfect reward". All you have to do is target your customers in the best possible way you can and keep exploring and experimenting with the rewards.
Based on researches we have curated an awesome list of rewards that have contributed to the best ways to make a referral program a success.
But before getting started with it, let us know some key rules while giving out rewards in a referral program.
- Giving out rewards that are related to the brand; it increases brand awareness.
- Keep the same rewards every time you create a new campaign can make it boring—keep exploring and brainstorming new ideas.
- Your referral reward should not feel like a bribe to your customers.
- Avoid rewarding the referee any less than your customers—reward the referee equally or more than your customers.
Now let us know some fantastic referral rewards. Feel free to use these ideas on to your referral program.
1. Free Rewards
Who in the world doesn't like free rewards? Everyone right! People love the word 'FREE.' You can give out the free bonuses to your advocates on every successful referral they get for you. But the free product should be something which is contributing to boosting up your brand name.
Giving out discounts is the most popular kind of reward that companies use in their campaigns. Discounts can be given out in the form of cash backs or the usual discounts such a 10% off or $200 off.
Discount benefits the people in the two ways—to referrers and referees both, such as giving out $20 and get $20.
It sometimes uses science (human psychology) to attract people.
Credits are also known as internal currency-- the currency of your brand. You can give credits to the customers on every successful referral. For example, you can give out 100 credits on each referral they make. The credits can later be used to make payments or get a discount on the next purchase.
For example, if you are giving out 500 credits to the customers on every successful referral, they will get a $500 discount on their next purchase.
4. Company Swag Bag
The swag bag is the best to make the brand by promoting the brands' names in the T-shits or cups. These are some cool merchandise that you can gift your advocates in the way of a reward on every referral they get.
5. Customized rewards
These are some rewards that create a sense of personalization and bring the customers closer to your brand.
- Invite them for a tour or a meet in your company.
- Send the trial version of the products to a few customers to get the reviews.
- Give them shout-outs on social media platform—show your love towards them.
- Give some exclusive offers and discounts for some special advocates.
- Create a leaderboard of the best referrals weekly or monthly and send exclusive referral rewards to the top three customers.
I hope you liked the article. Let us know what you think of it.