Customer referrals are essential for every business, so we recommend every business have a referral program. The nature of the program including the rules, reward offering and how it is managed, will depend on the size of your customer base. The smaller the customer base, the less referrals you will receive; therefore a highly automated program such as ours may not be necessary or feasible.
Over the past decade we have run referral programs in many different sectors and our clients have used a wide variety of reward types including promotional items, charitable donations, discounts off future purchases and monetary based rewards such as pre-paid credit cards and account credit. Monetary based rewards have consistently produced the best results for our clients, regardless of the industry.
Rewards are what incentivize customers to refer and what motivates those whom were referred to take action and become a customer. The general rule of thumb is reward as much as you can while still being at, or below your desired cost per acquisition. Contact us and we can provide you with data on a typical CPA generated by a referral program in your industry.
Long-term or “evergreen” referral programs produce the best results. Over time, more people participate and those who have previously participated come back and make more referrals. RewardStream has clients that have been running referral programs for more than a decade!
Refer A Friend Software FAQ
RewardStream Refer A Friend is highly configurable and therefore semi-custom referral marketing software. Because its application is so broad, we need to perform a program scoping exercise based on your desired configurations and services. Contact us if you would like to learn more about our pricing.
RewardStream gauges program performance based on the number of new customers acquired. Results vary based on the industry, reward offering, eligibility requirements and marketing efforts that support the referral program. Our extensive body of work allows us to accurately predict the success of a program based on the program design you choose. Contact us and we can begin by calculating a revenue projection for your potential referral program.
Marketing support plays a critical role in the success of a referral program. Clients who invest in awareness tactics to support the program see the best results and lowest CPA. Once your clients start participating in the program there is a comprehensive set of triggered e-mails that communicate with the user proactively. You get them to the program and we’ll do the rest!
Yes. RewardStream Refer A Friend software was created prior to digital communication laws and RewardStream has consulted with various marketing associations and governments in regards to best practices as it pertains to referral programs. All referral programs run on the Spark platform are compliant with the Canadian Anti-Spam Legislation (CASL) and CAN-SPAM in the US.
RewardStream complements the Refer A Friend software with a wide assortment of services to ensure its success. Hosting, security, fraud prevention, referral program member care, best practices, built-in promotion functionality, reward fulfilment analytics and dedicated account management come standard with all of our programs.
RewardStream does not require a mobile app because the entire user experience is mobile optimized through responsive design. Your customers and referred prospects will have the best possible experience regardless of the type of device they are using.
RewardStream provides a “closed-loop” referral program- meaning it identifies the customer making the referral, who they refer via what channel, who responds, and ultimately, who makes a purchase. Every stage of the referral life cycle is tracked and you can run comprehensive reports in real-time based on any stage of the referral lifecycle.
Yes. RewardStream can be fully integrated with your web environment and be 100% automated or completely stand-alone with manual processes. Contact us if you would like to know more about how we work with no IT integration.
Program configurations such as reward amounts, eligibility requirements and tracking can differ greatly by industry. RewardStream has implemented and managed referral programs in a wide variety of sectors and can help you implement a referral program using best practices from your industry.
The implementation timeline to launch is highly dependent on the level of integration and automation your program has. Programs with manual processes such as customer and purchase verification can be implemented in a matter of minutes.
Yes. We can create a program that rewards successful referrals with points that your customers can spend on a variety of rewards you provide. This is a great way to introduce gamification to a referral program to encourage participants to build up points for more lucrative rewards.
Yes. You can have different rewards depending on the type of customer being acquired. This allows you to align your acquisition cost to the revenue being generated based on the type of customer they become.
Yes. We can create a custom lead generation form your prospects fill out based on the information you need to capture for your sales team. Once the prospect becomes a customer, they are rewarded regardless of the process for enrolling them.
Yes.RewardStream software can be updated quickly to accommodate changing rules such as rewards or eligibility requirements. Copy updates go through a standardized QA process in a staging environment where our clients review and approve before going live.