A referral program as a method for attracting new clients
A referral program is a way of establishing a link between already registered users and potential newcomers, where an existing client receives a reward for bringing in new referees. Having this kind of viral marketing program allows platforms to attract new clients to their products at a very low cost; businesses have no need to spend extra on advertising or marketing in order to get the word out about their business.
By implementing a referral program into your product, you will be able to use your existing clientele, essentially, for your product advertising.
When registering on the referral platform, each user is assigned a unique personal identification (ID); based on this ID, the user is given a specific link they can share with others. When sharing the link on social media websites for example, visitors who go to the website via the link and register automatically become referees, and those who own the link generate referrals. A user who has registered on any platform via someone else’s referral link, becomes a referee.
By including a referral program into a project, you allow users to have an opportunity to profit by inviting new referees without having to dedicate a lot of their valuable time or resources.
In our system, we implement a single-level referral program, which means that the link owners will only receive revenue from the referees they’ve invited directly, but with an unlimited number of referees allowed. The platform is written in Elyxir and is currently in operation as part of a global fintech project - this platform is also capable of customisation and feature development - on demand from customers.
The main advantages and features of the platform for users (referrers) include:
- Attracting referees is very straightforward - they can just post their link on social media.
- Consistent passive revenue - by inviting users to the project and capturing their interest, they are able to receive a revenue as long as the invited persons are active, without dedicating any extra time or attention.
- A referral program is a great opportunity to create additional income for all users, as well as a convenient way to spread the word about your product to huge numbers of potential clients.