Customer Referral program is a very effective and low cost customer acquisition channel. Itimes.com set up a referral program to increase registrations on it’s site. The site visitor can refer his friends and get a $10 coupon for every 10 registrations through his referral. Since every visitor is very likely to have a social circle consisting people of his own demography. This was a very effective way to reach target audience.
Goal : To increase registrations on website
Incentive : $10 coupon for every 10 referral registrations
Results : 500K target audience reached through friend invites in 3 months resulting in a low customer acquisition cost
Success of the referral program software is directly proportional to it’s visibility and promotion. Itimes integrated the referral program on it’s website as a floating referral button. They could have increased the referral program performance multifold by including it in the mailers as well.
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