What is the best referral system you used?
Natali Marina
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Kirill Rozhkovskiy@mujaji
For my last product, after some research of the best practices and reflection, I've come to a decision to reward both parties: a referee gets 14 days of extra time, a referrer gets $5 that they can use to pay for the service or withdraw when it gets over $100. That wasn't a hard, unlike finding a proper software solution. I expected to find a platform that
a) will be easy to install and integrated on a site, like via some short JS code and branded page with a user's personal account on a subdomain or at least an embedded widget, and
b) allow programming my modest referral program settings.
But I failed to find something alike. And we had to write an MVP ourselves 🤷♂️
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The best ones are where people get rewarded instantly.
One way to do it is give them a super valuable digital product, which they can download.
The other is offering a 30% discount to you and the person you refer.
We are trying to do an experiment too. The product costs 9$ a month, but if you refer two more people you can unlock the "three musketeers" discount and it's 3.33 for all 3 of you.
We basically added a three musketeers plan right into the product's pricing page, so everyone who lands on our landing pafe sees it.
Back when I worked at Truebill (now RocketMoney), I built up the referral system for platform. We quickly realised how flawed monetary-reward referral systems are. There were Facebook groups where people would coordinate how to game the system.
Based on my experience since, the best referral systems are where the interests of the platform and people doing referrals are aligned, that could be a discount on next subscription / purchase or some in-platform reward. Something that doesn't allow people to get ROI in money that's higher than total cost paid.
For WhatsApp bot (launching tomorrow btw :) ) I went for the instant reward for both referrer and referee: since the core feature is to turn voice messages to text, the unit for people to use my service are "minutes". Everybody starts with a free 2 min trial. Then if you refer a friend, both you and your friend gets an extra 10 mins.
It's kind of tricky to set the value perceived in the referral high enough for people to engage though, psychology reflexions haha.
Has anyone tried non-monetary physical rewards? merch, stickers or similar?
One of the most effective referral systems I've utilized is the Binance Futures Referral Code gateway. The seamless integration of this referral system by Binance has proven to be a game-changer in navigating the crypto universe. The code not only simplifies the referral process but also provides a comprehensive entry point into the world of crypto trading. The user-friendly interface, coupled with the diverse range of features offered by Binance, makes it stand out among other referral systems. The transparency and incentives provided through this referral system have significantly enhanced my experience, making it an excellent choice for anyone looking to explore and thrive in the dynamic realm of cryptocurrency.