To buy from VBI, new customers join the referral program, and the cycle continues. Screenshot showing a tweet referring people to a site And all VBI did cfo email database was invite their past customers. Here’s how VBI’s referral program has performed: Screenshot showing stats for a referral program Note. The average referral rate (2.35% above) is pegged to the individual industry the business is in. Key Takeaway: Referral marketing programs are not just for new customers. You can, and should invite all of your past customers to join your program, earn rewards, and brag about your brand.
Building Your Email Marketing List
REFERRALCANDY STORE #2: ENDY SLEEP [CASH REWARDS STRATEGY]. Endy Sleep is Canada’s largest direct online mattress retailer. Their most popular product is a memory foam gel-infused mattress that retails for CA$850. Screenshot showing a product page for a mattress Despite the luxury prices, they are on track to earn CA$50 million in revenue. One of the key drivers of their success is a referral program. But Endy does it differently. Endy uses what I call the “Cash Rewards Strategy.” A standard incentive for most ecommerce stores is a percentage or cash discount off their next purchase (e.g., give $20, get $20):
One Big List Or Several Small and
Screenshot showing copy for a referral program But Endy doesn’t give discounts. Instead, Endy gives away cold, hard cash. Screenshot showing a thank you note The reason is simple. Endy knows very well that a mattress is not a product that is bought frequently. Anyone buying a mattress is expecting it to last for the next 10–20 years. It would be useless for Endy to give away a discount for a future purchase — their customers would have no use for it. To make their referral program attractive, for every new customer referred to them, Endy will send CA$50 by PayPal to the referring person.