Refrra provides a unique opportunity for you to take advantage of your existing networks and incentivise these connections to become incentivised raving fans!
The following will provide different offer designs that you can implement into your existing business, there are many different referral scenarios that exist in business today so we have outlined a few designs that are optimised for each basic scenario that can be used depending on who your target is.
B2B - referrals ONLY
referral fee 10%
This offer is generally specific to a b2b relationship where the referral partner would rarely purchase anything from your business but is in a position that is easy for them to send you leads.
You can make your referral fee as high as you like for these types of offers as generally the purchaser would be submitted as a lead and unaware of the offering.
You could provide a discount here also or other buyer benefit however generally you want to focus the incentive on the referral partners in this case otherwise you will give out too much or loose interest from referral partners if the referral offering is not the best it can be.
The reducer is always recommended to keep all your partners incentivised, a small reminder to keep sending you more business, 25% we feel is a sweet spot.
***Best option for serious b2b relationships
B2C - no discount
referral fee 5%
This offer is focused on generating referrals from your customers or other networks without having to provide a discount and works well with B2C target audience where the business prefers to keep to the original pricing.
Your headline is what you need to utilise here to make it attractive to new customers, only you know what your customers want so think of something that your new customer would appreciate but doesn't cost you much to give away. The offer can be specified for one time use (or first 2 or 3 sales) also which can be tracked in refrra, this way you can onboard new customers without a continuing referral fee for multiple sales.
Generally your referral fee doesn't want to be too high in these offers as you need to ensure the buyer doesn't think their referrer is getting a better incentive as this model involves the purchaser using the offer and knows what their referrer is also getting.
The reducer is always recommended to keep all your partners incentivised as a small reminder to send you more business, 25% we feel is a sweet spot.
***Best option for B2C businesses that prefer not to perceive a discount their services
B2C - financial benefit for all
referral fee 5%
This offer can replace loyalty program for all your customers, or just your VIPs as it provides a continuous discount on each purchase and the benefit of being able to get paid for referring their friends. Its a gift that keeps on giving for everyone involved as every referred sale is a reminder for all involved that every time they mention your business, EVERYONE GETS PAID!
***This offer is generally the most rewarding for customers and can be equally rewarding for the business