Increase spending via invite a friend with post purchase rewards
Description
A smart post purchase referral program enable you to increase both the likelihood and quantum of new members purchasing after becoming a member. It can transform your first and second purchase drop-off problems and ensuring that new referred members becomes important and active members for your brand.
Examples of strategic benefits:
- Increase in Spending of New Members: The most important benefit is to drive the spending of new referred members
- Customer Retention: Rewarding existing customers for referrals reinforces their connection with your brand, improving retention rates.
- Quality Leads: People are likely to refer like-minded individuals who fit your target customer profile, leading to higher quality leads.
There are a few factors to consider and pay attention to when designing a smart post purchase referral program. It needs to be review on a yearly basis to right fit and size it to ensure it provides a meaningful addition to your loyalty program strategy.
Concept
Establish referral program that focus on increasing spending with smart post purchase reward strategy. The referral program will both drive members acquisition and spending by enabling members to refer friends, family and colleagues.
Execution
- Define scope of referral program
- Set up the right rewards and incentives for post purchases
- Ensure referral codes input fields and logic is enables in sign up channels
- Provide sharing mechanism of personal codes for referral
- Run report and analyse spending of referred members vs new members
KPI
- Purchases/Spending of new referred members: 10% increase
- Reward cost: based on referral incentives
Detailed Execution in Memberson Loyalty CRM Platform
Please contact Memberson for further discussions
