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Lesson 2.

Maximizing your referral programs’ profitability

Referral programs are functioning based on the word of mouth principle. Good word of mouth can happen to a business in a natural way. However, it is far more productive to plan the referrals.

Defining the objectives of a referral campaign

There are several general objectives for a referral program:

In order to succeed, define and prioritize your goals for each referral program as detailed as possible.

Try basic SMART-analysis. Remember: characteristics of the target group of your marketing campaign matter most. It’s essential to know:

This means, on one hand, that you do not pay for the only fact you have a referral program. On the other hand, it’s still essential to estimate the optimal budget for it.

Join our next lesson on the budget estimation!

Next lesson:

Estimating a referral program budget

  • Defining the objectives of a referral campaign
  • Figuring out the numbers

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