General Marketing
Referral Marketing
Referral marketing is a strategy that encourages existing customers to recommend a product or service to friends, family, or colleagues. It leverages trust and personal relationships to generate new customers.
Examples
A banking app offers both the referrer and the new customer a $25 bonus when a referred friend opens an account.
Best Practices
Make the referral process simple, offer meaningful incentives to both parties, and promote the program through multiple touchpoints.