12 Referral Program Examples (& the Referral Marketing Strategies You Can Steal)

Logos of referral programs
 

What is a referral program?

A referral program is a growth marketing tactic that seeks to encourage existing customers to recommend a brand to their friends, family, and colleagues. Often called word-of-mouth marketing, it seeks to supercharge natural or latent word of mouth with easy-to-use sharing tools such as referral links or codes and referral rewards.

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Think Referral System … not Referral Automation

Referral Systems
 

What’s a Referral System?

A Referral System is the means by which you get existing happy customers to advocate on behalf of your brand and encourage their friends, family and colleagues to also become customers. The difference between a simple referral and referral system, is that by planning how you can identify and use each contact point with happy customers to get them referring again and again, you can create a virtuous cycle of referrals.

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Would you recommend your bank to a friend?

Three Financial Services Referral Programs
 

This article first appeared in Global Banking and Finance.

Well, the answer is clearly yes if you listen to the NPS reported by leading banks, which according to Customergauge listed these scores for for 2022:

  • First Republic Bank: 72
  • first direct: 66
  • ING Luxembourg: 63
  • American Express Bank: 52
  • Royal Bank of Scotland: 51
  • etc.

When the question is “how likely are you to recommend us on a scale of 0 to 10” and where, according to Bain & Company, any score above zero is good, above 50 is excellent and above 80 World Class, clearly these and many other financial institutions have a pool of potential brand ambassadors ready and willing to advocate for the bank within their circles of social influence.

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