The four main metrics Referral Factory uses to measure your campaign are reach, users, referrals, and converted referrals. These metrics give you an indication of how your referral program is performing. They can be broken down further on an account level, a campaign level, and an individual user level so you can get in-depth data about your referral program.
1. Account Level Metrics
Total Reach - This is the total number of times any of your campaigns have been viewed, either by a person referring or a person that has been invited. Similar to page views on a website.
Total Users - This is the total number of people inside all of your campaigns. This includes anyone who has joined your campaigns, either as a person referring or as a person who has been invited.
Referrals - This is the total number of people who have been invited to any of your campaigns via a referral link and filled out the form on the landing page for the person invited. This could also be considered a lead.
Average Referrals Per User - This is the average number of times each user has referred someone. If your average referral rate per user is 0.30 that means that for every 1 000 users you have, you will get 300 referrals or potential new customers. That's a great result!
2. Campaign Level Metrics
Total Reach - This is how many times your campaign or any referral links have been viewed. This will include all users - a person referring or a person who has been invited. It will also include the number of times the campaign join link has been viewed. Similar to page views on a website.
Total Users - This is the total number of people inside your campaign. This includes anyone who has joined your campaigns, either as a person referring or as a person who has been invited.
Total Referrals - This is the total number of people who have been invited to a specific campaign via a referral link and filled out the form on the landing page for the person invited. This could also be considered a lead.
Converted Referrals - This is the number of referrals in your campaign that have successfully converted. A conversion could be a sale, a contract signed, an account opened, etc.
In order for Referral Factory to report on the "Converted Referrals" metric, you must be qualifying your referrals. This guide will explain how you can do that How to Qualify Converted or Successful Referrals
3. Individual User Level Metrics
Reach - This is how many times a specific user's referral link has been clicked on and viewed. This is a good way to get an idea of how actively a user is sharing their referral link.
Referrals - This is the total number of people whom a user has sent their referral link to who also filled out the form on the landing page for the person invited. This could also be considered a lead.
Converted Referrals - This is the number of referrals a user has generated that have successfully converted.
Now that you understand the basic metrics Referral Factory uses, here is a deeper look into the analytics available. Referral Factory lets you track referrals, see your conversion rate, identify power referrers, see the social platforms users are referring on, track your email performance, and more…
Referral Factory’s analytics feature will help you better understand the performance of your referral programs so that you can be more data-driven and improve your referral programs to drive more results.
4. Account Performance Analytics
This is an excellent way to understand how your campaigns are performing. You can filter this to show analytics for your whole account or drill it down even further to a specific campaign.
A number of metrics available in our Campaign Performance 👇
Reach - This is how many times your campaign has been viewed. This will include all users - a person referring or a person who has been invited. Similar to page views on a website.
Total Users - This is the total number of people inside all of your campaigns. This includes anyone who has joined your campaigns, either as a person referring or as a person who has been invited.
Referrals - This is the total number of people who have been invited to join your referral program via a referral link and also filled out the form on the landing page for the person invited.
Converted Referrals - This is the number of referrals that have successfully converted. A conversion could be a sale, a contract signed, an account opened, etc.
Daily Users - This is how many new users you are getting every day. This includes both people referring and people invited.
Your Power Users - These are your top-performing users and are the people who are engaging the most with your referral program. You can further segment your power users based on how many referrals they have made and how many converted referrals they have made.
Link Opens By Device - This shows you what devices are most popular for sharing and opening referral links.
Conversion Rate Of Your Referrals - This is the percentage of the people invited who actually converted.
User Breakdown By Reach - This gives you an idea of how many of your users are actively sharing and how many aren’t engaging as much as you would like. It breaks down how many users have a certain reach of their referral links.
Ratio Between Users Source - This gives you a breakdown of the different sources of users in your campaign. It gives you a better idea of where your users are coming from. Are they signing up directly? Using a widget or pop-up or if are they referred users.
Where Users Are Sharing Their Referral Links - This shows you which channels are used the most by your users when they share their referral links.
5. Email Performance Analytics
Email performance analytics allows you to see how many people open and interact with the referral links you send them. If you look under the "Email Performance" tab you’ll now see an overview of the analytics for all your user notifications.
These analytics cover all email notifications and can also be broken down by each specific email notification. Including built-in email notifications and once-off email notifications.
A number of metrics available in our Email Performance analytics tab👇
Bounce Rate - The email bounce rate is the percentage of emails that the recipient's mail server returned meaning the % of emails that never made it to the user's email inbox.
Avg. Open Rate - An average open rate is a measure of how many email recipients open an email as compared to the total number of emails delivered within a campaign.
Total Emails Sent - The number of email notifications that have been sent from your account.
Total Emails Received - The number of emails that were delivered and accepted by a recipient's mail server.
Total Emails Bounced - The number of emails that the recipient's mail server returned meaning they never received an email.
Emails Sent Per Day - The combined number of emails sent to your users on a particular day. This includes all email notifications for the person referring and the person invited.
Breakdown By Notification - Here you can see the individual analytics for each email notification that has been sent. This includes
How many emails were sent
How many emails have been received
How many emails were opened
How many emails bounced
How many users unsubscribed for your emails
The date that email was last sent
You can also export a list of users who have unsubscribed from your emails so you can update your database on any other tools you use to communicate with your customers.
6. Your Referral Tree
Referral Tree helps you understand in a tree map format who your power referrals are that started your chain of referrals and visualize your referral tree so that you can trace new referred users back to the original person referring.
The more you can track, the more you can optimize, and the better your campaign performance will be 🙌