The top-performing referral programs are those that offer both a reward to the person referring and an incentive to the person being invited.
Referral marketing is an incredibly powerful marketing channel that will generate high-quality leads for your business.
Offering incentives to your existing customers for referring their friends and family is a great start but in our experience, taking it a step further and offering an incentive to the friend or family member will deliver even better results.
That's why we created so many double-sided referral program templates.
In this article, we'll explore the benefits of a double-sided referral program and how Referral Factory's referral program templates can make it even easier for you to build, launch and promote your referral program.
What is a Double-Sided Referral Program?
A double-sided referral program is one where both the person referring and the person invited to receive a reward or incentive. This type of program is becoming increasingly popular, as it offers benefits to both parties involved.
For example, a company may offer a $75.00 discount to their existing customers who successfully refer friends to their business, AND a $75 discount to the new customer who has been referred.
It's a win-win for everyone!
Benefits of a Double-Sided Referral Program
1. People feel more confident referring friends if they can give their friends something. The psychology behind this is that people are more likely to refer their friends and family if they know that their friend will receive something in return. By offering an incentive to both parties, you can make your existing customers feel more confident about referring their friends which will increase the likelihood of referrals.2. Offering an incentive to the person invited may tip the scales in your favor. If a potential customer is deciding between your company and a competitor, offering them an incentive for choosing you could be the deciding factor. By providing an incentive to the new customer, you make it more likely that they will choose your company over the competition.
3. Double-sided referral programs are more effective in gaining mass adoption. Double-sided referral programs perform better than single-sided referral programs because, by nature, they have more people participating because parties have something to gain which appeals to more people and is therefore more likely to get shared.
Using Double-Sided Referral Program Templates
Thanks to Referral Factory, creating a double-sided referral program doesn't have to be impossible. Our referral experts have built referral program templates to help you launch your referral program faster and ensure that your referral program has all the core basics built into it. Not only do these referral templates make it easier but they also ensure your referral program brings quality referrals because it has been built to include the best referral tactics.
These referral program templates provide a framework that you can use to create a customized referral program that meets the specific needs of your business. While the referral templates may provide a good starting point, it's important to tweak them to match your branding and your unique value proposition. By doing so, you can ensure that your referral program is 100% on-brand.
All you need to do is find a double-sided referral program template that matches your industry, copy it, and launch your referral program - once you’re up and running your customers can easily spread the word about your business and start generating word of mouth referrals that will help you grow.
Search our referral program templates library to find a double-sided referral program template that suits your business best.