Cuts and Lululemon both use Referral Candy to offer customers $10 to spend when they refer a friend. Since you've already paid to acquire that customer, giving them an incentive to bring you new ones is cheaper than buying ads.
Alright guys, so check this out. I was just doing some research as I always do, buying products, going through my competitors' funnels, and I just bought products from Cuts and from Lululemon. And both of these stores had one thing in common. They were both using this tool called Referral Candy when I checked out. And the way that they implemented it is they sent me a little email immediately upon purchasing that said something like this: "Give $10, get $10." Now there's a little button right here. I could actually, you know, share this link, forward the email to friends or family members, or I could actually share this directly on social media. Now here's the genius of this. They already spent money to get me to become a buyer, a customer. Why not give away the farm and offer me an incentive to also go and promote their brand to other people that they might not be able to get in front of? Or maybe it's just too expensive to convert them into customers. This is called dual-sided incentives, and it's the closest thing to creating a win-win that I've ever seen and a no-brainer. Now, here's what I like about it. You can offer custom rewards. You can also segment your audience. You can also pay out referrals to maybe specific ambassadors, but it also works with subscriptions and also just one-time purchases. So if you're looking for a little bit of a competitive edge, try implementing a tool like Referral Candy to create dual-sided incentives that actually get new customers for your business.
