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How Top Brands Use Referral Programs to 
Drive Customer Acquisition 
Tony Mario!i, COO, Friendbuy
@thuelmadsen 
#KISSwebinar 
Join us on Twi!er
Tony Mario!i 
COO 
Friendbuy 
! 
@tonymario!i 
Your presenters 
Thue Madsen 
Marketing Associate 
KISSmetrics 
! 
@thuelmadsen
@tonymariotti 
#KISSwebinar 
Join us on Twi!er
Introduction to Friendbuy 
www.friendbuy.com 
Friendbuy is a customer referral platform. Marketers build campaigns, A/B test and track results to accelerate customer acquisition without 
the hassle of ge!ing dev teams involved every time they want to make changes or generate reports. Referral programs are incredibly cost 
effective, delivering single-digit CPAs. 
We’re going to cover best practices that top brands use to drive referrals and customer acquisition:
The following best practice examples come from 
companies that actually sell something. 
! 
What follows should be especially helpful to marketers who are 
looking to acquire new, paying customers today. 
! 
Referral programs can drive anywhere from 7% to 30% of your new customers, and a CPA 
well under $10 bucks. That’s what we’re going to talk about…
WATCH WEBINAR RECORDING NOW
People always ask: 
“How do I get more referrals?” 
! 
That’s easy. 
! 
Focus on two things that 
really move the needle. 
! 
User participation 
& 
Optimization
Again, two things really ‘move the needle’ for referral program performance. 
User Participation Optimization
User Participation 
Location ma!ers
Homepage & Navigation 
Best practices: 
! 
• Site-wide 
• Highly visible (upper-le#)
Order Confirmation Page 
Best practices: 
! 
• Pop-up overlay 
• Varied offers
User Account Page 
Best practices: 
! 
• Embedded 
• On bu!on click - if you have to 
• PURLs
Stand Alone Referral Page 
Promote / drive traffic from: 
! 
• Homepage & Navigation 
• Dedicated email blasts 
• Trigger emails & newsle!ers 
• Social following 
• Customer service follow up 
• Email signature
Dedicated Email Blasts 
Best practices: 
! 
• Single call to action 
• Clear offer 
• Schedule (monthly / quarterly)
Your ‘reach’ may be bigger than you think… 
1 Website 
Homepage, navigation, order confirmation, user accounts, product pages, 
stand-alone referral page… 
2 Email 
Stand alone blasts, transactional (registration confirmation, order 
confirmation), newsle!er templates, receipts / invoices… 
3 Social followers 
Twi!er, Facebook, LinkedIn… 
4 Blog pages 
5 Help desk pages / support ticket signatures / scripts
Start Your Free KISSmetrics Trial 
LOG IN WITH GOOGLE
Optimization 
Increase sharing rates and 
referral conversion rates
What to measure 
Shares 
! 
Widget Impressions 
! 
= Sharing Rate 
Conversions 
! 
Referral Visits 
! 
= Referral Conversion Rate 
Referral Visits
Sharing Rate - optimize call to action 
Best practices: 
! 
• Clear call to action 
• What’s in it for them 
• What their friends get (if double-sided) 
• Address book importing
Sharing Rate - optimize call to action 
1 Get Half Off a NatureBox! 
2 Get $10 for free! 
3 Get 50% off your next NatureBox! 
4 Get $10 when you snack with friends! 
The irony here is that a NatureBox costs $20. So all 
the offers are mathematically the same. But #4 
outperformed the rest and drove up sharing rates.
Sharing Rate - optimize design 
+ 42% sharing rate 
• Red, italic headline 
• Background image
Referral Visits - optimize shared content 
A B C 
• Purple bracelets • Green bracelets 
• “Expires in 24 hours!” 
• Woman on beach 
• “Expires in 24 hours!” 
+ 35% Gain
Referral Visits - optimize shared content 
Doubled referral visits and referral sales
Referral Visits - optimize shared content 
Hey Pal, 
You're one of my smartest friends, so you're 
probably pre!y fed up with overpaying for razors. 
I was, so I joined Dollar Shave Club. They deliver 
great blades to me every month for just a few 
bucks. No more schlepping to the drugstore and 
no more overpriced, ridiculous shave tech that I 
don't need. 
Razor plans start at just $3/month. Check it out 
and let me know what you think. 
P.S. When you use this link to join, I get $5. Cha-ching! 
Doubled referral sales 
Best practices: 
! 
• Message is on-brand 
• Always testing
Referral Conversion Rate - welcome referred visitors 
Best practices: 
! 
• Welcome overlay 
• Friend incentive 
• Email capture 
• Reveal code
Referral Conversion Rate - welcome referred visitors 
Best practices: 
! 
• Session-based 
• Dynamic message
Referral Conversion Rate - welcome referred visitors 
Best practices: 
! 
• Dedicated landing page 
• No distractions
1 Offers for sharer & friend 
2 Calls to action for sharer & friend 
3 Shared content (copy & images) 
4 Shared email subject line 
Elements for testing 
5 Referred visitor experience
Calls to Action - quick tips 
Tip 1: Verb + What’s in it for me? 
Tip 2: “I want to ___________.” 
• Get $10 in store credit. 
• Get a free month. 
• Give $10, Get $10 
• Share and earn $10
Referral Benchmarks 
How are you doing?
Sharing 
Sharing Rate 
Several Friendbuy partners have exceed a 50% sharing rate, a worthy optimization goal for anyone. 
The sharing rate will vary by widget location (homepage, user account pages, order confirmation page, etc.) So ge!ing as 
many widget placements as possible is highly encouraged. 
Here are sharing rate benchmarks (aggregate across placements): 
• 7% – meh 
• 15% – solid 
• 30% – you’ve nailed it 
How you can improve Sharing Rate 
• A/B test offers (store credit, free gi#, etc.) 
• A/B test content (copy, design, images, 
etc.)
Referral Visits 
Visits per share 
The tricky part here is that Facebook and Twi!er don’t report impressions, busting the normal click-thru rate marketing 
calculation - the number of friends who see shared content on Facebook, Twi!er or an email message and click to visit 
your website. While email reporting does include opens, unique opens, and CTR, the best way to approach this - in 
aggregate and normalized across all channels - is to measure the number of visits per share. That levels the playing field. 
Here are referral visits (per share) benchmarks: 
• 1 visit per share – meh 
• 2 visits per share – solid 
• More than 5 visits per share – you’ve nailed it 
How you can improve Visits Per Share 
• A/B test offers (store credit, free gi#, etc.) 
• A/B test shared content (copy, design, 
images, etc.)
Referred Visitors Conversions 
Referral conversion rate 
The referral conversion rate is the percentage of referred visitors (friends) that convert when they get to your site. 
Referred visitors should convert at a higher rate than your organic conversion rate. 
Here are referral conversion rate benchmarks. 
• Less than 4% - meh 
• 10% - solid 
• More than 15% - you’ve nailed it 
How to improve the Referral Conversion Rate 
• A/B test offers (store credit, free gi#, etc.) 
• A/B test shared content (copy, design, 
images, etc.)
Cost Per Acquisition 
CPA 
Referral programs yield ‘single digit CPA’s.’ That is to say, your new customer acquisition cost is less than $10. 
Compared to display advertising ($40 CPAs), Pay Per Click ($30) and retargeting ($10), referrals are extremely efficient. 
Here are customer referral program CPA benchmarks: 
• $9 CPA - meh 
• $5 CPA - solid 
• $2 CPA - you’ve nailed it 
Key Takeaway: Single-digit CPAs.
Revenue 
Li! on Revenue 
Referral programs contribute to the bo!om line in a very meaningful way. 
Here are revenue li# benchmarks: 
• Less than 5% - meh 
• 5 to 15 % - solid 
• 30% - you’ve nailed it
Examples of Campaign Metrics 
Example companies by size
Where to start optimizing (30 day snapshot - 3 companies) 
a Rockin’ 
b Work on sharing rate 
c Work on conversion rate
Party Foul 
! 
The biggest mistake people make . . .
Don’t force a login or registration 
90% drop off!
Recap 
Follow best practices and avoid 
common pitfalls.
Recap 
User Participation Optimization
Do’s and Don’ts 
Do Don’t 
Open access Let anyone refer Force a login 
Availability Make it visible, everywhere Bury it in your footer 
CTA’s & Offers Be clear & concise Be wordy or vague 
Test Measure and optimize Set it and forget it 
User 
Participation 
Optimization
Looking for more? 
! 
For additional in-depth articles about the topics 
we’ve covered, you can check out 
friendbuy.com/blog
Questions? 
Tony Mario!i 
COO 
Friendbuy 
@tonymario!i 
tony@friendbuy.com 
Thue Madsen 
Marketing Associate 
KISSmetrics 
@thuelmadsen 
tmadsen@kissmetrics.com
THANK YOU 
Tony Mario!i 
@tonymario!i 
tony@friendbuy.com

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How Top Brands Use Referral Programs to Drive Customer Acquisition

  • 1. How Top Brands Use Referral Programs to Drive Customer Acquisition Tony Mario!i, COO, Friendbuy
  • 3. Tony Mario!i COO Friendbuy ! @tonymario!i Your presenters Thue Madsen Marketing Associate KISSmetrics ! @thuelmadsen
  • 5. Introduction to Friendbuy www.friendbuy.com Friendbuy is a customer referral platform. Marketers build campaigns, A/B test and track results to accelerate customer acquisition without the hassle of ge!ing dev teams involved every time they want to make changes or generate reports. Referral programs are incredibly cost effective, delivering single-digit CPAs. We’re going to cover best practices that top brands use to drive referrals and customer acquisition:
  • 6. The following best practice examples come from companies that actually sell something. ! What follows should be especially helpful to marketers who are looking to acquire new, paying customers today. ! Referral programs can drive anywhere from 7% to 30% of your new customers, and a CPA well under $10 bucks. That’s what we’re going to talk about…
  • 8. People always ask: “How do I get more referrals?” ! That’s easy. ! Focus on two things that really move the needle. ! User participation & Optimization
  • 9. Again, two things really ‘move the needle’ for referral program performance. User Participation Optimization
  • 11. Homepage & Navigation Best practices: ! • Site-wide • Highly visible (upper-le#)
  • 12. Order Confirmation Page Best practices: ! • Pop-up overlay • Varied offers
  • 13. User Account Page Best practices: ! • Embedded • On bu!on click - if you have to • PURLs
  • 14. Stand Alone Referral Page Promote / drive traffic from: ! • Homepage & Navigation • Dedicated email blasts • Trigger emails & newsle!ers • Social following • Customer service follow up • Email signature
  • 15. Dedicated Email Blasts Best practices: ! • Single call to action • Clear offer • Schedule (monthly / quarterly)
  • 16. Your ‘reach’ may be bigger than you think… 1 Website Homepage, navigation, order confirmation, user accounts, product pages, stand-alone referral page… 2 Email Stand alone blasts, transactional (registration confirmation, order confirmation), newsle!er templates, receipts / invoices… 3 Social followers Twi!er, Facebook, LinkedIn… 4 Blog pages 5 Help desk pages / support ticket signatures / scripts
  • 17. Start Your Free KISSmetrics Trial LOG IN WITH GOOGLE
  • 18. Optimization Increase sharing rates and referral conversion rates
  • 19. What to measure Shares ! Widget Impressions ! = Sharing Rate Conversions ! Referral Visits ! = Referral Conversion Rate Referral Visits
  • 20. Sharing Rate - optimize call to action Best practices: ! • Clear call to action • What’s in it for them • What their friends get (if double-sided) • Address book importing
  • 21. Sharing Rate - optimize call to action 1 Get Half Off a NatureBox! 2 Get $10 for free! 3 Get 50% off your next NatureBox! 4 Get $10 when you snack with friends! The irony here is that a NatureBox costs $20. So all the offers are mathematically the same. But #4 outperformed the rest and drove up sharing rates.
  • 22. Sharing Rate - optimize design + 42% sharing rate • Red, italic headline • Background image
  • 23. Referral Visits - optimize shared content A B C • Purple bracelets • Green bracelets • “Expires in 24 hours!” • Woman on beach • “Expires in 24 hours!” + 35% Gain
  • 24. Referral Visits - optimize shared content Doubled referral visits and referral sales
  • 25. Referral Visits - optimize shared content Hey Pal, You're one of my smartest friends, so you're probably pre!y fed up with overpaying for razors. I was, so I joined Dollar Shave Club. They deliver great blades to me every month for just a few bucks. No more schlepping to the drugstore and no more overpriced, ridiculous shave tech that I don't need. Razor plans start at just $3/month. Check it out and let me know what you think. P.S. When you use this link to join, I get $5. Cha-ching! Doubled referral sales Best practices: ! • Message is on-brand • Always testing
  • 26. Referral Conversion Rate - welcome referred visitors Best practices: ! • Welcome overlay • Friend incentive • Email capture • Reveal code
  • 27. Referral Conversion Rate - welcome referred visitors Best practices: ! • Session-based • Dynamic message
  • 28. Referral Conversion Rate - welcome referred visitors Best practices: ! • Dedicated landing page • No distractions
  • 29. 1 Offers for sharer & friend 2 Calls to action for sharer & friend 3 Shared content (copy & images) 4 Shared email subject line Elements for testing 5 Referred visitor experience
  • 30. Calls to Action - quick tips Tip 1: Verb + What’s in it for me? Tip 2: “I want to ___________.” • Get $10 in store credit. • Get a free month. • Give $10, Get $10 • Share and earn $10
  • 31. Referral Benchmarks How are you doing?
  • 32. Sharing Sharing Rate Several Friendbuy partners have exceed a 50% sharing rate, a worthy optimization goal for anyone. The sharing rate will vary by widget location (homepage, user account pages, order confirmation page, etc.) So ge!ing as many widget placements as possible is highly encouraged. Here are sharing rate benchmarks (aggregate across placements): • 7% – meh • 15% – solid • 30% – you’ve nailed it How you can improve Sharing Rate • A/B test offers (store credit, free gi#, etc.) • A/B test content (copy, design, images, etc.)
  • 33. Referral Visits Visits per share The tricky part here is that Facebook and Twi!er don’t report impressions, busting the normal click-thru rate marketing calculation - the number of friends who see shared content on Facebook, Twi!er or an email message and click to visit your website. While email reporting does include opens, unique opens, and CTR, the best way to approach this - in aggregate and normalized across all channels - is to measure the number of visits per share. That levels the playing field. Here are referral visits (per share) benchmarks: • 1 visit per share – meh • 2 visits per share – solid • More than 5 visits per share – you’ve nailed it How you can improve Visits Per Share • A/B test offers (store credit, free gi#, etc.) • A/B test shared content (copy, design, images, etc.)
  • 34. Referred Visitors Conversions Referral conversion rate The referral conversion rate is the percentage of referred visitors (friends) that convert when they get to your site. Referred visitors should convert at a higher rate than your organic conversion rate. Here are referral conversion rate benchmarks. • Less than 4% - meh • 10% - solid • More than 15% - you’ve nailed it How to improve the Referral Conversion Rate • A/B test offers (store credit, free gi#, etc.) • A/B test shared content (copy, design, images, etc.)
  • 35. Cost Per Acquisition CPA Referral programs yield ‘single digit CPA’s.’ That is to say, your new customer acquisition cost is less than $10. Compared to display advertising ($40 CPAs), Pay Per Click ($30) and retargeting ($10), referrals are extremely efficient. Here are customer referral program CPA benchmarks: • $9 CPA - meh • $5 CPA - solid • $2 CPA - you’ve nailed it Key Takeaway: Single-digit CPAs.
  • 36. Revenue Li! on Revenue Referral programs contribute to the bo!om line in a very meaningful way. Here are revenue li# benchmarks: • Less than 5% - meh • 5 to 15 % - solid • 30% - you’ve nailed it
  • 37. Examples of Campaign Metrics Example companies by size
  • 38. Where to start optimizing (30 day snapshot - 3 companies) a Rockin’ b Work on sharing rate c Work on conversion rate
  • 39. Party Foul ! The biggest mistake people make . . .
  • 40. Don’t force a login or registration 90% drop off!
  • 41. Recap Follow best practices and avoid common pitfalls.
  • 42. Recap User Participation Optimization
  • 43. Do’s and Don’ts Do Don’t Open access Let anyone refer Force a login Availability Make it visible, everywhere Bury it in your footer CTA’s & Offers Be clear & concise Be wordy or vague Test Measure and optimize Set it and forget it User Participation Optimization
  • 44. Looking for more? ! For additional in-depth articles about the topics we’ve covered, you can check out friendbuy.com/blog
  • 45. Questions? Tony Mario!i COO Friendbuy @tonymario!i tony@friendbuy.com Thue Madsen Marketing Associate KISSmetrics @thuelmadsen tmadsen@kissmetrics.com
  • 46. THANK YOU Tony Mario!i @tonymario!i tony@friendbuy.com