After launching your referral program, you will begin to collect data on your main dashboard. Overtime, you will use this data to evaluate how your referral program is performing.
If the results of your program are not what you expected, it is important to pinpoint where in the referral process there may be a bottleneck so that you can take steps to improve and optimize it.
Every referral program has four key metrics that can be evaluated in order to determine why your program is or is not successful. We call this the Referral Funnel.
The four sections of the Referral Funnel are:
Joined Members: How many people have joined your referral program?
Engaged Members: What percentage of your members are actively participating in your referral program?
Referral Visits: Is the referral program driving activity to your website?
Referrals Added: Are you getting new referrals?
The articles above will teach you more about each section of the funnel, show you where in Referral Rock you can view related metrics, and give suggestions and guidance for how to improve your referral program.