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.
Referrals Added are the new people referred by your members and have completed your desired action. They are the new leads and potential customers experiencing your business for the first time.
This article will go into more detail about the Referrals Added metric, show you where in Referral Rock you can track your referrals, and give suggestions and guidance for how to improve the number of referrals in your referral program.
Get new referrals to convert and complete your desired action
Metrics to Track
Number of Referrals Total AND last 30 days
Referrals Captured compared to Referral Visits (i.e. referral visit referral conversion)
Referrals Captured compared to Referral Page Views (i.e. page view referral conversion)
Things to Consider
If referral conversions are low, first check the other areas of the Referral Funnel to see if members are joining and engaging and if referral visits are high:
If all member stats and referral visits are good then the last piece is improving your referral conversions.
Ways to Improve
Audit your Referral Conversion process - make sure referrals are still being added correctly (view your Program Activity Logs). If you’re using the referral conversion script then also check your Integration Logs for Conversion Tracking.
Follow steps here to set up referral conversion.
Evaluate your Referral Page - if referral visits are high and your referral conversion process is working then you should focus on improving the referral page.
The referral page is your best chance to convince new referrals to take action and engage with your business.
This is often the first time prospects are learning about your company. Make sure referrals understand what your company does and why it's relevant to them.
Does your referral page speak to the relevant audience?
Does it clearly explain the company and offer?
Is the call to action clear and relevant?
Is the call to action easy and simple to complete (focus on removing friction in the first step)?
Make the first action and easy "Yes" then they can follow up with a more targeted nurture campaign.
Are you providing a smooth and compelling journey (from member shared message to referral page to action)?
Update your Referral Reward - See the Referral Reward suggestions in the Referral Visits article for ways to make your rewards more appealing to new referrals. Also, look for ways to make the referral reward stand out more on the referral page.