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YoRefer: A Referral Marketing Platform for Small Businesses

Intro
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YoRefer (yorefer.com) is a web application which lets you design and run customer referral programmes with ease.

A digital referral programme offers referrers an incentive for existing customers to share their referral link with family and friends. Any new customers that complete a qualified sale having been successfully referred will make the referral eligible for payout. Shortly after the referrer and/or the new customer will be paid out their incentive.

The editor
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YoRefer offers a simple visual editor to create referral programmes. No coding or technical knowledge required.

YoRefer settings pane

The incentives
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YoRefer supported integrations from:

  • Runa: for digital giftcards which could be redeemed at over 200 shops in the UK
  • Stripe: for direct cash payouts

Additionally, custom rewards are supported, should the referral programme owner wish to provide a custom reward like cash, an in-store discount, or even swag.

The referral flow
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  1. Customer signs up for the referral programme, generating their own unique link
    YoRefer generate referral link sign-up page
  2. Customer shares their link to family and friends
    YoRefer share referral link page
  3. Prospect signs up via the link
  4. Nurture if needed (via their provided contact details)
  5. Pay out the incentive in the event of a qualified sale
    Runa gift card example payout

Closing thoughts
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Word of mouth is a powerful marketing channel when executed effectively. It benefits from the low cost of acquisition for a couple of reasons:

  1. It is pay on result by nature. You don’t pay referrers for sharing their link, only for completed sales
  2. You can scale the rewards relative to the offering. It works particularly well with high ticket, service based businesses. Even if you pay out multiple hundred £s as an incentive, this is still only a small fraction of the profit

I actively use referral programmes and refer friends and family to services and products I use. It is a classically proven model and continues to be a lucrative business model and would recommend it to all small to medium businesses which sell a service commonly recommended via word of mouth.