Whilst there are no specific rules set as to what you give out as referral rewards, here are some proven ideas for the best-converting, most cost-effective, engaging referral rewards that a course creator can give out.
Remember that what you give out as rewards to your referrers directly affects the results you get from your referral program. If your referral program does not provide value to your referrers, it is improbable you will get referrers wasting time referring others.
Do research your audience well, consider asking the most engaged students you have to understand what is desired by your referrers.
01 Digital VS Physical
Ideally, you want to deliver your rewards quickly and in an automated fashion, without extra work for you. That’s why we recommend digital products or services to start with. It’s not that physical products don’t work – they do. But, it is going to be a logistics nightmare to get them shipped and delivered as your referral program scale. Also, the quicker you reward students for their referral, the more inclined they’ll be sharing – again and again.
02 Leverage Partners’ Resources
Your business does not operate on its own. You must have other non-competing business partners who add value to your students and who yearn for the attention of a good segment of your audience. How about you allow your business partners to distribute some high-quality freebies (if possible exclusive ones) to your referrers as rewards? By doing so, you are leveraging your business partners resources and offering a wide range of bonuses to your referrers. This will also open new collaboration opportunities with your business partners.
03 Stop discounting
The whole purpose of adding a referral program to your business is to generate more leads resulting in higher revenue. Those students who refer others are by definition the happiest and appreciate you the most. By discounting, you are essentially leaving money on the table, which is counterproductive. Instead of a discount, you should focus on providing more value, making the lives of those referring others easier.
04 Bank on exclusivity
Exclusivity grabs the attention of the right referrers from your audience. Offering exclusive rewards, which cannot be obtained or bought in any other way other than referring students work best. Let’s say you have a mini-course, retreat, invite to dinner, a mini holiday… Get creative. Think of something exclusive that your referrer would love, enjoy, and make them feel important.
05 Time with you (AMA style)
Time is money. But giving time to someone means you appreciate them, and you want to help them uniquely. Considering being more available to top referrers. Offer one on one time with those enabling you to grow your business. You can either offer exclusive one on one meetings or small group meetings, where you answer any questions your top referrers might have.
06 Newsletter / Social Media Mention
Show appreciation to those who refer students to your courses by publicly thanking them on socials or in your emails. Include a short bio, maybe linking to their business to send them some love back. This will get mini-influencers in your audience, making extra effort to get your recognition.
Do you have any further questions?
We understand that every course referral campaign is different from the other. That is why we offer strategy calls & one to one consultations. Schedule a call with our founder Gaetano: https://calendly.com/gaetano-earlyparrot/1-to-1-earlyparrot/