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MD. Raihan
May 12, 2022
In Committed Personal Action
But Endy does it differently. Endy uses what Buy Bulk SMS Service I call the “Cash Rewards Strategy.” A standard incentive for most ecommerce stores is a percentage or cash discount off. Their next purchase (e.g., give $20, get $20): Screenshot showing copy for a referral program But Endy doesn’t give discounts. Instead, Endy gives away cold, hard cash. Screenshot showing a thank you note The reason is simple. Endy Buy Bulk SMS Service knows very well that a mattress is not a product that is bought frequently. Anyone buying a Buy Bulk SMS Service mattress is expecting it to last for the next 10–20 years. It would be useless for Endy to give away a discount for a future purchase — their customers would have no use for it. To make their referral program attractive, for every new customer referred to them. Endy will send CA$50 by PayPal to Buy Bulk SMS Service the referring person. Refer enough friends, and the referrals can pay for the mattress!. Ergodriven followed this exact same strategy here to give a $10 cash reward. For $500 spent in cash rewards, they made $4,950 in new product referral Buy Bulk SMS Service sales. It’s a great strategy, that both Endy and Ergodriven’s customers love. Which also explains Buy Bulk SMS Service why they are beating the industry average referral rate of 2.35%: Screenshot showing referral program stats Key Takeaway: Here’s a general rule of thumb we recommend ecommerce stores follow. If you’re selling something people buy Buy Bulk SMS Service often, like razors or cosmetics, give away a discount coupon as an incentive. If you’re selling something people buy infrequently, like a mattress, give away a cash incentive like Endy does! REFERRALCANDY RIFF Buy Bulk SMS Service RAFF & CO. [POST-PURCHASE POPUP] In his remarkable and often-recommended book Influence, Buy Bulk SMS Service Robert Cialdini talks about a persuasive force called “commitment and consistency.” A person who has committed their identity to something will tend to follow through with a respective action just to be consistent with that.
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MD. Raihan
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