Is Referral Marketing big enough growth lever for SaaS companies?

Hey PH Community Members, I'm building Shoutout (https://shout-out.co) and have recently introduced Referral marketing support as a use case within the product. Just wanted to seek input from the community members if it's a big enough use case to drive growth for companies? PS: I would love to giveaway Shoutout free for 60 days if you want to explore direct & indirect referral marketing campaigns for your product.