Referral programs. Which rewards work the best?

Question

I was at dinner when a friend of mine asked me to download an app and just sign-in so he could get a bonus. 
This obviously made me curious and I ended up using the app for a long time.

This made me think how powerful and important referral programs are.
I would love to hear what you guys have experienced in your entrepreneurial journey.

Which rewards work the best? Discounts? Credits?
What is an effective way to win people over?
Are referral programs even worth it for small startups?

Ozan Yalçın · Accepted Answer

@heynigee I agree. Cash is king :)

Nigee · Answer

Financial always is good, depends on the platform though.

uber eats for example will give you $10 off next order if your friend signs up

you might give 1 month full access

try them all, see what works, focus on the results from the market

Nilan Saha · Answer

I think credits that they get use for future purchase is probably the best. Yeah referral programs can be really great if done the right way. Plenty of big companies became big by utilizing a fantastic referral program

Luca Dalla Chiara · Answer

@heynigee yes! At the end of the day a referral program is nothing else than an exchange of value between a client and the company.

I like to think that a good referral program should be able to generate WOM no matter the prize. Do you agree?

Referral programs. Which rewards work the best?

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