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Research Outline
Prepared for Andrea S. | Delivered September 4, 2019
Successful referral program case studies
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Goals
To gain case studies of successful referral programs for financial services and/or retirement planning companies.
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Early Findings
It's estimated around
30%
of banks and credit unions in North America have some sort of referral program.
A
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offers a robust case study of a bank that successfully implemented an incentive-based referral program to gain new customers. This bank lowered its CAC, increased ROI and lowered overall marketing spend.
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gives several quality referral programs to research and model after. Some examples are from Tangerine Bank (digital bank),
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(investment platform),
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(brokerage), American Express (credit card), Chase Bank (traditional bank) and
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(trading platform). They all imply different methods of attractive customer referrals
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, emails, native ads and more.
The
Financial Brand
has some best practices when setting up an FI referral program.
Betterment
, who offer retirement planning as part of its investment platform,
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a referral program that gives free months when referring customers.
Another example is a local firm,
Retirement Planning Partners
, who offer a gift for every customer referred. Customers are
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to refer more people to collect a full set of wine glasses with decanter.
Equity Trust
offers a $50 gift card for each referral, up to $500 per year. Clients are given a special link to share on social media (or manually) that tracks these referrals.
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