Restrict features to referrers like Revolut did

A very common question a lot of people ask me in the referral marketing space is what kind of rewards should I offer to my referrers?

Usually the first option at hand is to offer a discount on the product or service you are trying to sell. Unfortunately most referrers are not interested in this kind of reward. Referrers are usually more interested in something exclusive something limited something only offer to them as a referral as a loyal customer.

Today I'm going to share one of the most common tip that we give the most SaaS founders. I'm going to backup my tape with an example.

We usually recommend that you grab a feature or a set of features and the offer them only to referrers.

Think of what revolut did and they cryptocurrency space. They launched a feature where the users can buy cryptocurrencies such as bitcoin and ethereum. Such highly anticipated feature is only available to those who referrer at least three of their friends. By taking such stance they created scarcity so anyone who wanted to buy or sell cryptocurrency via revolut they had to refer 3 users. This created a lot of free marketing on social media since everyone was sharing on social media recommending their friends to join using their referral link.

Being a small start-up should not scare you off from applying such trick. If you need help on how to implement a successful referral marketing campaign please do not hesitate to contact me