Here is a high level overview of how RewardStream’s referral process works:
1.Referrer Sign Up: Existing customer signs up for the referral program and becomes a Referrer
2.Account Validation: RewardStream verifies the customer is valid through an account verification process (or inherently via SSO)
3.Referrer Sends A Referral: Referrers can send a referral offer to friend and family (Referees) through email, social media, personal URL, or word of mouth
- Referee Accepts Referral: Referees receive the referral and clicks on the link that takes them to the Referrer’s personal landing page to claim the offer
4.Referee Accepts Referral: Referees receive the referral and clicks on the link that takes them to the Referrer’s personal landing page to claim the offer
5.Referee Makes A Purchase: Once the Referee has claimed the offer, they must follow a set of instructions in order for the referral to be approved (e.g. subscribe or sign up to a service, make a purchase, enter a coupon code, etc.)
6.Referee ‘Purchase’ Is Recorded: Once the Referee has followed a set of instructions, RewardStream will be notified either by the Referee or by the brand through data exchange in order to process the referral
7.Referral is Processed: The referral will be approved or denied based on a set of referral rules predetermined during program design.
8.Referral is Complete: If a referral is denied, neither the Referrer nor the Referee receives a reward. If a referral is approved, the Referrer and/or the Referee will receive a referral reward as a result of a successful referral.
Here are the referral periods for our referral timeline:
a) Referral Expiry Period: The maximum time allowed for a Referee to accept their referral invitation after being referred (only applies for email referrals).
For example, Dexter refers Brie. Brie now has 30 days to ‘claim their referral offer’ on the referral site indicating they have interest to become your customer.
2. Offer Period: The maximum time allowed for a Referee to perform the actions they need to take in order for the referral to be approved, such as opening an account or making a purchase, after claim their referral offer.
For example, Dexter refers Brie. Briehas claimed her offer. She now has 30 days to open an account or make a purchase.
3. Grace Period: Often referrals can happen out of order. If someone opens an account or makes a purchase before they have claimed their offer, we built in a grace period to accommodate.
For example, Dexter tells Brieabout your business. Brie makes the purchase from the referral but doesn’t claim her offer yet. A 30 day Grace Period will still allow Brie to have an approved referral provided that she claimed her offer within 30 days of opening her account or making her purchase.
4. Return Period: The amount of time that has to pass after the Referee has opened an account or made a purchase before their referral can be approved.
0 days works best if your service or product has a history of low return rates or a low service cancellation rate, or if there are large penalties involved in cancelling service or a purchase, allowing your Referrers and Referees in your program can be rewarded quicker. Studies have shown that economic value of the reward tends to decrease with increasing delays (there is a preference for sooner smaller rewards, over larger later rewards).
For example, Brie opens an account on January 1. With a 14 day Return Period, we will re-validate Brie's account or purchase on January 15 and confirm Brie’s account is still open or his purchase has not been return before approving the referral.