What is a Referral Program?
Referral marketing is a word-of-mouth initiative designed by a company to incentivize existing customers to introduce their family, friends, and contacts to become new customers. Different to pure word-of-mouth strategies which are primarily customer-directed with the company unable to track, influence, and measure message content; referral marketing encourages and rewards the referrer for allowing a company to do so. Different from multi-level marketing, there is no incentive for the original existing customer to drive or influence the subsequent referrals of the new customer – only the conversion of the initial, primary customer is rewarded.
LYOTRADE exchange platform provides several affiliate programs to incentivize various users to employ its features. Some of these rewards types can be Direct Rewards, Fast Start Rewards, Leadership Rewards, etc.
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