Rewards

Rewards are the incentives offered to participants in your RefRef programs for successfully referring new customers or driving desired actions.

Understanding Rewards in RefRef

Effective rewards are central to successful referral and affiliate programs. They:

• Motivate participants to refer others
• Provide clear value for successful referrals
• Align with your business economics and goals
• Create positive experiences for both referrers and referred customers
• Reinforce your brand values and positioning

Types of Rewards

RefRef supports various reward types to suit different business models:

Monetary Rewards

• Cash Payments - Direct financial compensation
• Store Credit - Balance that can be used for future purchases
• Discounts - Percentage or fixed amount off purchases
• Gift Cards - Prepaid cards for your store or third-party retailers
• Account Credits - Credits applied to subscription or service fees

Non-Monetary Rewards

• Product Access - Free or early access to products or features
• Service Upgrades - Enhanced service levels or premium features
• Exclusive Content - Special access to content or resources
• Recognition - Public acknowledgment or status symbols
• Charitable Donations - Contributions to causes in the participant's name

Reward Structures

One-sided vs. Two-sided Rewards

• One-sided - Only the referrer receives a reward
• Two-sided - Both referrer and referred customer receive rewards
• Multi-sided - Rewards extend to multiple parties in the referral chain

Fixed vs. Percentage-based Rewards

• Fixed Amount - Set reward value regardless of purchase amount
• Percentage-based - Reward scales with transaction value
• Hybrid - Combination of fixed and percentage components

Tiered Reward Systems

• Volume-based Tiers - Increasing rewards for more successful referrals
• Value-based Tiers - Higher rewards for higher-value conversions
• Status Tiers - Different reward levels based on participant status

Configuring Rewards in RefRef

To set up rewards:

1. Navigate to your program settings
2. Select the "Rewards" section
3. Choose reward type and structure
4. Configure specific parameters:
   • Reward values
   • Distribution timing
   • Eligibility requirements
   • Expiration rules
   • Reward caps or limits
5. Set up fulfillment methods
6. Create notification templates for reward issuance

Reward Fulfillment

RefRef offers multiple fulfillment options:

• Automatic Credit - Applied directly to user accounts
• Payment Processor Integration - Connect with Stripe, PayPal, etc.
• Gift Card Services - Integration with gift card providers
• Manual Processing - Admin-approved reward distribution
• API-based Fulfillment - Custom reward delivery through your systems

Best Practices

• Align with Customer Value - Set reward values proportional to customer lifetime value
• Balance Generosity and Sustainability - Rewards should be attractive but economically viable
• Consider Both Parties - Two-sided rewards often drive higher conversion rates
• Clear Communication - Ensure participants understand how to earn rewards
• Timely Fulfillment - Deliver rewards promptly after qualifying events
• Regular Evaluation - Analyze and adjust reward structures based on performance

Advanced Reward Strategies

Seasonal and Promotional Rewards

• Limited-time enhanced rewards
• Special incentives for specific products or services
• Holiday or event-themed reward campaigns

Gamification Elements

• Points systems that accumulate toward rewards
• Leaderboards and competitions
• Achievement badges and milestones

Personalized Rewards

• Tailored rewards based on participant preferences
• Segment-specific reward structures
• Choice-based reward options

Measuring Reward Effectiveness

Track these metrics to evaluate your reward structure:

• Program participation rate
• Referral conversion rate
• Cost per acquisition
• Return on investment
• Participant satisfaction
• Reward redemption rate

Use these insights to optimize your reward strategy for maximum impact and efficiency.