referral contest

How to Measure the Success of a Referral Contest?

Measuring the success of your referral contest involves tracking several key metrics:
Number of Referrals: The total number of new customers referred through the contest.
Conversion Rate: The percentage of referred leads that convert into paying customers.
Engagement Rate: The level of engagement from your existing customers, such as email open and click-through rates.
ROI: The return on investment, calculated by comparing the cost of running the contest to the revenue generated from new customers.

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