How to Measure the Success of Your Referral Program?
To evaluate the effectiveness of your referral program, track the following key metrics:
Referral Rate: The percentage of subscribers who participate in the referral program. Conversion Rate: The percentage of referred leads that convert into customers or subscribers. Customer Lifetime Value (CLV): The total revenue generated from referred customers over their lifetime. Cost Per Acquisition (CPA): The cost associated with acquiring a new customer through the referral program. Return on Investment (ROI): The overall profitability of your referral program compared to its costs.