A Referral Partner is an individual or organization that promotes a business’s products or services to their network and receives benefits such as commissions, discounts, or shared referrals as incentives for attracting new customers.
This concept involves:
- Establishing a partnership agreement
- Sharing referrals or leads
- Tracking resulting sales or conversions
Businesses leverage referral partners to expand their reach and tap into new customer segments. For example, a software company might collaborate with a marketing agency to recommend its platform to clients, benefiting both parties. Referral partnerships foster collaboration and trust, enabling businesses to scale efficiently, improve credibility, and enhance revenue growth.
Foster Long-Lasting Relationships to Drive Incremental Business
Case Study
Automotive: Accelerating customer retention and sales growth
Automotive distributor Stapletons, were looking for a highly effective way to engage with customers and maximize relationships while safeguarding loyalty and influencing purchasing decisions to increase revenue.
See how 360insights created an immersive incentive promotion platform, that rewarded independent garages and wholesalers for their purchases.
This award-winning program produces a 4400% return on investment and sees a 177% increase in active users YOY, increasing transactions by 175%.