Feb '24 • Growth Hacking
Boosting Your Business: A Surprising Growth Hack!
As a solo business owner, you’re always on the hunt for growth hacks that truly work.
GROWTH HACK: LEVERAGING REFERRAL PROGRAMS
Did you know that referral programs can increase your business growth by up to 25%? That’s right! A well-structured referral program isn’t just a tactic; it’s a growth accelerator. Here’s how:
1. Offer Incentives: Give your clients a reason to refer you. This could be a discount, a free session, or a value-added service.
2. Make It Easy: The simpler the referral process, the more likely clients will participate.
3. Track and Optimise: Monitor which incentives work best and adjust accordingly.
DROPBOX’s GAME-CHANGING REFERRAL PROGRAM:
Dropbox, now a household name in cloud storage, was once struggling to attract users. In 2008, they introduced a dual-sided referral program: both the referrer and the referred got extra storage space. This simple move led to an astonishing 3900% growth over 15 months!
A referral program can be a powerful tool for solo service-based business owners.
How can you apply this to your business?
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Boosting Your Business: A Surprising Growth Hack!
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