Paypal Grew 1,650% Using Customer Referrals
Here’s How To Get Your Customers To Refer You
Did you know that PayPal’s double-sided referral marketing program, boosted the company’s growth by an unbelievable 1,650% when the industry standard year-on-year growth was between 15 to 45%?
Then Paypal’s co-founder, Peter Thiel, decided to use double-sided referral marketing to reach their “crucial mass” of 1 million users because traditional marketing strategies were “too ineffective to justify the cost.”
A double-sided referral marketing offer gives an incentive to both parties for their action, the referrer to tell and the friend to buy.
PayPal hit 1 million users in only two years. In six years, they had reached 100 million. PayPal is on track to have 750 million customers by 2025.
PayPal's decision to forego conventional advertising for double-sided referral marketing paid off.
How You Get Started with Double-Sided Referral Marketing
eventrac has FREE inbuilt double-sided referral marketing tools that enable endurance sports event organisers to automatically offer an incentive to both parties for their action, the referrer to tell and the friend to buy.
Better still eventrac’s inbuilt email marketing service enables endurance sports event organisers to quickly create and easily send a personalised double-sided referral marketing offer to their existing customers.
A bigger bonus for organisers is that they can include their referral marketing offer within any of eventrac’s automated outgoing transactional emails such as a confirmation message triggered by a customer signing up for an event.
Let’s Chat About Your Referral Marketing Opportunities
Schedule a chat with us or an eventrac demo to find out how eventrac’s automated referral marketing tools and integrated email service can help you run your own automated entry-boosting double-sided referral marketing campaign.