21 Best Referral Programs to Grow Your Small Business

What do the best referral programs have in common?

Three things mainly:

• Amazing referral incentives
• Targeted promotion
• A large base of brand advocates (customers)

You will find these three qualities in all successful referral programs.

But we also understand that every business is unique, with different needs and challenges. The referral program you implement should be targeted to your specific audience and fit into your overall referral marketing strategy.

Thankfully, there are many successful referral programs that you can draw inspiration from.

We have picked 21 of the best referral programs that you may consider implementing for your small business.

But first…

How We Chose the Best Referral Programs

• Ease of participation: We assessed the referral programs based on how easy it is for users to share the referral link with their friends and family. The best referral programs are easily accessible and users can share them on different platforms in just a few clicks.

• Incentives and rewards: The value of a referral program comes from the rewards it offers both the referee and the referral. We focused mainly on referral programs that have incentives for both parties since they are more likely to attract more users.

• Clear terms and conditions: Each organization has different link-sharing policies, eligibility requirements, and incentives for its referral program. We made sure that the programs in this post have transparent guidelines to ensure both customers and referrals know what to expect when they sign up for the program.

• Application process: The best referral programs have a simple application process to encourage as many people as possible to participate. We examined different referral programs and only chose those with a seamless and streamlined application procedure.

• Reviews: We examined online feedback from users to determine the best referral programs. We have only featured referral programs with many success stories from users who have achieved significant results with the program.

Why Does Your Business Need Referral Programs?

As a business owner, you may be using many lead generation strategies to generate qualified leads. Why not have your customers market your brand too?

Referral programs help you do just that, and more.

The best referral programs help to optimize your sales cycle, produce qualified leads, and use your trusted customer voices to take your marketing efforts up a notch. A referral program also generates better ROI than most other marketing strategies and activities as you only pay for each successful referral.

Here are a few reasons why your business needs referral programs.

• Generate more leads as nothing works better than personal recommendations from happy customers

• Attract more warm and targeted leads because people trust personal recommendations more than brand advertising

• Gain loyal and valuable customers because they have been referred by people who already have a favorable view of your brand

• Increase your customer retention rate since referred customers tend to stay longer with your brand

• Referral programs rewards your existing customers, which helps increase customer engagement

• Expand your reach by using your existing customers as your brand advocates

• A referral program is pretty inexpensive compared to other marketing methods. Therefore, it offers great ROI

• Increase brand awareness and create a strong online reputation

Here is an example of a referral program.

Image Source: ReferralRock

21 Best Referral Programs to Consider for Your Business

Creating a referral program for your business could be a lengthy process. But, what if we told you there was an easy solution?

You can automate the process by using referral marketing software. All you need to do is input the details of your program in the software and get going.

Let’s make it easier for you.

Here are 21 of the best referral programs in the market. Use these referral program examples to create the  ideal referral program for your brand.

1. Dropbox

Image via Dropbox

Dropbox’s referral program rewards its customers with extra storage space for referring friends.

Dropbox is one of the most popular file hosting services in the market. With Dropbox, you can keep your personal and business files safe, whether you’re at home, in the office, or on the go.

Why does Dropbox’s referral program work?

Here are the reasons why it’s among the best referral programs:

• Dropbox made the referral program a part of its onboarding process. Because it was easily visible, more people were willing to participate in the program.

• The messaging was very clear and people knew exactly what they were getting. The conditions of the referral program were crystal clear.

• The referral program did not involve too many steps and made it easier for customers to refer a friend.

2. Chase Bank

Image via Chase Bank

One of the world’s oldest and largest financial institutions, Chase Bank provides services to individuals across the US and UK—and one of the best referral programs.

Chase Bank offers a referral marketing scheme encouraging its customers to get more people to open Chase bank accounts.

It’s simple.

All users have to do is refer a friend to open an account, and they get $50 if the referred customer successfully opens a qualifying Chase checking account. The friend can also win $300.

What’s more? Customers can refer up to 10 friends per calendar year, which means they can make up to $500 via Chase Bank’s referral scheme.

Now, why does Chase Bank’s referral program work?

Here’s what we think.

• This referral program works because Chase Bank is one of the most popular financial institutions. It has a longstanding reputation, making it a trusted institution among a large customer base.

• In addition to the reward the referrer gets, the new customer also gets a reward, which depends on the type of account they open. This is a great referral marketing strategy that ensures the satisfaction of all parties involved.

• It’s pretty straightforward. For every successful referral, customers get their reward deposited directly into their bank account.

3. BANDIER

Image via Bandier

BANDIER, the luxury activewear brand, has one of the best referral programs in the market. Besides curating emerging labels from around the world, BANDIER also sells well-known sportswear brands such as Nike, Adidas, Reebok, and Under Armor.

brand gives its customers $25 (in store points) for every friend that they refer.

The best part?

The friend gets $25 off too on their first purchase.

And, it doesn’t stop there.

If you refer a friend, you will continue to earn points for all successive purchases that your referrals make.

Getting unlimited rewards. What could be better than that?

Why is it such a successful referral program?

Here are our thoughts.

• Bandier’s referral program is extremely attractive to its existing customers. Happy customers will feel motivated to tell their friends, and get rewarded in return.

• Unlimited rewards in the form of points encourages customers to make more than one referral. More referrals means more qualified leads for the company.

• It is one of the best referral programs, especially for businesses with a limited budget. You are giving your referring customers in-store points, which they can redeem for exclusive discounts. So, you are not only earning new customers, but getting repeat business from your existing ones too.

4. Scribe Media

Image via Scribe Media

Scribe Media is a professional publishing and media services company that helps entrepreneurs, experts, and executives write, publish, and market their books. It also has one of the best referral programs, offering significant rewards and referral points to its customers.

Here is how the Scribe Ambassador Program works.

The best part?

Besides the referral bonus, you also get a free Scribe Professional project for every $500K made through a referred business.

Why does this referral marketing program work and why is it the best?

Here’s why.

• The monetary rewards are substantial. The possibility of earning money is quite exciting for customers who have already experienced their services.

• Awards for referral points such as a Tesla car, are also motivating enough to get existing customers to refer other people

• Existing customers get a unique referral link that they can post on their social media channels, blogs, personal websites, and more. This not only helps get more referrals but also helps the company widen its reach.

5. Google Workspace

Image via Google Workspace

Google Workspace provides cloud storage, collaboration tools, and productivity applications for businesses of all sizes. They have one of the best referral programs because it gives you different rewards depending on your Google Workspace plan.

The only downside to this referral program is that your earnings are limited to 100 users per referred account. If you want to avoid these restrictions and earn more, you may join their affiliate marketing program.

Why is it one of the best referral programs?

Our thoughts are:

• Google Workspace’s referral program rewards you per referral you make. Even though the limit is 100 users, it is a substantial number to earn some money on the side.

• For every successful referral, the money is deposited directly into the referrer’s bank account. Of course, this referral program works differently for different countries. So the rules may vary depending on where you live.

• The program offers tiered rewards which multiply with the number of users you refer.

6. T-Mobile

Image via T-Mobile

T-Mobile is one of the leading names in the telecommunications industry, and one of the largest wireless network operators in the US. T-Mobile’s referral program lets you earn $50 per referral, up to $500 a year. The friend you refer to also gets $50.

To refer friends to T-Mobile, you must own a Sprint or T-Mobile postpaid smartphone plan, and remain in good standing with that plan throughout the referral process.

Why is it one of the best referral programs?

This is what we think.

• By referring friends and family to open a new postpaid account, T-mobile customers can earn $50 Virtual Express Prepaid MasterCard per referral

• Customers get a unique referral link that can be shared on social media platforms, such as Twitter and Facebook. Besides acquiring new customers, you also widen your marketing reach.

• Easy to use referral dashboard enables customers to see the status of their referrals. They can see if their referral is “successful,” “pending,” or “unsuccessful.” The transparency not only helps build trust and customer loyalty, but also drives engagement.

7. Moo

Image via Moo

Moo is an online print and design company that designs and prints products for marketing or promotions. You can create and customize business cards, notebooks, and so much more with it. Being one of the best referral programs, Moo’s referral program allows customers to earn between $20 and $150 per referral, depending on who you refer.

Why is Moo’s referral program the best?

We believe the reasons are as follows:

• Referring customers get a $20 Moo gift card per referral and $150 per referral if they refer a business

• The referrals also get benefits. They can get 25% off on their first order, free company templates, and even bulk discounts.

• Rewards are in the form of company gift cards, which encourages people to do repeat business with Moo.

8. SoFi

Image via SoFi

SoFi is an online financial institution that provides financial products, such as mortgages, personal loans, student loan refinancing, and more.

This is one of the best referral programs as it allows users to make money with each friend they refer. Customers can win between $50 and $500 simply by asking their friends to sign up.

SoFi has up to six referral programs to pick from, each with different gifts and financial products to be won.

Why does this referral program work?

Here are our thoughts on this.

• SoFi gives users a chance to win different gifts based on their strengths. They can refer a friend to invest as little as $25 and get double that amount. They can also refer a friend to student loan refinancing and get up to $1,000.

• The referral program is easy to follow. Once users sign up with the SoFi app, they get a unique referral link that they can easily share with friends.

• SoFi has paid its members over $20,000,000 in referral bonuses so far. By offering unlimited bonuses, it encourages customers to partake in the programs as much as possible.

9. Robinhood

Image via Robinhood

Looking for the best referral programs from companies that deal in finance? Try Robinhood’s.

Robinhood is an online discount investing and trading platform. It allows users to trade stocks and exchange traded funds and cryptocurrency at no commission.

With Robinhood’s referral program, customers can easily earn stocks by inviting a friend to invest on the platform. Users can earn up to $1,500 in stocks as long as they meet its eligibility requirements.

Why does the Robinhood referral program work?

Here’s why:

• Before now, Robinhood didn’t allow users to pick the stocks they wanted as referral gifts. However, it has since upgraded its policies and now users have the flexibility to choose the stocks they want from its list of top traded companies.

• It uses a compelling incentive to attract more customers—a simple method to earn free stocks while trading on a stock brokerage platform.

• Referrers have the flexibility to decide how they want to spend their stock rewards. They can either keep the gift stock or sell it no sooner than three days after they claim it.

10. TurboTax

Image via TurboTax

TurboTax is a tax software designed to make tax preparation and filing easier for Americans and Canadians.

It's easily one of the best referral programs because it offers a great way for users to win gift cards for themselves or reduce the amount of money their friends will pay in taxes.

Here’s how it works:

Once users invite their friends to use TurboTax to file their taxes, they get a $25 gift card, which can be redeemed or donated to a charity of their choice.

The friend they refer also gets to enjoy 20% off their federal personal tax return preparation and filing once they use TurboTax.

What are other reasons why this is one of the best referral marketing programs in the market?

Here’s why.

• The incentives for TurboTax’s referral program are quite inviting. Anyone would love an opportunity to pay less taxes.

• TurboTax also provides a charitable way to spend rewards for a good cause. Customers have the option to donate their reward to a charity.

• TurboTax provides an easy way for people to file their taxes and earn rewards while doing so. It’s a win-win.

11. FreeAgent

Image via FreeAgent

FreeAgent is one of the best referral programs there is. It is a cloud-based accounting software designed specifically for small businesses, freelancers, and contractors.

FreeAgent’s referral program gives a 10% discount to the referring customer as well as the new customer. As long as you and your referred friends are subscribers of FreeAgent, the discount continues. So effectively, you can have discounts for life.

Here’s why this referral program is the best and working well.

• Every customer gets a unique referral code. Each time a customer refers to another, they get 10% off their monthly subscription fee for perpetuity. By referring more people, customers can have a FreeAgent subscription for free.

• When customers refer to more than 10 customers, FreeAgent appoints them as “evangelists.” Becoming an evangelist is an easy way to earn a tidy sum of money every month. With such incentives, people will be more willing to refer other people, which can help boost your sales conversion rate

• FreeAgent has also made it quite easy to refer people, which is another reason for the success of this referral program. You can share a referral link embedded with your referral code and pass it on to friends. You may also post it on your website or share it on social media platforms like Facebook and Twitter.

12. PayPal

Image via PayPal

PayPal has one of the best referral programs because it gives customers cash rewards.

To refer friends to PayPal, customers only need to send 1 cent to someone who does not have a PayPal account. The friend needs to register on PayPal, linking their bank account and spending $5 within the next few months.

When the friend they have invited has spent $5, both the customer and their friend get $10. If that doesn’t motivate you to invite friends, what will?

Here’s why PayPal’s referral marketing program is the best.

• Clearly, PayPal’s referral program follows a dual reward system. The fact that it’s a monetary incentive makes it even better. If you want to make your customers feel like they are truly being rewarded, this is one of the customer referral program ideas you must follow.

• The referred person needs to spend at least $5 before either party gets a reward. This is an effective tactic to get people to spend money, and get a reward in return.

• PayPal uses money as a reward because it’s a financial service. A lesson to learn when creating your own referral program is to use a referral incentive that relates to your business.

13. MeUndies

Image via MeUndies

MeUndies is an apparel company, specializing in loungewear, underwear, and sleepwear for both men and women. It also has one of the best referral programs because it uses a simple but tried and tested approach. The MeUndies referral program gives existing customers store credit toward future purchases.

Giving discounted products, store credit, or cash is a proven referral marketing strategy that has been known to work.

MeUndies runs one of those refer-a-friend programs that gives two-sided incentives. You get to be a good friend by sending a 40% discount to your friend. When your friend makes their first purchase, you get $25. Now, why is this among the best referral programs?

Here’s what we think:

• Rewarding existing customers as well as the newly acquired ones is a fantastic tactic to create a successful referral program. Since the incentives match for both parties, they are more likely to sign on to the referral program.

• Since the reward is in the form of store credits, customers will feel encouraged to shop from the brand. You not only get new sales leads and conversion opportunities, but repeat business as well.

• Clients are given a unique referral link, which makes it easy to track and measure the success of the referral program.

14. Marriott Hotels

Image via Marriott

Next in line on our list of the best referral programs is Marriott Hotels. Customers can earn referral points when they refer other customers to the hotel’s loyalty program or credit cards.

If you are a Marriott Bonvoy member, you can earn up to 50,000 points for referring your friends and family. Of course, the friend you refer must complete a stay in one of the Marriott Hotels before you can earn any points.

You can earn 10,000 points per referral. Plus, whenever a friend you refer completes a stay in the first 365 days, you get 2,000 bonus points.

Marriott Bonvoy members can refer up to 5 new members per year.

Here are the reasons that make it one of the best referral programs:

• It is easy to access and use. All you need to do is go to the Refer a Friend page and send a personalized referral link to your friends.

• The best part is that the friend you refer also gets 2,000 points for each stay with an upper limit of 10,000 points

• By automating the referral program, Marriott Hotels has made it easier for people to refer and new customers to sign up. Investing in a referral program software is a great way if you want to implement your own referral program.

15. Gusto

Image via Gusto

Gusto offers one of the best referral programs out there. This HR payroll management solution gives its users a solid incentive to refer their friends and colleagues to the platform.

What helps it get a lot of traction is the fact that the rewards are very attractive for both the referrer and referred users.

Here’s why it’s one of the best referral programs:

• The link can be easily shared on social media platforms or through direct messages, making it easy for users to refer customers.

• Offers dual rewards, something for the referring customer as well as the referred customer. The referrer gets $300 and the referred customer gets $100.

• The referral program landing page is quite detailed. Such  landing page optimization tactics make it easy for their audience to understand the program.

16. Wealthfront

Image via Wealthfront

Operating since 2008, Wealthfront is a platform that offers robo-advisor investing services.

It’s one of the best referral programs because it offers two options: a cash account referral program and an automated investing account referral program.

With the cash account referral program, users can invite friends to open a cash account as their first Wealthfront account. Then, they get a chance to win a 3-month 0.50% APY boost over the current interest rate.

On the other hand, if the referred customer opens an automated investing account as their first account with Wealthfront, the referrer and the referred customer can both get $5,000 managed for free.

Here’s why it’s among the best referral programs in today’s market:

• Users can refer up to 80 people in the automated investing account referral program. This means they can get up to $400,000 managed for free.

• The rewards apply to both the referrer and the referred customer.

• It's a great way to invite new customers to sign up on the platform while keeping current customers active.

17. Fiverr

Image via Fiverr

Fiverr is a freelancing marketplace that gives businesses and individuals access to on-demand freelance talent. It has launched a referral program to boost its user base.

It’s among the best referral programs that rewards users with Fiverr Credits to use on their next order. The program is free for all to join and you can start referring your friends to join Fiverr right after creating an account.

When you refer someone on Fiverr, you will get a commission of Fiverr Credits worth 10% of their order (up to $100). You can earn up to $500 in credits to use on your next order.

The referred user will get a 10% commission on their order when they sign up and place an order using the referral link.

The only issue with this referral program is that it’s not available to those with a Fiverr Business account.

Here’s what makes Fiverr’s referral program one of the best referral programs:

• Each user gets their own unique link they will use to refer their friends to sign up and place an order on Fiverr. The unique link makes it easy to track how many Fiverr Credits you have earned through referrals so you can redeem them for your next order.

• It has decent rewards for both the referring user and the referral. The best referral programs reward both participants and that’s still the case with Fiverr. The referring user (even without spending a cent on the marketplace) can earn Fiverr credits they can redeem to pay for their next order. The referral also gets a discount on their first purchase to encourage them to join the platform.

• Fiverr also makes it easy to refer others to join the marketplace. Users get a unique link upon signing up that they can share with their friends through email or post on social media.

• The Fiverr Credits one earns after referring someone to place an order on the platform can only be used on Fiverr. This encourages users to continue using the platform, which helps establish Fiverr as the leading channel for on-demand freelance talent.

18. Coursera

Image via Coursera

Coursera is an online learning platform that provides affordable, job-relevant courses to users worldwide.

It offers one of the best referral programs, giving access to unlimited learning programs at a giveaway price.

When users refer a friend who signs up to the platform, Coursera gives both the user and his friend access to a Coursera Plus subscription for just $1.

With this, users have unrestricted access to over 7,000 e-learning programs for a whole month.

Here’s why we think this is one of the best referral programs in the online course industry:

• Users don’t have to go through a complicated process to redeem their reward. They simply pay a dollar, which saves them up to $58 in subscription fees.

• Coursera uses its referral program as a way to upsell its higher-tiered plans. Once users get low-priced access to all its programs for a month, there’s a high chance they would want to pay to keep the subscription going.

• The referral program applies to both the referrer and the referred customer, which is a great way to keep all parties involved satisfied.

19. Venmo

Image via Venmo

Venmo is a mobile payment service that allows users to easily process online transactions, request payments, and track them from the comfort of their mobile devices.

This platform offers one of the best referral programs, which allows users to win a $50 referral bonus.

To get this reward, customers have to invite someone who has a Venmo account to apply for a Venmo credit card.

Once they’ve been approved, the referrer gets a $50 reward. Customers can earn up to $500 by referring 10 friends.

Here’s why it’s one of the best referral marketing programs:

• Venmo provides customers with a unique, easily shareable link that makes it easy to invite friends from various platforms.

• Customers are only allowed to share the referral link with acquaintances and not in public forums. This makes the program more authentic.

• Customers can get their reward within as little as 24 hours. Quick payouts often encourage users to make more referrals because they see instant rewards.

20. Swagbucks

Image via Swagbucks

We bet you’ve come across platforms that pay users to take surveys, answer fun quizzes, and watch videos online.

Swagbucks is one of those platforms. However, that’s not all it offers. It also has one of the best referral programs, making it pretty easy to earn rewards.

To win referral rewards on Swagbucks, all users need to do is invite friends to use the platform and show them how to use it to get paid for taking surveys.

As a reward, users win 10% of whatever their friends earn. The more their friends earn, the more they also win.

Here’s why we think it's so great:

• With no limitation on how much referral rewards can be earned, Swagbucks incentivizes users to keep referring as much as possible.

• Users can easily invite friends using a unique shareable link provided by Swagbucks.

• Users can earn both gift cards and swagbucks, depending on how much their friend earns. This makes the rewards more exciting and enticing.

21. Coinbase

Image via Coinbase

Coinbase is the final recommendation on our list of the best referral programs, but it’s definitely not the least.

This online platform allows users to easily buy, sell, transfer, and save cryptocurrency. Its referral program enables users to earn discounts on Coinbase subscriptions when they refer someone.

When customers have successfully invited someone to join the platform, they get $10 off their subscription fees.

Customers can invite up to $10 friends, which means they can get up to $100 in discounts. However, for now, only customers in the US can partake in this referral program.

Here’s why we think it’s one of the best referral programs to try:

• Coinbase rewards both the new member and the referrer. The new member can use Coinbase for a whole month for free, while the referrer can enjoy good discounts.

• Customers can easily get their referral code via a centralized, user-friendly dashboard. Coinbase makes the process as seamless as possible.

• Any discount users get is collected as points and applied to the customer’s next billing period. This is a good incentive that encourages users to get more referrals and use the discounts they win for future subscription billing.

FAQ

Q1. What is the difference between a referral program and an affiliate program?

A. An affiliate program uses influencers on YouTube, Instagram, and TikTok as well as third-party advocates to refer your brand to other people in exchange for a commission.

On the other hand, a referral program rewards existing customers to refer their friends and family to your brand.

Q2. How do you improve the referral process?

A. Here are a few tips to improve the referral process:

• Make the referral program visible on your website
• Give your customers a referral link or referral code to pass on to friends
• Track referral results
• Analyze the data for improvement opportunities
• Gather customer feedback for further improvement

Q3. What kind of referral rewards work the best?

A. It’s best if the referral reward you choose relates to your business. For instance, Dropbox offers extra storage but PayPal offers hard cash. You will also need to decide whether you want to offer the reward per referral or for referring a specific number of people.

Some referral incentives you may choose are:

• Cash rewards
• Gift card
• In-store points
• Referral bonus
• Discounted products

Q4. What are some effective referral marketing ideas?

A. Here are a few referral program ideas you can use to create the best program:

• Offer a free or surprise gift per referral
• Launch a seasonal referral campaign
• Give cash, credit points, or discounts
• Run a contest
• Tier the referrals

Q5. How to create your own referral program?

A. Follow these tips to create a customer referral program:

• Set your goals
• Come up with the best incentives for referrals
• List possible customer referral sources
• Identify channels to host your referral program
• Make a plan to reach out to customers

Q6. What app pays the most for referrals?

A. Some of the best referral programs that pay well include:

• Dropbox
• Chase Bank
• T-Mobile
• Venmo
• Swagbucks
• Robinhood
• Scribe Media
• Wealthfront
• SoFi

Q7. What is the best source of referrals?

A. Referrals can come from past and current customers, influencer marketers, strategic business partners, and online platforms. You can also implement a referral program with attractive rewards to get new customers.

Q8. How can I attract referrals online?

A. One of the best ways to get online referrals is by promoting a referral program. You can do this by sending personalized emails to your customers to inform them about the program or partnering with social media influencers to raise awareness about your referral program.

Conclusion

The best referral programs are extremely effective because they are a direct and authentic way to promote your business. Unlike other marketing methods, referral programs leverage your current customers to share your products and services with their network. And, there is no better brand advocate than a happy and satisfied customer.

What do you think are the best referral program examples you have come across? What is the most generous referral program you know of?

We would love to hear from you in the comments below.