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REFERRAL PLATFORM

FOR PROFESSIONALS

Project Category:  

Company Type:

Product Development / Marketing

Private Equity

User Growth:  

Result:

Over 24 million user database

Successful Exit

Business communication network concept.
THE BACKGROUND

This was a SaaS company that had developed a custom process for generating referrals through a methodical approach of nurturing one's contacts over time. The CEO was of retirement age--so they were hoping to grow rapidly and sell quickly.

 

We were retained to develop a strategy for growing their user base quickly and cost effectively--as there was not time or money to deploy traditional marketing strategies.

THE PROBLEM

The company's core product was effective at generating referrals. However, they were having difficulty attracting professionals and getting them to implement the recommendations of the system. 

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They had tried a variety of tactics to generate more users, including:

 

  • Giving away a 30 day free trial (but that was insufficient time to see results)

  • Purchasing email lists

  • Attempting an affiliate program with key influencers

  • Cross-selling with other companies serving the target market

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In the end, none of the strategies worked. They were desperate to figure something out.

THE SOLUTION

After spending time reviewing their product and speaking with employees and customers, we suggested a completely different approach. In fact, it was a new product entirely.

 

The new product was called a Referral Card. The primary features of the card included:

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  • Free personal profile

  • Immediately invite all friends/colleagues to connect

  • Showed connections

  • Facilitated giving and receiving referrals

 

This enabled users to receive something of value for free--and gave them a reason to immediately invite their contacts to connect (and made it easy to do so).

THE RESULT

Implementing the new Referral Card program had amazing results, including:

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  • New users were being added at an accelerated rate (over 9,000 customers spanning 125 countries in the first five months alone). This product continues to generate over 2,500 leads per month at no cost to the company.

  • Zero cost for acquiring new users (continued to generate over 2,500 leads per month at no cost to the company)

  • A merger with another company who needed to provide their users something new

  • An exit to a venture-backed company (who wanted the user database which grew to over 24 million users due to the Referral Card)

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This demonstrates yet another example of our unique ability to think outside-of-the-box to solve issues.

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