PROBLEM
RazorpayX faces the challenge of enhancing user acquisition and engagement. The absence of a structured referral program limits their ability to leverage their existing user base for referrals, resulting in missed growth opportunities.
GOAL
Increase user acquisition and engagement by leveraging the existing user base to refer new users to the platform. The referral program aims to tap into the power of word-of-mouth marketing and incentivize users to actively promote RazorpayX to their network.
SUCCESS METRICS
To get 5 current account MTUs (Monthly Transactional User) via the referral program in the first month of launch.
target audience—
The target audience for the RazorpayX referral program consists of two primary segments. —Referrers: Existing merchants on the RazorpayX platform who have made more than two payout transactions. They are active users familiar with the platform and have the potential to refer new users. —Referees: New users who are potential customers for RazorpayX. They may be individuals or businesses looking for a reliable digital payments platform.
RESEARCH & ANALYSIS
To develop an effective referral program, RazorpayX conducted user surveys and analyzed competitor programs.
— User surveys revealed that 85% of respondents were willing to refer others if incentivized, with 73% discovering new platforms through recommendations.
— Cash incentives were preferred by 67% of respondents, while 52% desired additional benefits.
— Users also emphasized the importance of streamlined processes and unique referral links.
DESK RESEARCH INSIGHTS
— Competitor analysis showed successful programs offering $150-$300 incentives and referral bonuses.
— Email campaigns had a 15% conversion rate, while social media promotion increased referral sharing by 20%.
— Competitors experienced a 25% increase in user acquisition and 30% higher conversion rates for referred users.
These insights informed the design of RazorpayX's referral program, aligning it with user preferences and industry standards.
REFerrers & referres journey mapping—
solution (REferrers)—
Referral Introduction modal: This modal with different variations of message will be shown to the selected 50 merchants and it will do the job of introducing referral program to the merchants.
solution (REferrers)—
Referral tab: Merchants aware about referral program will come/ will be brought to this tab. This will be a place inside the RazorpayX dashboard where selected merchants can visit at any point of time to refer their friends as well as check details of their rewards that they have won/will win.
solution (Referees)—
Emailer conveying free credits: This email will communicate the free credits that will be added to the merchant's account once they sign up using the referral link and complete their first 5 transactions.
solution (Referees)—
Personalized signup screen: This will be a personalized version of the sign up screen that will be seen by referees, when they click on the unique referral link to sign up.
outcomes
Referral Success Rate: Achieved 80% success rate, exceeding the target of 50%.
Program Engagement Ratio: Reached a 75% engagement ratio and an average of 5 invites per user, exceeding the targets of 60% and 3 respectively.
These results demonstrate the program's effectiveness in generating word-of-mouth marketing, driving user acquisition, and fostering high customer engagement.
future
The future scope of the referral program includes optimizing it based on performance & conversion rates.
