1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

[Method] Referral Method That Works BETTER Than Cash

Discussion in 'Making Money' started by netmoney1, Jul 10, 2013.

  1. netmoney1

    netmoney1 Executive VIP

    Joined:
    Feb 21, 2012
    Messages:
    3,587
    Likes Received:
    10,883
    Over the past couple of month?s we have been using social media to generate some referrals. In my experience these are lay downs to close. They generally come from friends and connections so the ?sale? is virtually done.

    We were offering HUGE referral fees and they were coming in, but I knew there were a lot more out there to be had.

    Some people just aren?t motivated by cash, so I wanted to prove this theory. I was checking out at the grocery store and there was a huge gift card display. Gift cards from literally every store that you could think of. I grabbed 10 gift cards?5 iTunes and 5 Starbucks. I told the girl at the checkout counter that I needed them for a project but didn?t need them loaded with money. She looked at me slightly confused and just shrugged her shoulders and threw them in the bag.

    BETTER THAN CASH?!?!?!?!?!

    iTunes Gift Cards:

    [​IMG]

    Starbucks Gift Cards:

    [​IMG]

    The next day I took a picture of the 10 gift cards scattered on my desk ? posted that image to Facebook, Twitter and Instagram with a message stating that anyone who refers a client within the next 72 hours gets a $100 gift card for Starbucks or iTunes.

    Here is the kicker: before we were offering $500 cash?and we got a little activity.

    With this test we had a sh#t load of referrals in that time period, 5 of which turned into clients. So, we ended up spending $500 for 5 clients?when that would have cost us $2,500 before paying cash.

    So, if you are currently trying to get referrals and offer cash try something else. People love prizes, gifts, etc. We now offer a wide range of gift cards, ranging from places to eat to virtually every retailer available! You can get any kind of gift card that you want at grocery stores and even drug stores like CVS. They are so easy to get. No need to keep an inventory. You sign a referral and simply pick up the card of their choice. Simple.

    We are actually developing a referral page on our website where they can submit prospective leads and pre-select their gift card of choice in the event that the lead turns to a client.

    Lesson: CASH ISN?T ALWAYS KING!!!!
     
    • Thanks Thanks x 41
  2. sn0rt

    sn0rt Elite Member

    Joined:
    Jun 12, 2012
    Messages:
    1,705
    Likes Received:
    3,502
    Occupation:
    "Most obstacles melt away when we make up our mind
    Location:
    "Knowing is not enough; we must apply. Willing is
    Good Post OP.

    I agree in that cash is not always king. Perceived value is a more effective incentive.


    Also, another thing that's of significance:

    People are already used to seeing cash rewards. Some were real and some were fake. When people are exposed to something that's not only different but also very realistic, they tend to bite more.


    E.g, (with the given information)


    • Earn $500.00 CASH for your referrals!
    (May seem too good to be true to some; How can this guy afford to keep giving out $500?)​




    • Here's your Latte, it's on us! Get a $100.00 Starbucks Giftcard for your referrals.
    (Reaches your audience at a more personal level and seems more realistic)​
     
    • Thanks Thanks x 2
    Last edited: Jul 10, 2013
  3. louisvu

    louisvu Junior Member

    Joined:
    Dec 4, 2012
    Messages:
    102
    Likes Received:
    21
    Occupation:
    Umma Hasa
    Location:
    United States
    Some good bait. (Non-Loaded)
     
  4. netmoney1

    netmoney1 Executive VIP

    Joined:
    Feb 21, 2012
    Messages:
    3,587
    Likes Received:
    10,883
    Yeah, I think the picture of the actual gift cards helped - it wasn't just an image pulled off the internet...I spread them out on my desk and made sure there was a piece of paper under it that had our letterhead on it so the logo was visible - it was done in a very natural way - but I think seeing the logo...and the actual cards helped.

    We are going to do the same with a cash test - with a picture of a pile of cash and again somehow incorporate a piece of letterhead in the picture.

     
  5. skinnyboi

    skinnyboi Regular Member

    Joined:
    Apr 6, 2008
    Messages:
    368
    Likes Received:
    108
    This is pretty brilliant
     
  6. sn0rt

    sn0rt Elite Member

    Joined:
    Jun 12, 2012
    Messages:
    1,705
    Likes Received:
    3,502
    Occupation:
    "Most obstacles melt away when we make up our mind
    Location:
    "Knowing is not enough; we must apply. Willing is
    Sounds good. I'd be curious to hear about your cash test. Please let us know how it goes.

    Wish you the best of luck with your business.
     
  7. netmoney1

    netmoney1 Executive VIP

    Joined:
    Feb 21, 2012
    Messages:
    3,587
    Likes Received:
    10,883
    Thanks. I'll def update. We are going to wait a couple weeks as we are still working a bunch of leads from the gift card test. Once they are exhausted we will do another one with cash and see if the picture approach is the key.
     
  8. Eagle Eye

    Eagle Eye Senior Member

    Joined:
    Aug 3, 2010
    Messages:
    1,031
    Likes Received:
    592
    Gender:
    Male
    Occupation:
    Achiever
    Location:
    East Coast
    very interesting findings. thanks for sharing
     
  9. Execute

    Execute Supreme Member

    Joined:
    Aug 30, 2010
    Messages:
    1,349
    Likes Received:
    5,017
    Location:
    United Kingdom
    Great method, definitely going to give this a shot. We usually give a % which is even less appealing!
     
  10. Emp1!

    Emp1! Junior Member

    Joined:
    Dec 10, 2012
    Messages:
    147
    Likes Received:
    167
    Again: wonderful idea to test something new. And it worked. I also love your idea of creating a page where people can choose their gift before the prospect become client. +rep
     
  11. rageblackhat

    rageblackhat Newbie

    Joined:
    Aug 9, 2013
    Messages:
    45
    Likes Received:
    1
    nice post mate let me thank you for this.. keep on sharing great info.. you're the man..
     
  12. ContentLockPro

    ContentLockPro Power Member Premium Member

    Joined:
    Nov 7, 2012
    Messages:
    723
    Likes Received:
    129
    Referrals are still kings. Great Idea, OP
     
  13. netmoney1

    netmoney1 Executive VIP

    Joined:
    Feb 21, 2012
    Messages:
    3,587
    Likes Received:
    10,883
    Thanks guys. Sometimes simple works. Switch it up and try different stuff.
     
  14. HeRBaR

    HeRBaR Supreme Member

    Joined:
    Aug 15, 2011
    Messages:
    1,216
    Likes Received:
    980
    Occupation:
    Sleeping
    Location:
    localhost
    Home Page:
    Hell NO, Making people happy and satisfy them is the KING :D

    Like this you motivate them to make your work for free or for a very small fee, same like you did ;)

    Thnx for the method,
    Cheers
     
  15. Paper-Boy

    Paper-Boy Elite Member

    Joined:
    Jun 17, 2009
    Messages:
    5,116
    Likes Received:
    1,821
    Imagine if your prizes were bigger than just gift cards.

    That would be an interesting case study. :p
     
  16. netmoney1

    netmoney1 Executive VIP

    Joined:
    Feb 21, 2012
    Messages:
    3,587
    Likes Received:
    10,883
    There is no need...its already proven to work. Why spend more money when you don't have to.
     
  17. nonin

    nonin Jr. VIP Jr. VIP Premium Member

    Joined:
    Apr 26, 2010
    Messages:
    729
    Likes Received:
    497
    Gender:
    Male
    Location:
    I connect dots..
    Home Page:
    sounds a really good idea!

    this is a topic I have been thinking about for a long time.

    please pm me a link to the page that offers these gift cards for referrals.. if you want to :)

    thank you in advance,
    Helmuts
     
  18. netmoney1

    netmoney1 Executive VIP

    Joined:
    Feb 21, 2012
    Messages:
    3,587
    Likes Received:
    10,883
    That is a custom page on our site. Sorry, not sending that lol. Put some effort in... :D
     
  19. nonin

    nonin Jr. VIP Jr. VIP Premium Member

    Joined:
    Apr 26, 2010
    Messages:
    729
    Likes Received:
    497
    Gender:
    Male
    Location:
    I connect dots..
    Home Page:
    np. thank you anyway.

    I will run some tests myself...

    next riddle - how to promote these offers as good as possible (have got some ideas as well).

    tx
     
  20. Donestrgling

    Donestrgling Regular Member

    Joined:
    Nov 29, 2011
    Messages:
    358
    Likes Received:
    108
    Occupation:
    lovin your mom
    I just tried this on my facebook page, I would love to not have to cold call anymore. LOL