Measuring the success of your referral program is essential to understand its impact and make necessary adjustments. Key metrics to track include:
Referral Rate: The percentage of your customers who refer others. Conversion Rate: The percentage of referred leads that convert into paying customers. Customer Lifetime Value (CLV): The long-term value of referred customers compared to non-referred customers. Net Promoter Score (NPS): A measure of customer satisfaction and loyalty, which can indicate how likely your customers are to refer others.