increase in referral revenue after partnering with Friendbuy
increase in referral revenue after optimizing their referral offer via Friendbuy’s A/B testing capabilities
In 2020, Get Back Necklaces was ramping up its customer success department. The company had grown rapidly and now they were looking for new ways to give back to their new and existing customer base.
Nick Gousha, Co-Owner and Vice President at Get Back, wanted to implement a referral program that would be easy for his team to use and scale alongside Get Back’s growth. Most importantly, he wanted a solution that would enable his team to measure referral performance and then quickly test and roll out new offers depending on the results.
So Nick looked into what solution his favorite brands trusted the most. That’s how he found Friendbuy.
“We really wanted to focus on customer retention. That’s when Nick saw some of his favorite brands utilizing Friendbuy’s referral platform. So he did his research and he loved what Friendbuy had to offer.”
Friendbuy makes it super easy for Get Back’s customers to refer a friend and reap the rewards. All they have to do is enter their email address and click ‘Start Sharing.’
The initial offer was Give $10, Get $10—and when Get Back first implemented this offer, they saw a 320% increase in total revenue generated through the referral program. But Get Back didn’t want to stop there.
Fortunately, Friendbuy makes it easy to create variants of the same referral campaign with different copy, creative and offers and concurrently A/B test those variants. Using Friendbuy’s built-in analytics, Get Back was able to easily measure performance and analyze results.
Based on the A/B testing results, Get Back customized a new offer—Give 50%, Get 50%. They continued to monitor performance using Friendbuy’s tools, including analyzing impact on conversion rates and engagement metrics.
“For eight months we used a dollar-based offer and then we tried out a percentage-based offer. After the switch, we saw a massive increase in our revenue, our conversion rate, and our revenue per share. It’s had a big impact, both on customer retention and acquisition.”
After using Friendbuy’s built-in A/B testing to optimize their referral offers, referrals spiked higher than ever before. Referral revenue of their percentage-based offer doubled their dollar-based offer, resulting in a 700% increase in referral revenue vs. pre-Friendbuy.
Friendbuy-powered referrals have also helped Get Back bring in more revenue overall. The average order value (AOV) of referrals is approximately 25% higher than the AOV of non-referral orders.
As if that wasn’t enough, Get Back’s team says that Friendbuy has directly contributed to their ability to acquire new customers and build a strong and thriving community. This will have a profound impact on customer retention for years to come.
“We are very centered around our customers. When they share the Friendbuy offer with their friends, it definitely helps us with customer acquisition and marketing, but it also helps us build the community we want around our brand.”