Referral programs are one of the best growth tools available to businesses, big and small. Implementing a referral program which rewards customers that spread the word about a service or product they love can quickly boost a company’s numbers.
The reasoning behind this is twofold. First, every customer loves rewards, especially if they feel like they’re providing valuable insider info and helping their friends at the same time. Second, referred customers are also much more likely to purchase or use a product that has been vetted by someone they know and trust.
But finding the right referral program can be a challenge. Companies don’t always have the manpower required, resources, or know how to spend on creating their own and integrating someone else’s program may not always suit their needs. What could be a valuable opportunity to expand is often set aside because of these obstacles.
Referral SaaSquatch understands the importance of referrals and rewards. The startup has created an easy-to-use, “plug and play” referral program to help SaaS (Software as a Service) companies grow. Cofounded in Victoria by Will Fraser, Logan Volkers, and Torben Werner, the company is the result of a pivot that the team made while working on a previous venture called YUPIQ.
The startup focuses on SaaS companies that work with subscriptions. It provides these companies with an effective, streamlined, and user-friendly referral program which seamlessly integrates with supported subscriptions services such as Stripe, Recurly, Braintree, and Zuora. Companies that use these payment systems can sign up on the Referral SaaSquatch site for a demo of the service.
Creating an account is easy and can be done online within a few minutes. There are no installations, API to build on top of, or downloads required which makes the setup simple and fast. Upon account creation, new clients are contacted by a Customer Success “Squatch”, a member of the Referral SaaSquatch team. This initial contact helps the company get familiar with the interface while setting up the program as desired. Referral SaaSquatch customers have access to useful features and can easily keep track of their referrals and rewards, as well as view various analytics reports to check on their progress.
The Referral SaaSquatch system benefits both the company and the end users. A company that incentivizes users to refer a service to their network of friends and acquaintances has the potential to reach many more customers in a shorter amount of time. Users who refer new customers can then get rewarded by the company with various discounts, credits, or other incentives. Referral SaaSquatch takes the rewarding system a step further by adding double rewards options. With this feature, the newly referred customer also gets a reward for signing up for the service. This helps reduce customer turnover rates and makes Referral SaaSquatch’s program a win-win-win situation for all parties.
Another unique feature about Referral SaaSquatch (besides their adorable mascot, Squatchy), is the fact that the referral programs can be customized based on a company’s preferences. Discount, credits, and other incentives are available as reward options for successful referrals. The interface is also modifiable, making it look the way the customer wants it to.
The service is constantly developing, adding new features, supported payment services, and options to make setting up and using a referral program incredibly simple, yet effective. Referral SaaSquatch also offers an Enterprise option for larger clients, and even supports mobile web apps that wish to implement a referral program. On top of all of that, the blog is frequently updated with posts about what works and what doesn’t when it comes to growth, as well as with valuable tips for startups to ensure they’re doing it right.
The company and service is developing at a rapid pace. From their initial launch in mid-April of 2013 with their first customer (MetaLab’s Ballpark), Referral SaaSquatch has now grown to over 42,000 registered referral program participants. Over the past 6 months the startup has experienced more than 950% growth in monthly active users in their referral programs and has added clients such as Shoeboxed and Geckoboard to its ever-growing list of SaaS stars.