In the previous parts we discussed affiliate marketing and the ways people use it to earn money.
In this part we will explain what are referral links and why they are another overlooked option for making extra cash.
If you’re a regular user of online services, you must have stumbled upon referral links before. Referral links are custom links assigned to customers of a service, which they can forward or share to their friends and family, encouraging them to sign up for the service as well. Referral links are one of the best passive income ideas that provide existing users and customers with various incentives every time a friend signs up successfully using their referral link.
A referral link program doesn’t require you to spend any extra time or investment in promoting your links – You can do it from anywhere in a matter of minutes, while you’re on the bus or when you’re looking to burn time.
Referral link rewards could be one-time discounts, gift cards, or service upgrades such as increased file space, access to VIP rooms or premium features.
Why Companies Offer Referral Links?
Studies have shown that the most effective sales leads and conversions are made when people are referred to products and services by their trusted friends and family members. Word-of-mouth marketing is the most powerful and effective form of marketing in existence and companies are actively looking to take advantage of that. By providing their customers with referral links, they can minimize their marketing costs and maximize their downloads and user base. Referral links are far more powerful compared to affiliate links and other sources of traffic and sales leads.
Additionally, referral links usually pay out rewards only after the new customer has made a purchase or registered successfully on the website. Thus, the company only needs to pay rewards for tangible additions to its user base. This is extremely cost-effective compared to other forms of marketing that are hit-and-miss at best. Plus, referral links also carry a domino effect – a person who has been recruited via a referral link is assigned his/her own referral link, which they can use for bringing in their own friends and family to the service. The company is able to save on other marketing expenses and profit tremendously by running a referral link program.
Where can I get referral links to earn rewards?
Apps and online services constantly run referral programs that you can use for earning extra incentives or cash in your free time. Some of the best places to obtain referral links are:
Online and mobile games often provide referral links that provide bonus items or digital goods if your referral link garners successful signups.
Online delivery and shopping services like Swiggy, Uber Eats, DoorDash often run referral programs where you can share your links to your contacts. Successful signups can earn you as much as 50% - 70% off the price of your order.
Ridesharing mobile apps like Lyft and Uber run referral programs as well that give you a discount on your next ride for every successful registration you encourage.
Many streaming services like Spotify, ESPN, Hulu, and Netflix give you additional months of free service if you are able to get more people to sign up using your referral links.
Bank savings and checking accounts, and credit card programs provide their customers with referral IDs, which they can use for signing up new customers. Cash incentives and extra bonuses are awarded to people who can bring new customers to the bank.
Apart from the methods listed above, there are several apps on Google Play Store and Apple’s App Store that provide you with referral links, using which you can make money. Payment apps like Google Pay allow you to earn money by referral link that gets credited directly to your bank account when someone makes a successful registration and completes their first transaction. Some other apps provide you with a full refund of your subscription fees or extend your subscription term if you bring in a specified number of referrals to their site or application.
Where can I post referral links?
Here is a list containing the best places to post referral links:
Blog comments: Now, you have to be careful not to spam multiple websites and irritate users. You can post comments answering questions and queries posted by other users and add your referral link at the bottom of your comment. You’ll be surprised at how effective this method can be, especially if the information you provide is genuine and useful to them.
Social media platforms: This is arguably the best place to post referral links. You can send messages to your friends and family via messaging apps like WhatsApp, Snapchat, Messenger, etc. and explain its various benefits to them. You can also post your referral link to your Facebook, Twitter, TikTok, or Instagram handles and recommend the service to your followers.
Online Communities: Facebook groups and Reddit forums are great places to promote your referral links, especially in those forums and groups where people are constantly on the lookout for discounts and referral links. You can enjoy greater chances of success since your interests are the same.
Offline Sharing: You can talk about the service or app while hanging out with your friends and family and list its benefits. If they appear impressed at the advantages of the program, you can send them your referral link to gain additional bonuses.
Referral Websites: There are several websites available online where you can share your referral links to websites that have been specifically designed for this purpose. People can access your referral link and use them to receive bonuses for their own account and help you earn referral rewards as well.
Websites like irefyou.com allow you to share your affiliate and referral links without any cost. The website delivers all your offers and referral links to customers who are interested in those services for maximizing your chances of gaining rewards. It is an incredible source of passive income that doesn’t need you to invest much time or effort.
Simply submit referral links to the website and you’ll soon notice an uptick in the number of bonuses headed your way in your accounts.