Refer and earn is a marketing strategy employed by companies to incentivize their existing customers or users to refer new customers or users to their products or services. Typically, when an existing customer refers someone to the company and that person makes a purchase or signs up for a service, both the referrer and the new customer receive some form of reward or benefit.
These rewards can vary depending on the company and the nature of the business. They might include discounts, credits, free products or services, cash rewards, or other incentives. The referral process often involves providing the existing customer with a unique referral link or code that they can share with others. When someone uses that link or code to make a purchase or sign up, the system tracks the referral and awards the appropriate rewards.
"Refer and earn" programs can be effective in acquiring new customers because they leverage the trust and influence of existing customers. People are more likely to try a product or service if it comes recommended by someone they know and trust. Additionally, the rewards offered provide an extra motivation for existing customers to actively promote the company to their friends, family, and social networks.