Business Ecosystem Management
Referral programs are marketing strategies that encourage existing customers to recommend a company's products or services to new potential customers, often incentivizing both the referrer and the new customer. These programs leverage the power of word-of-mouth, building trust and expanding customer bases through personal connections. By tapping into existing networks, referral programs create a positive feedback loop where increased customer acquisition leads to greater network effects.
congrats on reading the definition of Referral Programs. now let's actually learn it.