We often hear from our users that they’d like to have a better understanding of exactly how well their referral programs are doing.
Today, we’re excited to announce that ReferralCandy users can not only track the overall performance of their referral programs, but also compare their performance against peers in their industry with industry benchmarks.
Referral Rates are the best measure of your referral program’s performance.
Referral Rates measure the proportion of purchases in your store that’s referred by your referral program’s Advocates.
It’s the best way to get a sense of how much your referral program contributes to your store’s sales.
ReferralCandy now tracks the Referral Rates for your referral program, averages it out over the last 30 days to stabilize the data, and reports it on your Analytics Dashboard under the “Referral Rate” chart.
With this new chart, you can analyse your referral program’s performance over time, and see if changes to your program’s incentives or emails will affect its performance.
Benchmarks help you compare against peers in your industry
The Industry benchmark line shows you the average performance of ecommerce stores in your industry, so you know how well you stand amongst your peers.
To calculate the industry benchmark figures, we studied thousands of data points, tagged each of our users to one of the 6 largest industries, and analysed each industry.
From there, we learned that Referral Rates tend to reach a stable rate after around 6 months. The resulting industry benchmarks represent the average referral rates that our users achieved after running their referral programs for 6 months.
With the new Referral Rate chart and industry benchmarks, we think that ReferralCandy users will get a clearer sense of how well they’re doing, and what they can reasonably achieve if they continually optimize their referral programs.
What should we improve next?
User feedback is incredibly important to us, and has helped us to improve the ReferralCandy product for our customers and their customers.
If you’re a ReferralCandy user, we’d love to hear your thoughts on what we should look to improve next. Tell us how we can work even better to help you achieve your goals!