CASE STUDY: ENTERPRISE CUSTOMER

How Ledger is building a safer cryptocurrency ecosystem with ReferralCandy

ledger referralcandy case study

At A Glance: Ledger’s Results with ReferralCandy

  • The Challenge: Ledger wanted to tap on their vocal community to reach more users
  • Why ReferralCandy: Ease of use, effective customer success manager, and security features
  • Growth Metrics: Each advocate referred 8 friends to Ledger; referral sales contributed an additional 4% of monthly transasctions and ReferralCandy generated 55X ROI

About Ledger

Ledger offers hardware wallets for cryptocurrency. The flagship Ledger Nano S is the world’s bestelling hardware wallet, with 1.4 million units sold in over 156 countries.

By helping more users to secure their digital assets, Ledger aims to build a safer cryptocurrency ecosystem.

Ledger wanted to leverage their community to grow.

The Ledger team knew they could tap into their vocal, engaged community to get more people interested in cryptocurrency and Ledger hardware wallets. A referral program would be perfect for driving new customers through word-of-mouth.

“For us, it’s key to bring more people to the secure side of the cryptosphere. We knew that a referral program would work well, and we wanted to leverage our community to secure the cryptosphere,” explained Julien Lucas, Head of Consumer Sales at Ledger.

Automating their referral program with software

The Ledger team ran a manual experiment to test out a referral program. The results were promising, but it was a lot of work to manually send emails and create coupons. The team also decided not to build their referral software from scratch.

“We had a busy roadmap on the eCommerce website, and only two developers. Building it ourselves would have taken three months or more,” said Julien. Instead, the team decided to select the best referral software based on ease of use, customer experience, security and pricing. They chose ReferralCandy.

Why Ledger chose ReferralCandy for their Referral Program

ReferralCandy was a great match for us - it had all the features we needed, and it was easy to set up.

Julien Lucas

Head of Consumer Sales, Ledger

1. One-Click Integration and Ease of use.

The Ledger team was able to set up ReferralCandy and start testing straight away, compared to competitors who required a complex process and set-up fees.

“ReferralCandy was plug-and-play, easy for us to set up and start testing with.”

The team also found it easy to customize the features and settings for their referral program.

2. Five-Star Customer Experience

Julien was also extremely happy with the customer experience for ReferralCandy. He had special praise for Adam, their Customer Success Manager. “It’s not often we have a customer success manager trying to help us instead of upselling us.

“Adam is very proactive in reaching out to us with insights and suggestions, about how to improve our referral program.”

3. A Secure Referral Program

As a security company, we have a lot of tech-savvy customers. It’s important for us to have a secure referral program.

Julien Lucas

Head of Consumer Sales, Ledger

Julien shared that a lot of users tried referring themselves with their referral links, or sharing referral codes on discount websites. Working with Adam, the team were able to set a 14-day limit on the referral link. Adam helped to invalidate links posted on coupon code websites.

“Overall, we are quite happy with how easy it is to manage fraud with ReferralCandy.”

4. Revenue-Sharing Business Model

Julien also remarked that the revenue-sharing business model aligned perfectly with their values, compared to other price structures.

“We are always happy to pay our partners if they bring us value.”

The ReferralCandy Effect: How Ledger generated 4% in additional sales through referrals

The Ledger team launched their referral program with ReferralCandy in December 2019. In the six months since they launched, these are the results:

  • Referral sales contributed an additional 4% of transactions each month. That’s an additional six figures in sales from referrals alone - in an automated way
  • On average, each advocate referred 8 friends to make a purchase.
  • Ledger’s referral emails have a high open rate of 24%, with over 100,000 referral emails sent
  • ReferralCandy has generated 55X return-on-investment (ROI)

The Ledger team are proud to partner with ReferralCandy to grow their eCommerce business.

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