Identifying Key Metrics to Evaluate Referral Program Success To truly understand the efficacy of your referral program, it's pivotal to identify and track key performance indicators (KPIs). At the forefront, conversion rates and the number of successful referrals present a clear picture of how well your program resonates with your audience. Additionally, the lifetime value (LTV) of referred customers compared to non-referred customers can offer insightful data on the program's long-term profitability. Customer acquisition cost (CAC) is also essential; a lower CAC via referrals indicates a high ROI. Monitor these metrics consistently to establish a reliable benchmark for success.
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