Top Highlights

• Referrals turns out to be an expensive to channel to iterate in. The touchpoints of the program are usually numerous.
• This makes any change to the program fairly developer intensive.
• How core is social to your product?
• The best programs are not just for social products, but the reward is part of the core loop of the product. For instance, Robinhood’s stocks-based referrals program leverages the stock-trading core loop of the product.
• Can you drive outcomes that are a focus for the business?

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