How to Refer Friends & Earn Money - Our Guide to Passive Income
Diversifying your income stream is the safest way to ensure you remain financially stable even when your primary source of income falters. Plenty of people have side hustles for this very reason. If you’re looking for a way to earn money without trading your time for cash, you need to pursue passive income. One method of earning some extra income is through sharing referral links and programs with your friends.
The way referral programs work is quite straightforward. Instead of leaning on traditional advertising methods alone, brands offer satisfied consumers compensation for marketing their products or services. This is known as word-of-mouth marketing. It is one of the oldest marketing techniques in the book. Companies may do so with cash incentives, coupons, discount codes, or freebies. All customers have to do is introduce new people to the business’s products! Given all the technology modern consumers have today and how much we lean on peer reviews, this marketing strategy is truly fit for the times. You probably do this already, so leveraging Chums to make the most you can from recommending products and services to friends is one way to create a passive income stream.
To consumers, the most attractive feature of referral programs is the opportunity to refer products to family and friends through social media or email without the need for a website. It’s an easy way to earn money without a big investment!
Are you curious about how referral programs work? Do you want to create a passive source of income from the comfort of your own home? Read on to find out how to get started!
What is the first thing that you should do to set up a referral passive income?
To get started on your journey, do some research on companies with good referral programs. You’ll have to look into the terms and conditions as well as the way they payout rewards as not every referral program pays out cash—some offer credit or freebies instead. Check out companies like Crypto.com, which deposits $50 into your account every time a new user signs up with your code.
You can set-up your referral link by creating an account with the referral company. The next steps depend on the company and are generally easy to perform.
After setting up their referral codes, most people craft short, engaging messages to go along with each link that will then be used to entice their family and friends to try the referral company's products or services. They then advertise their codes via social media, text, or email. With the Chums app, however, referring has never been easier. You’ll simply put your code up online along with your review. When someone signs up using your link, you'll either get cash, credits, or points.
Referral companies also give incentives to new users if they use your link. With that incentive, they're more likely to purchase something. When they buy something, you get your rewards. It's a win-win!
Referral programs are not all alike
One thing that you should know is that not all referral companies allow just anyone to refer their products. To preserve their integrity, some only provide referral links to existing customers. Using this selective process, they're able to improve the quality of referrals by only allowing people with firsthand experience to participate. After all, a genuine review with a story that shares the advantages of the product is what companies aim for in referrals. Getting a referral code for such companies may be more difficult, but the rewards are often better as well. You’ll have to decide whether you want to put the effort into obtaining hard-to-get referral codes or simply pursuing a greater volume of programs with fewer requirements. Either way, with some good planning, you’ll be able to earn some income with little effort!
Are you looking for a side income? Download and try Chums Referral to start your referral program journey.
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