Driving >60% of customer acquisition via a referral program

The Monese referral program was a standout success in driving user acquisition, contributing to over 60% of new customer growth while maintaining an impressively low Customer Acquisition Cost (CAC). This achievement can be attributed to several key factors. Firstly, the program effectively leveraged the power of word-of-mouth marketing, tapping into the trust and influence that existing customers have over their social circles. By incentivizing referrals, Monese incentivized customers to become brand advocates, amplifying its reach exponentially. Secondly, the program likely offered a compelling referral reward, providing sufficient motivation for customers to share their referral link with their network. Finally, the program’s mechanics were likely user-friendly and seamlessly integrated into the Monese user experience, making it easy for both referrers and referees to participate. This combination of factors resulted in a virtuous cycle of growth, where each new customer became a potential advocate, driving further organic expansion.