A referral program is one of the best ways of marketing wherein brands/businesses pay or reward you for referring a connection, family member or friend to their goods/products or services. Also called the word-of-mouth marketing, refer and earn or referral programs are one of the most useful from money-earning point of view.
For businesses, a referral rewards program or referral partner program is a highly trusted, reliable, and cost-effective means of acquiring target customers. This is because the referrals are primarily from satisfied and happy customers. So, while the businesses acquire new leads with a referral rewards program, you can make good money as a referrer.
Thousands of businesses/companies, including financial institutions like IDFC FIRST Bank, pay you excellent rewards, like cash, discounts, high incentives, gift vouchers etc., for vouching for their services and products to your connections. IDFC FIRST Bank is one of the few institutions that offer loans and a rewards program, wherein you as a customer avail handsome money on recommending your connections to use the product you are using.
With IDFC FIRST Bank’s MyFIRST Partner App, you can refer your contacts who need money for personal loans. Once they apply for the loan and receive the loan amount, you receive a percentage of the loan amount as commission. The great thing is that anyone, including housewives, students, and financial advisors, can join IDFC FIRST Bank’s MyFIRST Partner App and supplement their income. IDFC FIRST Bank’s MyFIRST Partner loan app allows you to earn a good payout via loan refer earn program.
Why do businesses prepare a refer-earn program?
Management and planning are key to success in any business environment. Businesses are well-aware of this and thus are thoroughly careful about giving appropriate rewards based on the profit a specific referral might generate.
Here’s how you can get started with a referral program?
Getting started with a referral program is simple. Here’s a stepwise approach:
- Firstly, you must be eligible for IDFC FIRST Bank’s MyFIRST Partner referral program. Fortunately, the eligibility criteria are easy. You must be an Indian citizen, over 18 years of age, and have a bank account.
- Once you know you are eligible, download the app and register using your personal details. Your account will be opened.
- IDFC FIRST Bank’s MyFIRST Partner app will have a referral link that you can use to refer your contacts for loans.
- Ensure that your connection or friend you forwarded the link applies and receives the loan amount. Your payment is dependent on whether they receive the loan amount.
Refer earn programs are a win-win marketing strategy for a business and its existing customers. It is one of the best ways to reach more customers. A well-formulated referral rewards program like IDFC FIRST Bank’s MyFIRST Partner referral program ensures regular payouts to its partners every fortnight on successful loan disbursals.