Customer Referral platforms

Updated: July 30, 2023

Customer referral platforms are powerful tools that enable businesses to leverage the power of word-of-mouth marketing and turn satisfied customers into brand advocates. These specialized platforms facilitate the process of encouraging and tracking customer referrals by providing unique referral links or codes to existing customers. When these customers refer friends, family, or colleagues to the business using the provided link or code, the platform automatically tracks the referrals and rewards both the referrer and the new customer with incentives, discounts, or other rewards. Customer referral platforms not only drive new customer acquisition but also foster customer loyalty and trust, as referrals come from trusted sources. By incentivizing and automating the referral process, businesses can build a strong and loyal customer base, increase brand awareness, and benefit from the power of authentic and organic marketing.

See also: Top 10 Marketing software

2022. Customer referral platform Mention Me raises $25M

Mention Me, a customer referral platform, recently secured a $25 million Series B funding round. The startup enables businesses to leverage referrals as a powerful customer acquisition channel, while also gathering valuable data for other marketing initiatives. Notable competitors in this space include Friendbuy (raised $1.8 million), Talkable (raised $4.2 million), Extole (raised $28.7 million), and Yotpo (raised $436 million).

2021. E-commerce marketing startup Yotpo raises $230M

Yotpo, a startup that aims to offer a comprehensive, all-in-one e-commerce marketing solution for brands, has successfully raised $230 million in a Series F funding round. Currently, the platform consists of four core products: Yotpo SMS Marketing, Yotpo Loyalty & Referrals, Yotpo Reviews, and Yotpo Visual UGC. These products are designed to seamlessly integrate with each other and major e-commerce platforms like Shopify, Salesforce Commerce Cloud, Adobe's Magento, and BigCommerce. With Yotpo, marketers have the flexibility to create customized offers tailored to specific user segments. For instance, they can easily target users who have made a purchase within the last 90 days and left a five-star review with just a simple click.

2015. Customer review software Yotpo raised $15 million

Yotpo, a platform specializing in original content marketing for businesses, has successfully concluded a funding round, raising $15 million. This latest investment brings the total funding for the company to $30 million. Upon registration with Yotpo, businesses benefit from data-driven insights that help identify the most effective strategies to encourage users to generate original content. For instance, Yotpo has gained valuable knowledge on the ideal timing and approach to engage specific customers after a purchase, maximizing the chances of receiving a review. An interesting finding is that customers who purchase electronics typically take four times longer to write a product review compared to those purchasing fashion items. Leveraging such analytics, Yotpo claims to provide customers with up to 10 times more user-generated content compared to its competitors. The platform has contributed to an additional $50 million in revenue for its customers over the past year.