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PREVIOUS:But using an app for referral marketing capitalizes on the strength of customer-trusted word-of-mouth recommendations. New users who are more likely to interact with the app and make purchases may have a higher conversion rate as a result. Refer & earn apps can also assist businesses in expanding their customer base and raising brand awareness. A cascading effect that can result in exponential growth in user acquisition occurs when users share the app with their contacts. For companies trying to increase their clientele, this natural growth through recommendations can be a great resource. All things considered, utilizing a refer & earn app has advantages like rewarding users and helping businesses acquire new customers at a low cost.NEXT:Cash App has found success using this strategy to increase its user base and compensate current users for referrals. In addition, free stocks are given out by the well-known investing app Robinhood as compensation for referring new users who open accounts and fund them. Experienced & novice investors have found this to be a compelling reason to encourage others to download the app. Conclusively, a number of refer-and-earn applications provide simple incentives like cash incentives, free stocks, travel credits, and other items.
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