How Can a Referral Contest Help You to Grow your Brand?

Creating hype around a project can be hard and it requires time. Most of the marketing tactics usually take time before showing first results. And you want to build the community and promote your project fast. So, how do you do that? Don’t worry, we have a solution for you, and it’s called a referral contest.

Why are referral contests excellent marketing for your brand?

Referral contests can create a viral effect that is much needed to build and grow your community fast. Moreover, a referral contest is word-of-mouth marketing, which is popular among users. Why? Because people will recommend you to other people, to their family, friends, and coworkers. They are thinking: if my friend trusted these guys, then I can trust them too.

Referral contests are especially popular among the crypto exchanges. For example:

  • In April, Bluebelt Exchange organized 200,000 BBXC Airdrop and Referral Contest. According to its website the contest “amassed over 4,000 opened user accounts in Bluebelt Exchange, contributing to a total of 10, 500 opened user accounts since the launching of the exchange!”
  • Nash, a fintech company, is also conducting a referral contest, where participants can win up to $100,000 in bitcoin. I’m sure you’ll agree: This is a great way to attract more users.

However, this type of marketing isn’t reserved for crypto exchanges only. Any crypto/blockchain startup can conduct a referral contest. And one of the best ways to start with that is to distribute referral airdrops.

What are referral airdrops?

referral contest airdrops

A referral airdrop means that a participant gets additional tokens when referring airdrop to a friend. When a participant shares a referral link with friends and then they sign up, he gets a reward.

For example, Dukascoin is conducting an airdrop worth of 5 DUK+ tokens (~€ 5). And if you refer the airdrop to a friend, you can earn 5 DUK+ tokens (~€ 5) for every referral.

Conclusion

Researchers have found that people are 4 times more likely to buy when referred by a friend. Referral marketing is powerful, and you should take advantage of it. And in case you need help with conducting a referral contest, feel free to contact us. We look forward to working with you.

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