6 Best B2B Referral Program Examples

Contrary to popular belief, referral programs are not only for B2C ventures. They make a critical part of any B2B sales pipeline. B2B referrals aid in building a more rigorous system of referrals by streamlining the sharing process, automating the rewarding process for customers, and providing tracking and data insights.

Multiple studies indicate that customers who hear about your products or services through referrals from experiences and existing customers have a higher retention rate. They are four times more likely to attract new referrals, so it’s also fair to expect them to bring in more business.

But the success of a B2B referral program depends on how well it’s implemented. A well-timed and carefully executed referral marketing program is all about setting a killer strategy to nudge your referrers to refer others. A few brands stand out with their stellar B2B referral marketing tactics, let’s take a look.

What Is a B2B Referral Program?

Referrals are a marketing tactic that is used to help businesses promote their products and services to new customers through word of mouth. It works by earning the trust of customers and relies on advocates to share positive experiences within their network. B2B referral programs are no different – they are just more formalized.

In a B2B referral program, one business incentivizes its existing clients to refer other businesses to their services or products. The end goal is to leverage the brand’s goodwill and trust with current customers to forge new business leads and improve sales.

In the B2B world, purchasing decisions are never impulsive because they represent a significant investment in money and time. Decision-makers may take months, or even years, to decide in your favor.

Business-to-business referral programs are proper. They involve a streamlined referral that directs satisfied customers to recommend your offering to a peer by entering their information. A referral program software automatically tracks referral links and rewards them whenever their recommendation turns into a sale.

Best Examples of B2B Referral Programs

B2B marketing is relatively more complicated than B2C (business-to-customer) marketing. Determining target decision-makers, tracking sales cycles, and keeping CACs in check sounds intimidating.

Here are the 6 best B2B referral program examples from businesses that gained impressive growth. No matter if it’s a B2C or B2B business, analyzing how their successful referral programs work can help you build a stronger referral system.

Google Workspace

World’s favorite encyclopedia, Google, became popular as a result of referral marketing. The company introduced a work-related app called Google Workspace in 2006. Google has multiple B2B programs including Google Docs, Gmail, Google Sheets, etc.

How does it work?

Refer a friend using a unique referral link and earn cash rewards. Google will pay the referrer a referral fee of:

• $8 for every person who signs up for a Business Starter plan,
• $15 for persons who sign up for the Business Standard plan, or
• $23 for those signing up for the Business Plus plan.

The referrer can earn up to 100 users per account they refer and up to 200 new Google Workspace users per year.

Why did it work?

• Signing up and referring a friend was made simple and easy. The program just has three simple steps. The captivating icons on the page give visitors visual handholds to understand the instructions of the program better.
• Google Workspace emphasizes how their suite of tools can make work life better and offer an irresistible catch by making it free for 14 days. This is for the referred-in friend.
• When the referee clicks on the referral link, they are presented with a convincing demonstration of how Google’s tools will benefit their work. Visual explanation compelled millions of Google customers to refer and earn referral rewards.  

Gusto

Gusto is an HR platform that helps businesses with employee management, payroll, benefits, and other human resource tasks. They have been notably successful to grow their business and customer base with the help of a solid referral program.

How does it work?

The program incentivizes both the referrer (Gusto user) and the referee by sending them virtual gift cards via email. The referrer gets a $300 gift card and the referee a $100 one once the referee has signed up and paid their first month’s invoice for payroll.

A tab “Refer and Earn” from the menu leads to generating a unique referral link that the referrer can share on multiple social media platforms including Facebook, LinkedIn, Twitter, or email.  

Why did it work?

• The referrals page clearly explains the entire program in a nice, concise, and bulleted format.
• Minimalist design, font, and color variations make it appealing and interesting for users.
• They mention the referral program rewards multiple times, during each step of signing up for the program, to grab attention.
• When the referee opens their link to see what Gusto is about, an exquisite pop-up appears with the referrer’s name on it. Then the referral landing page has a quick mention of rewards and a big, contrasting CTA button. It’s great, personal, and hard to miss.

NetSuite

NetSuite is a cloud-based business management and accounting software company. They leveraged multiple growth strategies to attain the successful software provider status they have today. One marketing strategy that gained them tremendous growth is their B2B referral program.

How does it work?

Current customers who join the NetSuite Referral Partner Program are offered a choice for their reward. They can either choose a  referral commission of 10% of their first year’s license or waive their referral fee.

Why did it work?

• Their B2B referral marketing channel focuses more on co-branding and formalizing partnerships.
• Leveraging word-of-mouth marketing and attractive benefits, NetSuite acquired thousands of new customers at a low cost. Their recently revised referral program brought a 20% incline in leads as compared to the past years.
• The option to choose between receiving and not receiving a reward from NetSuite shows that the brand isn’t “pushing too hard”. Which was a nice spin for a referral campaign.

Airtable

Airtable is a cloud organizational and collaboration software that can help streamline business processes.

How does it work?

Airtable introduced a B2B referral program that works on a single-sided referral incentive. For every referral who joins Airtable, you will receive $10 in Airtable credit. This Airtable credit can be used to upgrade the workspace to a premium plan.

Why did it work?

• Airtable has a nice email sequence that stands out due to its personalized, concise, and attractive images and tone. Their email marketing always mentions the referrer’s name so that the referee immediately knows it’s something credible.
• Clearly stated steps and benefits of participating in the referral for an Airtable user and referred-in friend made it easier for audiences to pick up.

DigitalOcean

This company offers cloud, hosting, and developmental services for developers and businesses to create impressive software and websites. Their unique incentive structure for the latest B2B referral program benefits businesses and peers both.

How does it work?

If you refer someone with the DigitalOcean referral link, they will get a $200, 60-day credit when they sign up using the link and add a valid payment method to their account. When this referred person spends $25, you will get a $25 credit with DigitalOcean.

Why did it work?

• DigitalOcean referral program offers a double-sided incentive that made their customers comfortable and eager to join your referral. The referrer knows their connection will be getting instant value from the referral, which reduces their hesitation to share with more people.
• The referrer gets to see a transparent view of their link’s progress and achievements in the “Referral stats” section.
• The sign-up process is easy and fast.

Bench Accounting

Also referred to as Bench, this fintech company offers online bookkeeping services to small business owners. They also offer human bookkeepers to help manage finances for businesses.  

How does it work?

Refer a business owner to Bench Services and you will earn a $200 Visa gift card and one free month of service for every person who signs up using your link. The referred-in friend will also get one free trial month of bookkeeping. You can earn $450 and more for each referral that becomes a Bench client.

Why did it work

• Bench offering a free month of accounting made their offer highly valuable and attractive for business owners, especially their target audiences of start-ups and small business owners.
• Friends or family referrals made it easier for referees to trust Bench’s services because it had a peer’s stamp of approval. This helps build strong relationships and increases the chances for customers to recommend your brand further.

Final Word

Referral marketing is one of the most cost-effective and powerful business strategies that uses and trusts current customers to bring in more. This is not possible if your product or service is not worth their time and money.

A formalized B2B referral business can generate numerous signups, limit churn rates, and increase conversions. Effective B2B referral marketing programs target their best customers, make their referral process easy, and offer incentives that keep customers coming back. If you’re planning to build a referral program, or in the process of creating a B2B referral program, resources and facilities at prefinery.com can help put together an effective referral for you.

FAQs

What are the benefits of referral marketing?

A few advantages of running B2B referral programs include:

• Increased conversion rates
• Reduced customer acquisition costs
• Better brand awareness
• Improved customer lifetime value

How to create a successful B2B referral program?

• Make it easy to read, engage, and share with your referral prospects
• Write and market clear and simple B2B referral messages
• Create a simple signing-up process
• Put an engaging and clear call to action
• If you’re a SaaS company, offer upgraded features as a referral incentive
• Personalize the referral experience for both the referrer and the referee