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The Subscribers section allows you to track and analyze the performance of your subscriber base within your referral campaign. This section provides key metrics, graphs, and visualizations to give you insights into the growth and referral activity of your subscribers.
- 1.Total Subscribers: This metric represents the total number of people who have subscribed to your campaign. It reflects the overall size of your subscriber base.
- 2.Referrals: The Referrals metric represents the total number of successful referrals made by your subscribers in your campaign. It allows you to track the impact of referrals on the growth of your subscriber base and evaluate the success of your referral program.
- 3.Referral Rate: The Referral Rate is the percentage of subscribers who have referred at least one person to your campaign. It provides insights into the level of advocacy and referral activity among your subscriber base.
- 4.Referral Growth: Referral Growth represents the growth in your subscriber list specifically attributed to referrals. It quantifies the number of new subscribers acquired through successful referrals.
- 5.K-factor: K-factor defines your business’s word-of-mouth impact or virality by factoring in how many new referrals the average existing subscriber introduces to your product or service.
The K-factor is calculated using the formula "i * c = k".
i = number of referred visitors per subscriber. For example, if each customer refers five friends or visitors to your website or app, then i = 5.
c = conversion of each referred visitor to a confirmed referral. For example, if one in five visitors converts into a new customer, then c = 0.2.
Putting the two together, the K-factor here would be = i * c, or 5 * 0.2 = 1.
- K-factor Less Than 0.10: If the K-factor is less than 0.10, it indicates that your product or service is not experiencing substantial word-of-mouth or viral growth. On average, each existing customer is referring fewer than 0.10, or 10%, of a new customer. This suggests a limited word-of-mouth impact, and your business may need to explore strategies to boost referrals and increase its customer base.
- K-factor Less Than 0.25: With a K-factor less than 0.25, your product or service is still not achieving significant word-of-mouth or viral growth. Each existing customer, on average, refers less than 0.25, or 25%, of a new customer. This indicates a moderate word-of-mouth effect but suggests room for improvement in referral mechanisms and customer engagement.
- K-factor Less Than 0.50: A K-factor less than 0.50 signifies that your product or service is on the verge of moderate word-of-mouth or viral growth. Each existing customer, on average, refers less than 0.50, or 50%, of a new customer. While there's some word-of-mouth impact, it may still be beneficial to enhance referral strategies to push it further.
- K-factor Less Than 0.75: When the K-factor is less than 0.75, your product or service is experiencing decent but not extensive word-of-mouth or viral growth. Each existing customer refers less than 0.75, or 75%, of a new customer on average. There's noticeable word-of-mouth impact, but there's potential for more substantial growth through improved referral methods.
- K-factor Equal to 1: A K-factor of 1 represents a balanced scenario where each existing customer, on average, refers exactly one new customer. In this situation, your customer base remains stable, but there's no exponential word-of-mouth or viral growth. It's a sustainable state for your business as you maintain your customer numbers without major fluctuations.
- K-factor Greater Than 1: When the K-factor is greater than 1, it signifies that your product or service is achieving significant word-of-mouth or viral growth. Each existing customer, on average, refers more than one new customer. This means your business is experiencing exponential growth, as each new customer is likely to refer additional customers, leading to a self-sustaining growth cycle.
Let's assume that you have a business with 1,000 customers at the start, and your K-factor increases from 0.1 to 0.3 over a year, holding all other factors constant.
- Initially, with a K-factor of 0.1, each customer refers only 0.1 new customer, which adds 100 new customers over the year (1,000 customers * 0.1).
- After improving the K-factor to 0.3, each customer is now referring 0.3 new customers on average, which adds 300 new customers over the year (1,000 customers * 0.3).
So, by increasing the K-factor from 0.1 to 0.3, you've effectively tripled the number of new customers acquired through word-of-mouth referrals in this hypothetical scenario. Your customer base has grown from 1,100 to 1,300 over the year.
This section includes a graph that visualizes the trends of subscribers and referrals over time. Users can select different timeframes (1 month, 6 months, 1 year, 2 years, or all) and choose to view the data on a daily, weekly, or monthly basis. This graph allows you to analyze the growth and referral performance of your subscriber base across different periods. You also have the option to export the graph and data as a CSV file, enabling further analysis and integration with other tools.
This section provides pie charts that offer valuable insights into the referral activity within your subscriber base. The "Active Referrers" pie chart displays the distribution of subscribers who have referred at least one person, highlighting the subset of subscribers actively participating in referrals.
The "Viral Effect" pie chart shows the ratio of referred subscribers to non-referred subscribers, excluding imported subscribers. This chart helps you understand the impact of referrals in driving organic growth and viral effects within your campaign.
Additionally, a list of top referrers is provided, showcasing the subscribers who have generated the most successful referrals in terms of the number of referred sign-ups.