Refer-a-friend: Discover Gives Traditional Tactic a Social Media Boost
Member-get-member or friend-get-friend concepts are not new to credit card marketers. Traditionally, however, referrals were accomplished when cardmembers handed (or mailed via the post office) printed certificates to friends. These paper coupons were trackable, giving cardmembers bonuses for their friends’ successful applications.
But now, Discover – with a little help from the digital and social world! – makes the concept work so much better. The credit card company now encourages referrals via Facebook, Twitter, LinkedIn and email for its Cashback Bonus cards.
In addition, Discover’s website features a counter that tracks a very impressive sum of referral bonuses earned to date (this screenshot captured December 21, 2012):
We love its “oomph!”
Consumers love “quick fixes” and are most likely to do a task the moment it’s top of mind. Discover’s offer enables them to act immediately: “Share now.” These social referrals are faster and easier for customers, and for Discover? They can be seen as friend-to-friend endorsements: social media gold!
But there’s one little oops…
For each referral, Discover gives $50 to the original cardmember and $50 to the new cardmember, but the counter does not climb in $50 increments. Is there a flaw in the counter, or does it tally $1 or $2 at a time? Either way, without an explanation, it takes some credibility from the promotion. Details like this matter – best to get them right!
