Tesla recently launched a referral program. Here’s an update on the initiative:
According to an article in Business Finance News, the top referrers in Tesla’s refer-a-friend program have referred 327 friends who purchased Teslas.
At an average price of $85,000 for a Tesla car, the program has generated $28 million for Tesla in revenues. (Keep in mind this is just the revenue Tesla got from the top referrers. The article doesn’t discuss how much $$$ Tesla got referrals from others who weren’t top referrers.)
As the article also points out, the referral program also enabled Tesla to increase awareness and acquire customers for far less than traditional marketing methods.
It appears that even brands like Tesla that enjoy very positive organic Word of Mouth advocacy can benefit significantly from a structured referral program.