Tips on converting referrals

Without giving away the keys to the store, I thought I’d write a few general pointers on how to convert ING Direct and VirtualBank referrals.

First, respond to a request for a referral immediately. You have to anticipate that, with the hundreds of readily available web pages offering referrals, the person making the request has also asked a number of other sources, reasonably assuming a handful of the sources will flake out, the emails will bounce, or for whatever other reason, the referral will never be sent.

People who learn of these programs are in a huge hurry to get the bonus. Respond right away, because they’re often still sitting at the computer, hoping a referral will show up in their inbox while they’re still online. When my new email notification alarm goes off, I pause whatever else I’m doing and respond to the request, and a few times I’ve had referrals convert within an hour or two.

Second, be up front about the minimum deposits necessary to earn the bonuses. People aren’t going to convert if they feel that you’re advertising free money with no money down, and then the bank’s site tells them there’s a minimum deposit. Be clear that they’ll need to have 100 - 250 dollars handy to get their bonus.

Third, explain the maximum pay outs for converting all of your referrals. VirtualBank’s maximum bonus of $1020 looks really good to people who feel that getting others to sign up should be easy. But this doesn’t appeal to everyone. A substantial percentage of people who open online bank accounts do so primarily for the interest rates and the initial bonus, and never use their referrals. Stressing the theoretical total will attract a certain segment of the population, but isn’t a selling point for everyone.

Lastly, follow the golden rule. Just advertise or promote the programs as you’d find them attractive.

I hope you’ve found these tips helpful and that they are able to improve your conversion rate. Good luck with your referrals.