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case study: Revolut's referral marketing strategy

how did they grow 150x with no paid ads?


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how did they grow 150x with no paid ads?
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Good day there 👋

This week we'll discuss how Revolut grew 150x with no paid advertising.

Nearly all of their growth was through word-of-mouth and referral marketing.

Today, we've reverse-engineered how they did it and distilled their best tactics for you to employ in your referral campaigns.

We've compiled everything in a thorough case study—here is an overview:
THE CASE STUDY
Revolut was one of the first "challenger banks" that used technology to disrupt the financial industry, so they had to stand out in product and marketing.

According to their ex-Head of Growth Val Scholz: A great product naturally attracts customers—their job was to make it easier to recommend it with friends.

Let's see how they did it.
➡ The referral campaigns of Revolut
We identified 5 referral campaigns they used over the years to incentivize their best customers to refer their friends, and we categorized them in three goals:

🤝 Acquire similar customers:
  • Refer a friend for 60€—In this campaign, existing users received a monetary reward to invite friends.
  • Give a card—Here, users would offer a card to their friends instead of receiving something.

👐 Promote a new feature:
  • Free premium card—Users could get the newly released metal card subscription for free by referring friends.
  • Feature access—Revolut allowed users to get access to a new premium feature by referring friends.

🚀 Launch in a new market:
  • Prelaunch waitlist—Fans joined the waitlist for the US beta program and climbed the queue by inviting friends.
➡ The growth hacks
To further boost the impact of their referral programs, Revolut didn't just offer referral links to their users.

Instead, they used little strategic twists in every campaign to motivate people to invite their friends—we found 8 growth hacks that positively affected referrals.

Here's an example:
💡 Revolut creates a sense of urgency by limiting how long one can invite friends—thus, users are motivated to help their friends go through the signup process faster.

See the detailed breakdown of every campaign in the case study👇
Have a good day,
Nik from Viral Loops


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