How would you define the success of Ibotta's referral program for new user acquisition?

Introduction

Defining the success of Ibotta's referral program for new user acquisition requires a comprehensive approach that considers multiple stakeholders and metrics. I'll follow a structured framework covering core metrics, supporting indicators, and risk factors while considering all key stakeholders.

Step 1

Product Context

Ibotta's referral program is a user acquisition strategy designed to leverage existing users to bring new customers onto the platform. Users can invite friends and family to join Ibotta, typically receiving a reward when their referral signs up and completes a qualifying action.

Key stakeholders include:

• Existing users (referrers)
• Potential new users (referees)
• Ibotta's marketing team
• Finance team
• Product team

User flow:

1. Existing user receives a unique referral code or link
2. User shares the code/link with friends and family
3. New user clicks the link and signs up for Ibotta
4. New user completes a qualifying action (e.g., first purchase)
5. Both referrer and referee receive their rewards

This program fits into Ibotta's broader strategy of growing its user base cost-effectively while increasing engagement among existing users. Compared to competitors like Rakuten or RetailMeNot, Ibotta's referral program aims to create a more viral, user-driven growth engine.

Product Lifecycle Stage: Growth - The referral program is likely in its growth stage, focusing on scaling user acquisition and optimizing conversion rates.