How would you define the success of Sendwave's referral program for new users?

Introduction

Defining the success of Sendwave's referral program for new users requires a comprehensive approach that considers multiple stakeholders and metrics. To address this product success metrics challenge effectively, I'll follow a structured framework covering core metrics, supporting indicators, and risk factors while considering all key stakeholders.

Step 1

Product Context

Sendwave is a digital remittance platform that allows users to send money internationally, primarily focusing on transfers to Africa and Asia. The referral program is a growth strategy aimed at acquiring new users through existing customer recommendations.

Key stakeholders include:

1. Existing users (referrers)
2. New users (referees)
3. Sendwave (the company)
4. Regulatory bodies

User flow:

1. Existing user shares a unique referral code or link
2. New user signs up using the referral code
3. New user completes their first transaction
4. Both referrer and referee receive a reward (e.g., transaction fee waiver or cash bonus)

The referral program aligns with Sendwave's broader strategy of rapid user acquisition and market expansion in a competitive fintech landscape. Compared to competitors like WorldRemit or TransferWise, Sendwave's program aims to leverage the strong community ties within diaspora populations.

Product Lifecycle Stage: Growth - The referral program is likely in its growth stage, focusing on scaling user acquisition and establishing a strong market position.