How would you define the success of Taptap Send's customer referral program?

Introduction

Defining the success of Taptap Send's customer referral program 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

Taptap Send is a mobile app that allows users to send money internationally, primarily targeting immigrants and expatriates who need to transfer funds to their home countries. The customer referral program is a feature designed to incentivize existing users to invite new customers to the platform.

Key stakeholders include:

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

The user flow typically involves:

1. Existing user receives a unique referral code
2. They share this code with friends or family
3. New user downloads the app and enters the code during sign-up
4. Both parties receive a reward (e.g., fee-free transfer or cash bonus) when the new user completes their first transaction

This program fits into Taptap Send's broader strategy of rapid user acquisition and market expansion in a cost-effective manner. Compared to competitors like Western Union or MoneyGram, Taptap Send's referral program aims to leverage network effects and personal trust to grow its user base.

In terms of product lifecycle, the referral program is likely in the growth stage, focusing on scaling user adoption and refining the incentive structure.