What metrics would you use to evaluate Circles.Life's referral program?

Introduction

Evaluating Circles.Life's referral program requires a comprehensive approach to product success metrics. To address this challenge effectively, I'll follow a structured framework that covers core metrics, supporting indicators, and risk factors while considering all key stakeholders. This approach will help us gain a holistic understanding of the referral program's performance and its impact on Circles.Life's overall business objectives.

Step 1

Product Context

Circles.Life is a digital telco that offers mobile plans and services. Their referral program is likely designed to incentivize existing customers to bring in new users, thereby growing the customer base and reducing customer acquisition costs.

Key stakeholders include:

1. Existing customers (referrers)
2. Potential new customers (referees)
3. Circles.Life's marketing team
4. Circles.Life's finance team

The user flow for the referral program might look like this:

1. Existing customer receives a unique referral code
2. They share this code with friends and family
3. New customers sign up using the referral code
4. Both the referrer and referee receive rewards (e.g., bill credits, additional data)

This program fits into Circles.Life's broader strategy of leveraging word-of-mouth marketing and customer advocacy to drive growth. It's a common practice in the telco industry, with competitors like Singtel and StarHub offering similar programs.

In terms of product lifecycle, the referral program is likely in the growth or maturity stage, depending on how long it has been running and its current performance.