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* HOME * CASE STUDIES * FEATURES * DOCUMENTATIONS * SKYPE DEMO * * Search * * * Search * Case Study HOW BFSI REDUCED CPA BY 90% USING REFERRAL SOFTWARE- IDFC FIRST BANK Sara Williams October 14, 2019 Add comment 3 min read In this case study of ” BFSI Referral Marketing – IDFC bank.” We will know how they increased customer engagement and decreased the CPA by a good number. ABOUT IDFC is an integrated infrastructure finance body, aka bank. IDFC Bank has its headquarters in Mumbai. It is a bank that provides financial solutions to individuals, businesses, and corporate. IDFC is nationally known for providing financial help like loans and opening various kinds of accounts for their customers. GOALS The bank is newly established. Inaugurated in October 2015. IDFC is in the business with many big names in the finance sector. Thus, their priority was to get as many customers to join their bank. Their primary goal is to acquire new customers to open savings accounts. CHALLENGES The bank was new and private, which made it quite difficult for them to gain customers and reach out to every Indian, providing them with high-quality service. > They wanted something that has a higher success rate without spending a lot. APPROACH In this era of the digital world, IDFC bank decided to opt for referral marketing to approach the customers and get their accounts open in IDFC. IDFC approached InviteReferrals to start a refer-a-friend campaign for their customers so that they can get exciting offers by getting their friends open bank accounts in the bank. > Refer-a-friend marketing has a higher success rate as the recommendation is > coming from their friends, and that has a higher trust value. The following were the steps involved in the IDFC referral campaign: Step 1: IDFC sent the referral campaign over the email with the referral link. Step 2: When the user lands on the homepage, they see the refer-a-friend campaign. Step 3: they enroll in the campaign and get various social media options to share over. Step 4: they share the link with their family and friends over various social platforms. Step 5: as soon as their friends opened the account in the bank, the advocates were eligible to avail of the offers. The bank offered various e-vouchers to the referrers when they made their friends or family open the savings account. RESULTS By creating an interactive referral program for the bank, with InviteReferrals, IDFC was successful in achieving its goals. After creating referral campaigns: IDFC’s social engagement increased by 120%. The new user CPA (Cost per Acquisition) reduced by 90% to acquire new clients through the referral programs. IDFC made considerable growth without spending much on traditional advertisements to get the customers to open the savings account. Instead, they went for the best and the most cost-effective way of getting their customers engaged. Start Referral Marketing SARA WILLIAMS Sara is a Content Writer at InviteReferrals. She is not only a creative writer but also paints a beautiful canvas. She makes sure that you are left with no doubt on keeping up with marketing and sales. View all posts How Healthkart Increased Social Engagement by 80% How John Crestani did Multi-Million Dollar Commission Disbursement Per Month ADD COMMENT CANCEL REPLY Comment Name * Email * Website Save my name, email, and website in this browser for the next time I comment. YOU MAY ALSO LIKE Case Study MPL REFERRAL PROGRAM: HOW THEY LOWER UNINSTALL RATE Mobile Premier League (MPL) is Asia’s biggest esports and skill gaming platform, with more... Shivani Case Study DREAM11 REFERRAL PROGRAM: WITNESSED A SPIKE OF 37% IN CONVERSION RATE USING REFERRAL... Shivani Case Study CRED REFERRAL PROGRAM CASE STUDY: HOW THEY MAKE IT A SUCCESS. CRED is a Bangalore-based transparent digital platform of highly authorized individuals,... Shivani TOPICS * Case Study38 * Referral Best Practices35 * Tutorial21 * Integration35 * Business Growth8 * Data Privacy policy1 * Marketing132 * Miscellaneous2 * Referral Marketing6 * Social Media Marketing2 * Statistics23 * infographics89 * referral program38 RECENT POSTS HOW TO INCREASE BRAND AWARENESS VIA REFERRAL MARKETING 16 QUICK TIPS FOR DOUBLE YOUR ECOMMERCE CONVERSIONS 39+ CONVERSION RATE OPTIMIZATION STATISTICS FOR HUGE BOOST IN 2022 WHAT IS A MARKETING QUALIFIED LEAD (MQL)? A PROPER GUIDE 2022 5 BEST REFERRAL SOFTWARE FOR ECOMMERCE BUSINESS IN 2022 23+ LEAD GENERATION STATISTICS TO LEAD TOP CHALLENGES IN 2022 7 COMMON REFERRAL MARKETING MYTHS IN 2022 31+ SUPER IMPORTANT B2B MARKETING STATISTICS FOR 2022 11 TYPES OF DIRECT MARKETING TO USE DIRECT BUSINESS RESPONSE 6+ IMPORTANCE OF DIGITAL MARKETING FOR BETTER REACH IN 2022 HOW TO INCREASE BRAND AWARENESS VIA REFERRAL MARKETING 16 QUICK TIPS FOR DOUBLE YOUR ECOMMERCE CONVERSIONS 39+ CONVERSION RATE OPTIMIZATION STATISTICS FOR HUGE BOOST IN 2022 WHAT IS A MARKETING QUALIFIED LEAD (MQL)? A PROPER GUIDE 2022 5 BEST REFERRAL SOFTWARE FOR ECOMMERCE BUSINESS IN 2022 23+ LEAD GENERATION STATISTICS TO LEAD TOP CHALLENGES IN 2022 7 COMMON REFERRAL MARKETING MYTHS IN 2022 31+ SUPER IMPORTANT B2B MARKETING STATISTICS FOR 2022 11 TYPES OF DIRECT MARKETING TO USE DIRECT BUSINESS RESPONSE 6+ IMPORTANCE OF DIGITAL MARKETING FOR BETTER REACH IN 2022 ABOUT US Who we are Contact us Jobs SUPPORT * Blog * FAQs * Privacy Policy * Terms & Conditions MEDIA COVERAGE * Press Release[10/2013] * YourStory * SocialSamosa * NextBigWhat * Techcircle.in * Economic Times * TechStory.in MORE * Affiliate * InviteReferrals Mobile – Referral Marketing Software for Mobile Applications * NotifyVisitors – website push notifications Copyright © 2012-2020 InviteReferrals.com. All Rights Reserved. * HOME * CASE STUDIES * FEATURES * DOCUMENTATIONS * SKYPE DEMO TOPICS * Case Study38 * Referral Best Practices35 * Tutorial21 * Integration35 * Business Growth8 * Data Privacy policy1 * Marketing132 * Miscellaneous2 * Referral Marketing6 * Social Media Marketing2 * Statistics23 * infographics89 * referral program38 RECENT POSTS HOW TO INCREASE BRAND AWARENESS VIA REFERRAL MARKETING 16 QUICK TIPS FOR DOUBLE YOUR ECOMMERCE CONVERSIONS 39+ CONVERSION RATE OPTIMIZATION STATISTICS FOR HUGE BOOST IN 2022 WHAT IS A MARKETING QUALIFIED LEAD (MQL)? A PROPER GUIDE 2022 5 BEST REFERRAL SOFTWARE FOR ECOMMERCE BUSINESS IN 2022 23+ LEAD GENERATION STATISTICS TO LEAD TOP CHALLENGES IN 2022 7 COMMON REFERRAL MARKETING MYTHS IN 2022 31+ SUPER IMPORTANT B2B MARKETING STATISTICS FOR 2022 11 TYPES OF DIRECT MARKETING TO USE DIRECT BUSINESS RESPONSE 6+ IMPORTANCE OF DIGITAL MARKETING FOR BETTER REACH IN 2022 HOW TO INCREASE BRAND AWARENESS VIA REFERRAL MARKETING 16 QUICK TIPS FOR DOUBLE YOUR ECOMMERCE CONVERSIONS 39+ CONVERSION RATE OPTIMIZATION STATISTICS FOR HUGE BOOST IN 2022 WHAT IS A MARKETING QUALIFIED LEAD (MQL)? A PROPER GUIDE 2022 5 BEST REFERRAL SOFTWARE FOR ECOMMERCE BUSINESS IN 2022 23+ LEAD GENERATION STATISTICS TO LEAD TOP CHALLENGES IN 2022 7 COMMON REFERRAL MARKETING MYTHS IN 2022 31+ SUPER IMPORTANT B2B MARKETING STATISTICS FOR 2022 11 TYPES OF DIRECT MARKETING TO USE DIRECT BUSINESS RESPONSE 6+ IMPORTANCE OF DIGITAL MARKETING FOR BETTER REACH IN 2022