Generating 451K Web Visits From Referral Incentives Over Two Years
Wealthsimple has generated 451K web visits from referral links in the past two years. Here’s how:
Offering existing users with the following three referral incentives:
- Wealthsimple Trade: “Refer a Friend, Get $5” (Nov. ‘19), “Share Wealthsimple Trade and Get $10” (Jun. ‘20), “Invite Friends to Get a Free Stock” (Jun. ‘21).
- Wealthsimple Cash: “Give $25/Get $25”, "Give $5/Get $5" and "Give $10/Get $10" (Run simultaneous since Mar. ‘21).
- Wealthsimple Tax: “Refer a friend and you’ll both get $10 when they file their taxes.” (Jan. ‘22) and “Refer a friend to double your refund” (Mar. ‘21).
Social accounted for one third of all the desktop referral link traffic.
- Wealthsimple’s referral links were featured on +1.1K YouTube videos from +78 creators, the est. spend of these partnerships were ~$97K - $873K.
- The top messaging on YouTube videos with Wealthsimple referral links was “Sign up for Wealthsimple trade and we’ll both get $10 to trade”.
- Sara Finance, GwenGwiz ASMR, Coltyy and GENTLEMEN 1ST Fr. had the top viewed videos, averaging 403K views at an estimated CPM of $2.53.
Wealthsimple launched a referral program for Wealthsimple Trade to drive account signups in November 2019.
1. “Refer a Friend, Get $5” November 2019
2. “Share Wealthsimple Trade and Get $10” June 2020
In June 2021 Wealthsimple updated the referral program to entail: one free stock for the referrer user, and two free stocks for the new user*.
The referral Wealthsimple Trade referral links drive an average of 2.9K monthly web visits. The stock rewards incentive has out performed the two previous cash incentives (with the exception of the GameStop phenomenon* in Jan.- Feb. ‘21).
From September 14 to October 12 2021, Wealthsimple offered “Triple Referral Stock Rewards” which resulted in a +50% MoM increase in referral link web visitors.
In March 2021, Wealthsimple announced the launch of new Wealthsimple Cash app which allows users to transfer money instantly similar to CashApp or Venmo. To drive sign ups, Wealthsimple ran various referral incentives such as “Give $25/Get $25”, "Give $5/Get $5" and "Give $10/Get $10".
From March 2020 to December 2021, the referral Wealthsimple Cash referral links have driven an average of 10.1K monthly web visits, peaking in July 2021.
Additionally, Wealthsimple ran the following referral promotions for their tax services:
1.. “Refer a friend and you’ll both get $10 when they file their taxes.” January 2022
2. “Refer a friend to double your refund” March 2021
*Click here for more promotion details. Wealthsimple Tax referral traffic is currently not available.
Next to direct, social is the strongest driver of referral link traffic, accounting for one third of all desktop referral traffic from January 2021 to January 2022.
Wealthsimple’s referral links were featured on +1.1K YouTube videos from +78 creators over Jan. '21 - Jan. '22. The estimated spend* of these partnerships were ~$97K - $873K.
Top YouTube creators who mentioned Wealthsimple from Jan. 2021 to Jan. 2022:
From Jan. ‘21 to Jan. ‘22, the top messaging on the YouTube videos with Wealthsimple referral links was “Sign up for Wealthsimple trade and we’ll both get $10 to trade” which was used 243 times. Sara Finance, GwenGwiz ASMR, Coltyy and GENTLEMEN 1ST Fr. had the top viewed videos that mentioned Wealthsimple.
*Estimated CPM based on HypeAuditor’s model using on market values of influencer’s average video views, audience location, audience attitude, virality, and popularity on other social network.
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