Referral program for Failory's newsletter

One of the 2021 projects for Failory was to move to ConvertKit and boost up the email newsletter, which in November brought us lots of sales to our PMF eBook.

We moved to CK in early-March, along with the launch of Failory v3. However, I'm still setting up everything, particularly the email template, which I've struggled a lot to configure!

ConvertKit's Creator Pro plan comes along with free access to a tool called SparkLoop, which allows you to set up a referral program for your newsletter, in which you give rewards to subscribers who bring referrals to the list. I tested the tool, liked it and decided to give it a try.

SparkLoop's 5-day (you can skip the wait time) email course was super helpful. It'll provide you with examples, action documents and consulting on how to set up your referral program.

After some brainstorming, I came up with some potential rewards, which I've recently shorten to:

  • 3 referrals → Premium monthly newsletter analyzing the failure of a business, like we did here, here and here.
  • 8 referrals → A free copy of our PMF eBook.
  • 15 referrals → A monthly giveaway of tools, books, community passes and more resources for startup founders.

Finding the correct rewards will be a job of test and experiment. It's difficult to guess what will get subscribers motivated enough so as to share Failory's newsletter in their social networks and with their friends.

If after many pivots in terms of the rewards, the referral program keeps bringing bad results, I'll shut it down and move from it. That's also why I'm trying to keep things really lean at the beginning and it'll be no more than 10-14 days between we first came up with the idea and its launch this week.

Date: March 18