Eyeconic: Give $10, Get $10 Referral Program
Later built Eyeconic a Give $10, Get $10 referral program activated by micro-influencers and existing advocates, and Later reports it returned 4.6x on ad spend.
Case in 60 seconds
Eyeconic converted well at the bottom of the funnel but struggled to optimize its initial email welcome campaigns and lost subscribers to high churn, so it needed a way to generate awareness and top-of-funnel subscribers outside the email opt-in it already ran.
The campaign appears to turn on the fact that Eyeconic already had site traffic it was failing to convert into subscribers, so the useful audience was the shopper mid-funnel rather than a cold one, and a reward worth sharing gave that shopper a reason to recruit friends and family.
Rather than buying reach to fill the top of the funnel, Later built a referral program that turned existing shoppers into the acquisition channel, structured as a Give $10, Get $10 exchange in which sharing an exclusive offer earned a reward.
Later integrated its Influence Plug-In and a conversion tag on eyeconic.com to power an always-on branded referral link generator that prompted shoppers to join the Give $10, Get $10 offer and share the link on Facebook, Twitter, Pinterest, LinkedIn, by email or elsewhere, with $10 promo codes issued per successful conversion and publicity carried by existing advocates and an exclusive group of micro-influencers on Instagram.
Later reports 15 Conversions Per 1M Site Visitors and $206 Average Value per Conversion, alongside a 58.5% CTR on Shared Promotions and 4.6x Return on Ad Spend (ROAS), which the page sets against Eyeconic's initial goal of 2x.
Strategy Breakdown
The primary strategy-learning section — interpretation, not a press-release summary.
Creative & Execution System
Assets & channels
Partners
- Later (lead_agency)
Participation mechanic
- Shoppers on eyeconic.com generated a personal referral link through an always-on branded link generator and shared it on Facebook, Twitter, Pinterest, LinkedIn, by email or in a destination of their choice; each successful conversion earned a $10 promo code under the Give $10, Get $10 offer.
Results & Evidence
| Metric | Value | Result type |
|---|---|---|
| average value per conversion | With an average value of $206 per conversion | revenue |
| click-through rate on shared promotions | the referral program drove a 58.5% click-through rate (CTR) on shared promotions | performance |
| conversions per 1M site visitors | For every million site visitors, Eyeconic's referral program resulted in 15 unique conversions. | revenue |
| return on ad spend | a 4.6x ROAS, exceeding its initial goal of 2x | roi |
Why Later's strategy worked
- 1
Existing site traffic can be treated as a media asset rather than a conversion pool, because a referral generator placed against shoppers already on the site turns each visit into a possible act of distribution at no additional acquisition cost.
- 2
A two-sided reward gives the sharer a defensible reason to post, which reads as the mechanism behind the 58.5% CTR on Shared Promotions, since the recipient of the link receives something rather than being sold to by a friend.
- 3
Micro-influencers appear to have been used here to publicize a mechanic rather than to sell a product, which is a narrower brief than product endorsement and suits a program whose value only becomes visible once the offer is explained.
- 4
Letting the sharer choose the destination, across Facebook, Twitter, Pinterest, LinkedIn, email or anywhere else, means the program follows existing private relationships rather than requiring the brand to hold an audience on any one platform.