Referral link
A referral link is a unique UR used by customers in referral programs to promote a company's brand and products. Customers enrol in a referral program, are given the referral link by the vendor, and then can use that link to drive traffic and sales to the vendor. The customer gets a cut of profit made from traffic to the link.
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The Ultimate Guide to Partnerships for Ecosystems in 2023
Noun
[ree-fur-ahl ah-gree-mint]
A referral agreement is a legal contract that defines a partnership between a service provider and a referral partner that earns commission on sales. The contract sets out the terms of a partnership wherein one party is referring qualified leads or customers to the other partner in exchange for rewards or compensation.
Referrals are an effective method of increasing lead acquisition and sales, and a referral partnership is mutually beneficial as one partner sees increased sales and the other earns a cut for their leads. These partnerships are governed by referral agreements to ensure each party is clear on the terms of the partnership, what will be done in the event of a dispute, and how the partnership can be terminated if desired.
Typical inclusions in a referral agreement include (but are not limited to) terms, audit rights, intellectual property, confidentiality, and dispute resolution.
Example: It took Lucy's lawyers a while to go through her referral agreement with Lookster, but once it was signed, she was excited to celebrate (and start earning commission on her leads).
A referral link is a unique trackable link assigned to a partner. This is the link partners use to promote your product. Any conversions made through that link will be attributed to the partner and logged on your partner platform to facilitate payouts.
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