Referral marketing - How to cultivate new business

Referral marketing is helping several individuals in India multiply their money online. One such avenue gaining traction is referral marketing, where banks in India are pioneering innovative ways to help individuals enhance their income and unlock new business horizons.

A relevant example is the IDFC FIRST Bank's MyFIRST Partner program that helps referral partners earn a monthly sum exceeding ₹1,00,000, while also helping them improve their communication skills and associating with a top-notch Indian brand.

How to build a reliable side income through a referral program in India?
 

If you are an aspiring referral partner, you must check a few things before signing up for a referral program offered by an Indian bank. In this segment, we have taken the example of IDFC FIRST Bank’s MyFIRST Partner program to illustrate how you must select a referral program in India:

1. Choose a reliable referral program that offers uncapped earnings
 

The cornerstone of successful referral marketing lies in choosing a reliable referral program with uncapped earnings. The MyFIRST Partner program offers Referral Partners a substantial monthly income. Referral Partners can make more than ₹1,00,000 monthly through the MyFIRST Partner referral program. The program structure allows individuals to earn generous rewards for every successful referral, ensuring that their income potential grows alongside their network. This incentive encourages participants to actively engage with the program, transforming it into a lucrative venture.

2. Your referral program must help you develop interpersonal skills
 

Participating in a referral program boosts your financial prospects and enhances your interpersonal skills. IDFC FIRST Bank’s MyFIRST Partner program necessitates effective communication and relationship-building to encourage potential customers to explore the bank's services. You can refine your ability to connect with people from various backgrounds by engaging with a diverse range of individuals and tailoring your approach to their needs.

3. The eligibility criteria to sign up must be straightforward
 

Simplicity in eligibility criteria is a critical factor that makes a referral program successful. The IDFC FIRST Bank's MyFIRST Partner program streamlines the sign-up process by ensuring that the eligibility criteria are straightforward. To sign up as a referral partner with IDFC FIRST Bank, an individual must be an Indian citizen, must be at least eighteen years old, and must have a bank account with an Indian bank. This inclusivity allows a wider range of individuals to participate, fostering diversity and collaboration.

4. Your refer-and-earn app must be reliable and technically strong
 

In the digital realm, the reliability and technical strength of the refer-and-earn app are pivotal for a seamless experience. The MyFIRST Partner app is a prime example of a well-designed, user-friendly platform that empowers participants to effortlessly manage their referrals. You must choose a robust app ensures that participants can track their progress, access valuable resources, and stay updated on the latest developments.

How to sign up for the MyFIRST Partner referral program?
 

Here is the four-step procedure to sign up for IDFC FIRST Bank’s MyFIRST Partner program:

1. Download the MyFIRST Partner app:

Begin by downloading the user-friendly MyFIRST Partner app from your preferred app store.

2. Register yourself by submitting the relevant documents:

Complete the registration process by submitting the necessary documents (PAN, address proof, bank details), ensuring that your information is accurate and up to date.

3. Get your Digital ID:

Once your registration is approved, you'll receive a unique digital ID that serves as your key to the referral program.

4. Refer and track your loan application:

Utilise your digital ID to refer potential customers to IDFC FIRST Bank's products and services.

IDFC FIRST Bank's MyFIRST Partner program stands as a testament to the potential of referral marketing, where customers can earn substantial monthly incomes while forging new business avenues. As the digital landscape continues to evolve, the power of referral marketing to cultivate new business remains unparalleled.

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.