June’s live Cloud Wars Expo event featured dozens of industry leaders allowing the Acceleration Economy team access to the inner workings of the greatest growth market the world has ever known.
If you missed the Expo or just want to catch up on sessions you were not able to attend, then you’re in luck. We recorded more than 40 hours of education sessions from the event, which are available for free to Acceleration Economy subscribers. We’re also previewing the content in this series of Moments, which feature highlights from each session.
In this Cloud Wars Expo Moment, excerpted from the main stage fireside chats, Cloud Wars Founder and Acceleration Economy Chief Content Officer and Co-Founder Bob Evans and Luyi Yang, Ph.D., an assistant professor at Berkeley Haas, discuss the concept of social rewards and referral priority program and how it incentivizes customers to act as sales agents for businesses.
00:54 — Yang defines the concept of a social rewards program as existing customers bringing in additional customers to an organization or business and receiving a cash incentive in exchange.
01:01 — The idea behind a social rewards program is to use existing customers as sales agents for customer acquisition.
01:19 — Yang describes how we live in an inherently social network, so it makes logical sense to use customers as a means of sales and marketing, instead of outsourcing those needs, which can be costly or overwhelming.
02:14 — The concept of a waitlist that organizations have instilled requires customers to wait before engaging with a certain technology or app.
02:37 — Yang cites the example of Robinhood, a stock trading app. When Robinhood first launched, it required customers to join a waitlist before their accounts could even be activated to use the app.
02:53 — As an incentive to get more users, companies began to bypass the waitlist times for customers who wrangled friends to sign up for the waitlist. Yang concludes by explaining how this concept is known as a referral priority program.
Access more than 40 hours of cloud education content featuring 100-plus speakers at Cloud Wars Expo On-Demand. All content is free to Acceleration Economy subscribers with an on-demand pass.