What changes

Larger dual-sided referral incentives are commonly linked to a 15–40% relative increase in referral participation.

When this tends to work

• Conditions similar to: Consumer apps and fintech, US market, 2021–2025
• You can measure Referral program participation rate reliably
• The intervention is implemented consistently, not half-measured

When to be careful

• Your audience or product differs materially from the cited context
• Compliance costs or second-order effects outweigh the lift
• Evidence label is estimate—treat wide ranges as planning bands, not promises

Practical takeaway

Use the cited range for prioritization and test design. Verify against your own data before scaling.