RewardStream Solutions Inc. (CVE:REW), a leading provider of referral marketing software for telecommunications, financial services and e-commerce companies, has been rolling out its Refer-a-Friend platform to a number of new customers over the past few months.
Last week, the Canadian Ventures market-listed firm revealed that Seasons Federal Credit Union (Seasons FCU) had signed up for its Spark referral marketing platform.
Seasons FCU is a leading credit union in the Connecticut area with more than 80 years' industry experience.
RewardStream allows on-line consumers to seamlessly refer their friends to on-line stores to browse merchandise and shop.
Advocates and their friends can be rewarded for their referrals, and all activity is tracked in RewardStream's high-volume and scalable referral platform.
Last month, RewardStream also launched refer-a-friend services on professional cleaning service, Messy Maid’s web site and mobile apps.
Scoring deals …
A more high-profile deal in the same month saw MegaFanStore - the leading fan store and reseller of official Manchester United custom footwear - select Spark as the referral marketing platform for its online store.
MegaFanStore offers worldwide delivery of fan articles from soccer clubs, with fan-related merchandising products.
Rob Goehring, chief executive officer of RewardStream, said at the time: "We are very excited to be working with MegaFanStore as they continue to expand their e-commerce presence worldwide.”
A small US cellphone service provider, Carolina West Wireless also hooked up with RewardStream in December, meaning its subscribers will be able to refer as many friends and family members as they like using the firm’s e-mail, social media and word-of-mouth channels.
That deal came a day after Rewardstream had said it was pursuing new opportunities in the wireless carrier market to replace a soon-to-end agreement with a US telecoms carrier.
The automated marketing referral solutions provider continues to serve major telecommunications clients and currently provides services for major national and regional/specialty wireless carriers, including Rogers Wireless, Freedom Mobile (formerly WIND Mobile), Koodo Mobile and a leading Hawaii-based carrier in the United States, it told investors.
RewardStream said an unnamed carrier, however, recently served notice to the firm to terminate a referral marketing program, and this will be wound down during the second quarter of 2017.
The group said the decision was taken due to budgetary considerations, and the possibility remains open that the companies will re-engage in the future.
In November, RewardStream Solutions also launched refer-a-friend programs for the Double Your Dating web site, e-commerce platform Shopify, and for Scholar's Choice, the largest distributor of educational materials and toys in Canada.
In October, promotional products provider iPromo signed up and, at the end of September, Woocomerce joined the program too.
E-commerce boost …
WooCommerce is the most popular e-Commerce platform on the web, and currently powers over 37% of all online stores around the world, totalling more than 1.5 million businesses.
Earlier in the year, RewardStream had signed up Magento stores, meaning it covers three e-commerce platforms in total.
In an interview with Proactive Investors in November, RewardStream boss said: “Those three platforms alone serve over 2 million businesses around the world and there are additional platforms out there that add millions more that we will over time integrate with."
In the e-commerce space, it earns from customers paying a monthly recurring fee and can benefit from a percentage cut as and when the online business starts to scale up.
Loyalty points ...
RewardStream was originally founded in 1999 and was focused in the loyalty marketing space for over a decade.
It was then that the group launched one of the first online referral programs for a large telecoms group that begun its journey into its current space.
In the 2015 financial year, revenue was around US$1.6mln for the group.
On its website, RewardStream suggests that for every 10 active referrers, a business can expect to generate eight new customers.
Meanwhile, for the customer, it's a winner too because the technology cuts through all the advertising noise, in which we are bombarded by thousands of branded messages each day and, shows us what a friend (whom we trust) likes and is willing to recommend.