Unfortunately, the vast majority of referral programs established by FinTech and crypto start-ups are poorly structured. This leaves them open to being exploited by bounty hunters who are just looking for rewards and don’t have any real interest in the services being offered. In this episode, I’ll share with you some advice on how to better structure your programs in order to prevent this pervasive issue. 

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Today’s episode:

• [00:41] Why many Fintech and crypto startups offer referral programs. 
• [01:31] The problem with the vast majority of referral programs. 
• [02:21] What bounty hunters do in this context. 
• [03:30] Compliance problems that arise when a referral program is badly structured.
• [05:32] Why you should never allocate rewards upfront. 
• [08:10] Strict terms of service are essential for a referral program.  
• [10:12] Example of the type of language you could use in your terms of service. 
• [11:49] The difference between a referral program and a loyalty program. 
• [14:26] Vanity metrics, and why you shouldn’t be chasing them. 

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