Referral Program Case Studies
How can you benefit from the Virthym Referral Program?
Lets explore some example participant case studies.
Bill makes a referral
In this program case study, we focus on Bill, an experienced technical consultant and project manager. Bill has worked with a variety of companies in his career so far, and has acted as a trusted advisor to many managers and executives, many of whom he remains in contact with.
In conversation with one of his former coworkers, Sarah, Sarah tells Bill that the company she works for is hiring a project manager. While Bill is employed elsewhere and can’t take the job, he remembers that through the Virthym Referral Program, he could still get a referral credit if he refers Sarah to Virthym and they place a candidate.
Bill mentions Virthym to Sarah, and suggests that they can find a Project Manager for Sarah’s company. Bill then sets up a call between Sarah and the Virthym team.
The Virthym team meets with Sarah, and learns more about the position she is looking to fill. After taking the time to understand Sarah’s unique needs, the Virthym team proposes several experienced and well qualified candidates.
Sarah then ultimately decides to hire one of the candidates Virthym put forward. Sarah pays Virthym for the placement, and once Virthym receives payment, Bill’s account with Virthym is credited. Let’s work the numbers and see how Bill’s account is credited for making this referral. The described payments are hypothetical, but well within industry standards.
Sarah’s company hires the Project Manager Virthym referred as a regular full time employee, compensated at $150,000 per year. Paying Virthym 20%, or $30k for the placement.
Virthym then credits Bill 30% of the $30,000 Sarah’s company paid Virthym, crediting Bill $9,000!
Bill’s account is then credited $9,000, which he is able to withdraw in full 5 years later. Should Bill chose to withdraw his credit prior to 5 years, he could withdraw a pro-rated amount early.
Sam refers a friend who makes a referral
In this program case study we focus on Sam. Sam doesn’t know any companies that are hiring, but Sam knows people who he believes would be able to refer hiring companies. Sam is out with some of these friends, and discusses Virthym’s referral program with them, providing them with his unique code.
One of Sam’s friends in Bill, the same Bill from the prior example. Let’s revisit this prior example, but this time Bill has joined the program through Sam’s referral code. By joining the program using Sam’s referral code, Bill is also credited with $100 as soon as he makes his first successful referral.
Jumping right to the numbers, Bill’s credit remains exactly the same! This time, however, Sam also receives a credit, just for telling Bill about this opportunity. Sam is credited with 1% the value of Bill’s referral. This would mean that Sam is credited with 1% of $30,000: $100!
And better yet, if Bill keeps making referrals, or if Sam knows anyone else like Bill, Sam will keep receiving a credit for their referrals, all while they receive the same credit they would have even without using Sam’s code.
Alice sees a job posted by Virthym as part of our referral program and refers a candidate who is hired
In this program case study we focus on Alice. Alice joins Virthym’s referral program, but isn’t currently aware of any companies that are hiring. Alice does, however know a number of friends who are looking for work. Alice sees a job posted by Virthym for a placement that is actively hiring, and she thinks that one of her friends would be a perfect fit for the position.
Alice refers her friend to Virthym for this job posting, Virthym meets with her friend and agrees that her friend could be a good fit, putting this friend forward to the company. The company then hires Alice’s friend.
The hiring company then pays Virthym for the placement, and once Virthym receives payment, Alice’s account with Virthym is credited. Let’s work the numbers and see how Alice’s account is credited for referring her friend. The described payments are hypothetical, but well within industry standards.
Alice’s friend is hired as a contract employee, with the placement starting as a year. Alice’s friend will be compensated $100 per hour, with Virthym’s fee at 10%, or $10 per hour. Based on a 37.5 hour per week work week, and 52 weeks per year, Virthym’s revenue from this placement would be $19,500, and Alice would be credited 30%, or $5,850! Alice’s account would be credited as Virthym is paid for Alice’s friend’s placement, meaning that over the year it would increase to the $5,850.
Alice would then be able to withdraw the full credited amount 5 years later. Should Alice chose to withdraw his credit prior to 5 years, she could withdraw a pro-rated amount early.
Jill is an influencer and provides her referral code to all of her followers
In this program case study we focus on Jill. Jill produces media related to business and consulting, and has a dedicated following of more than 10,000 people. While also maintaining a full-time job, Jill is passionate about sharing her thoughts on business with her broad audience, and is always looking for additional income streams. Jill uses her platform to discuss the Virthym referral program, and shares her referral code with her audience.
Let’s take a look at the numbers and see how Jill, and her audience, can benefit.
We’ll assume 10% of Jill’s audience takes her up on this offer, that’s 1,000 people. Each person that uses Jill’s code to sign up gets credited $100 for using Jill’s code, which they can access as soon as they make their first referral.
Jill, on the other hand, now earns 1% of all the value of all referrals made by her 1,000 audience members who used her referral code. Taking this case study further, let’s say that of those 1,000 people who used Jill’s referral code, 100 of them make referrals, and the value of the referrals they make averages to $20,000 each.
Jill is then credited 1% of the total revenue generated. In this case study that means that Jill is also credited $20,000!
And that’s just if 1% of Jill’s audience ends up making one referral! If a larger percentage of Jill’s audience makes referrals, or if audience members make multiple referrals, Jill will be credited even more!
To take the example further, if 1% of her audience made 3 referrals each, she would be credited $60,000! Or if 10% percent of Jill’s audience made referrals, instead of 1%, Jill would be credited $200,000!