Why Robinhood's $7.08 Welcome Bonus Works

Viral referral incentives are the holy grail for product teams.

Few nail it. This is partly because it requires an element of luck, but also it demands an ongoing experimentation of product psychology, subtle nudges and triggers.

Giving out 40% discounts in a "flash sale" might temporarily encourage people to sign-up, but they rarely go viral.

There's a lot of nuance, and at times it's imperfect. But understanding why theirs works, will help you refine your own.