Adding a Referral program will not solve all your growth problems.
A lot of people think that they can “build virality into the product” by building a referral program and slapping some growth hacks on top.
That is not the case. People only share products that they love.
Sharing a product isn’t just a transaction, there’s a status element to it as well.
When you refer someone to a product you are implicitly saying “this is great, and I believe it will benefit you.” That means your product needs to be worth vouching for in the first place.
If you want product-led virality, focus on building something so good that people want to talk about it without an incentive. Then, when you hit that point, adding an incentive on top is like adding fuel to the fire.