Is there a brand or product your audience loves? Reach out to them and ask them to sponsor your referral giveaway with a free item as the reward!
The added urgency of a giveaway is great for increasing referrals, and this is a super-effective (and free) way build relationships with potential sponsors/advertisers. Or to improve the ROI on an existing sponsorship.
- as a local newsletter, ask local brands for vouchers or event tickets
- if you have a niche B2B audience, put together a group of free products from five top industry providers
- broad appeal audience? Reach out to any high-end consumer DTC brand currently spending money on newsletter/podcast advertising and they'll be happy to supply their product as the prize
Bonus tip: Combine the giveaway with an important shared milestone. Eg when you're about to hit 10k, 100k, or one million subscribers.