In recent years, referral programs have gained popularity in many industries as a viable means for new customer acquisition. Likewise, referral programs have attracted considerable scholarly interest. Previous studies provide insights on, for instance, optimal reward designs (Biyalogorsky, Gerstner, & Libai, 2001), drivers of participation (Verlegh, Ryu, Tuk, & Feick, 2013), and instruments to stimulate rewarded referrals (Hinz, Skiera, Barrot, & Becker, 2011). One of the most significant contributions in that context was Schmitt, Skiera, and Van den Bulte’s (2011; hereafter referred to as SSV) finding that customers from referral reward programs are more loyal and more valuable than those acquired through other marketing channels.1 The purpose of this paper is to replicate SSV by analyzing the effect of referrals on churn and customer value using similar data from a company with a different product and referral incentive structure.