I'm in the process of creating a referral program within HubSpot and think a dynamic UTM paramter would be incredibly helpful with associating referrals with the existing clients who referred them.
This is how it would work:
An email is sent out to a list of contacts and asking for them to share the linked landing page with potential referrals. The email would contain a tracking URL that has a dynamic UTM associated with a contact's HubSpot Record ID field ("www.example.com/record_id").
When the URL is clicked by each individual contact, the UTM parameter updates to the existing contact's HubSpot Record ID. This way, whenever they share the URL with a potential referral, we would always know who referred them to us.
For example - if a contact named Joe Smith has a record id of 123, the url would be updated to "www.example.com/123". If tracking showed that a referral came in via this url, we'd know Joe Smith was the one who referred them.