The power of referral marketing

Referral Marketing can be thought of as digital marketing’s dark horse. According to a recent study, only 39 per cent of marketers use referral marketing on a regular basis.

Yet, 43 per cent of companies that use referral marketing consistently acquire upwards of 35 per cent of their new customers as a result. And marketers who have a consistent approach to referral marketing report acquiring twice as many customers when compared to email marketing.

Every day in the United States, there are approximately 2.4 billion brand-related conversations. A referral marketing program can help you translate these conversations into a large network of satisfied customers, helping you build loyalty with existing customers and acquiring new ones.

It makes sense: people trust recommendations from friends and family 7 times more than traditional advertising! In addition, a referred customer has a 16 per cent higher lifetime value that a non-referred customer.

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