Referral marketing is becoming increasingly impactful, and there are statistics that prove it.
– 52.2% of US small businesses say that referrals are the most successful marketing tool for them.
– Referrals are the 2nd best revenue source for small businesses in the US.
– Referred customers have a 37% higher probability of making another purchase.
– Referral is by far the highest acquisition channel for conversion rate (almost 4x the average).
– 43% of marketers using referrals acquire more than 35% of their new customers with it.
– Offline word-of-mouth impression drives at least 5 times more sales than a paid advertising impression.
– The lifetime value of referred customers, measured over a six-year horizon, was 16% higher, on average, than that of non-referred customers.
– The churn rate of referred customers is 18% lower than other marketing channels
– You can expect at least 16% more in profits from referred customers.
– 82% of small business owners cite referrals as the primary source of new business.
If you want to launch a referral marketing program or find an easy way to manage referrals, contact ClearLine Apps today!
