Referral marketing is a key revenue driver for businesses across all industries. But just how effective is referral marketing? Let’s dig into some numbers to find out.
– Only 30% of companies have a sales referral program.
– 92% of consumers trust referrals from friends and family over other forms of advertising.
– 88% of Americans say they would like some sort of incentive for sharing products on social media.
– 91% of millennials would consider a purchase if it came recommended by a friend
– Consumers discuss specific brands in conversations 90 times per week.
– Referred customers generate 16% more profits.
– 86% of B2B buyers say word-of-mouth is the most influential factor in making purchase decisions.
– 29% of referrals come from social media, while email accounts for 23%.
– 83% of customers say they want to give a referral but only 29% do.
– 69% of employers have an employee referral program.
Referrals are one of the most effective forms of marketing. It’s never too soon to include them in your marketing strategy. If you want to launch a referral marketing program or find an easy way to manage referrals, contact us today!
