9 COMPELLING REFERRAL MARKETING STATISTICS YOU NEED TO KNOW

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Hi friends.  We are excited to share, 9 Compelling Referral Marketing Statistics You Need To Know, by GrowSurf.com this week.  Thank you for providing this great post for us!!  We really enjoyed it and appreciate the time you took for us!!

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9 REFERRAL MARKETING STATISTICS YOU NEED TO KNOW

 

9 COMPELLING REFERRAL MARKETING STATISTICS

 

According to the Word of Mouth Marketing Association (WOMMA), there are more than 2.4 billion brand-related conversations everyday in the United States.  Sharing is an innate human trait, and people are always interested in talking about their favorite products/services.

 




 

Leveraging word-of-mouth is one of the best marketing decisions you can make.  Referred customers are more loyal, less likely to churn, and are a cost-effective way to sustainably grow your business.

 

9 COMPELLING REFERRAL MARKETING STATISTICS

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Here are some incredible numbers that show the power of referral marketing:

  1. People who were referred by their friends are 4x more likely to make a purchase (Nielson)
  2. 84% of consumers trust the recommendations of others over other forms of marketing (Nielson)
  3. The lifetime value of a referred customer is 16% higher compared to a customer who wasn’t referred (Wharton)
  4. The churn rate of referred customers is 18% lower than other channels (Wharton)
  5. Referred customers generate 16% more in profit than non-referred customers (Harvard Business Review)
  6. 92% of consumers trust referrals from people they know (Nielson)
  7. People are 2-10x more likely to rely on word-of-mouth than paid media (Boston Consulting Group)
  8. Referred customers have a 37% higher retention rate (Deloitte)
  9. Word of mouth generates more than twice the sales of paid advertising in some industries (McKinsey & Co)

9 COMPELLING REFERRAL MARKETING STATISTICS

 

If you aren’t currently leveraging word-of-mouth marketing, you could just be sitting atop a large potential of missed growth opportunity.

 

Looking for more great articles by GrowSurf.com?  Take a look at these!!

What’s the Difference Between an Affiliate Program and a Referral Program

Mega List of 50 Referral Software Solutions

 




 

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