The Importance of Referral Marketing – Statistics and Trends [Infographic]

• Posted in Business, Infographics

Did you know that referral leads convert 30% better than leads generated from other marketing channels and have a 16% higher lifetime value?

Customers referred by other customers have a 37% higher retention rate and are 4 times more likely to refer more customers to your brand.

Check out our infographic “The importance of Referral Marketing” for the latest referral marketing statistics and trends.

Infographic by- Invesp Conversion Rate and Landing Page Optimization Services

To Publish this Image on your Blog or Website. Copy this code

<a href=”https://www.invespcro.com/blog/images/blog-images/referral-marketing.jpg”><img src=”https://www.invespcro.com/blog/images/blog-images/referral-marketing.jpg” alt=”The importance of referral marketing – Statistics and Trends” width=”580″></a></p><br /><br /> <p>Infographic by- <a href=”https://www.invespcro.com/services/landing-page-optimization/”>Invesp Landing page Design and Optimization</a>

84% of people trust recommendations from people they know making referral marketing the most influential form of advertising

77% of consumers are more likely to buy a new product when learning about it from friends or family whereas 49% of U.S. consumers say friends and family are their top sources of brand awareness

Referral marketing generates conversion rates 3-5x higher than any other marketing channel

Only 30% of companies surveyed had a formalized referral program

78%  of respondents with running referral programs claimed that customers who were referred are more loyal than those acquired through other methods

More than 50% of people say they’re likely to give a referral if offered a direct incentive, social recognition or access to an exclusive loyalty program

The average small business gets 60% of its business from referral campaigns whereas 82% of small business owners have said referrals are their main source of new business.