The Importance of Referral Marketing – Statistics and Trends [Infographic]By Lisa Ross+
- 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
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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.
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