The Importance of Referral Marketing – Statistics and Trends [Infographic]
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
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.
Join 25,000+ Marketing Professionals
If you enjoyed this post, please consider subscribing to the Invesp blog feed to have future articles delivered to your feed reader. or,receive weekly updates by email:
Connect with us
The Art and Science of Converting Prospects to Customers
By Khalid Saleh and Ayat Shukairy
- Project Management for CRO – Process, Software, and Resource Allocation
- How to Leverage The Price Anchoring Effect (With Examples)
- Expert Answers to 9 Tough CRO Questions
- What they don’t tell you about A/B testing velocity
- Google Optimize: The Good, the Bad, and the Ugly
- How to Use Data to Identify Problems on Form Fields
- The Importance of Customer Lifetime Value In eCommerce
- Optimizing Conversion Funnels: Where Should You Start First?
- How to Build a Brand Community from Scratch
- Should you hire a CRO Agency, Or should you use CRO Tools?