Everybody knows that your customers are your best salespeople, and as such if you have a large base of customers you need to be thinking about how to leverage those relationships.
Referral marketing programs can help you acquire more customers, and increase your retention rates at the same time. Referred customers are 4-5x more likely to refer more customers, which creates an organic network of customers for businesses. These referred customers are also 16% more valuable as they stay longer, and spend more than non-referred customers.
After building a range of referral programs for small, medium and large organizations in 2019, the team at The Referral Factory decided to document their key insights and learnings about the power of referral marketing.
Check out the infographic below, and build these tips into your referral marketing approach.