Customer referral programs and advocate marketing have been in the limelight recently and for good reasons.
- 1 in 3 people come to a brand through a recommendation, and customers who were referred by loyal customers have a 37% higher retention rate. (Deloitte)
- Word of mouth is the primary factor behind 20-50% of all purchasing decisions, especially when considering a first time buy or something relatively expensive. (McKinsey)
But what does all of this mean for you? Well, although purchasing decisions for your product or service are as complex as ever, a leading factor in your prospect's decision-making process is advocacy from their trusted sources. The question is, are you harnessing the power of your brand advocates to get these quality referrals?
There are a few quick steps you can take to building a customer referral program so you can start reaping the benefits of referral leads that, on average, are 4-10x more valuable than regular leads
, resulting in shorter sales cycles, increased win rates, and larger order sizes (Influitive