9 Compelling Referral Marketing Statistics You Need To Know

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According to the Word of Mouth Marketing Association (WOMMA), there are more than 2.4 billion brand-related conversations everyday in the United States. Sharing is an innate human trait, and people are always interested in talking about their favorite products/services.

Leveraging word-of-mouth is one of the best marketing decisions you can make. Referred customers are more loyal, less likely to churn, and are a cost-effective way to sustainably grow your business.

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Here are some incredible numbers that show the power of referral marketing:

  1. People who were referred by their friends are 4x more likely to make a purchase (Nielson)
  2. 84% of consumers trust the recommendations of others over other forms of marketing (Nielson)
  3. The lifetime value of a referred customer is 16% higher compared to a customer who wasn’t referred (Wharton)
  4. The churn rate of referred customers is 18% lower than other channels (Wharton)
  5. Referred customers generate 16% more in profit than non-referred customers (Harvard Business Review)
  6. 92% of consumers trust referrals from people they know (Nielson)
  7. People are 2-10x more likely to rely on word-of-mouth than paid media (Boston Consulting Group)
  8. Referred customers have a 37% higher retention rate (Deloitte)
  9. Word of mouth generates more than twice the sales of paid advertising in some industries (McKinsey & Co)

 Image via Deloitte

If you aren’t currently leveraging word-of-mouth marketing, you could just be sitting atop a large potential of missed growth opportunity.

This article first appeared on GrowSurf.com

 

Post Author: martin

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Martin is an enthusiastic programmer, a webdeveloper and a young entrepreneur. He is intereted into computers for a long time. In the age of 10 he has programmed his first website and since then he has been working on web technologies until now. He is the Founder and Editor-in-Chief of BriefNews.eu and PCHealthBoost.info Online Magazines. His colleagues appreciate him as a passionate workhorse, a fan of new technologies, an eternal optimist and a dreamer, but especially the soul of the team for whom he can do anything in the world.

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