Numerous studies have proven that when it comes to purchasing just about anything, people rely on recommendations. What’s more, 83% of happy, satisfied customers are willing to refer their friends and family (but only 29% actually do because the rest are never asked or given the opportunity).
That makes referral marketing a priceless tool for growing a business and boosting revenues. In fact, referral marketing (also known as word-of-mouth marketing), is one of the oldest yet still most effective and cost-efficient marketing strategies used by both B2C and B2B businesses. Here is why referral marketing matters alongside 10 referral email templates you can use in your own referral marketing campaigns.
Why is referral marketing critical for business growth?
92% of consumers around the world trust recommendations from friends and family, above all other forms of advertising. (Nielsen)
82% of Americans say they seek recommendations from friends and family when considering a purchase, while 67% say they’re at least a little more likely to purchase a product after a friend or family member shared it via social media or email. (National Harris Poll Survey)
Positive word-of-mouth is responsible for 20-50% of purchase decisions and generates more than double the sales of paid advertising in some industries. (McKinsey)
Referral marketing generates conversion rates 3-5x higher than any other marketing channel. (Invesp)
Be the first to receive exclusive offers and the latest news on our products and services directly in your inbox.
Building Your LiveAgent...
We appreciate your recent sign up for a LiveAgent. A message will be sent to your email address containing login details, right after your account is installed. If you wait for a while, after installation is complete you will be able to access your account directly from here.
We are currently building your LiveAgent dashboard...
After the process is over, we will send the login details to your mailbox.