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Referral Marketing Trends to Get More Customers UK Phone Number

After reviewing a report with findings from more than 2,000 referral programs and over 100,000 customer referrals, all the stats about referral marketing are proven to be true. Putting the power of word of mouth referrals back in your hands. Referral programs offer businesses so much more than just a customer acquisition channel. With several trends that indicate referral programs to be the fastest-growing marketing channel, find out why referred customers buy sooner. Spend more and stay longer.

Instant Customer Trust

Every day your customers are talking about your business, brand, or products to their friends. Of these conversations, up to 88% of referred friends are more likely to trust you because of the credibility passed on through word-of-mouth UK Phone Number recommendations. We know that lasting customer relationships are based on trust.  And, the fastest way to gain customer trust is through referrals. Throw in a reward every time a customer refers a qualified lead and you have a winning recipe for referral marketing success.

Easy To Use Referral Software

Now anyone, anywhere can run a referral program using plug-and-play referral software. No code referral software offers an easy-to-use solution to build, launch and manage your referral program. Fully customizable and in most instances offer integration features to automate your referral program, we love referral software because of how accessible these referral platforms have become to any business of any size.

Highly Qualified Leads

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Referred customers are 18% more loyal and have a 16% higher lifetime value. Not only that but they have also been found to spend up to 13.2% more. Referral programs help to generate a large volume of high-quality leads through word-of-mouth referrals amongst like-minded customers.

Higher ROI

92% of people trust recommendations from people they know, compared to 37% of people who trust search engine ads and 24% that trust online banner ads. While paid-for media is getting more expensive, the return on marketing investment is not reflective of this increase in cost. In contrast, referral leads have a 30% higher conversion rate than leads from any other paid-for channel. What’s more, 86% of businesses that run a well-planned referral program will experience a growth in revenue within two years.

Rapidly Evolving Marketing  Channel 

While Facebook, Instagram, and Google have always been the go-to advertising platforms, their cost per click continues to increase, in some instances as much as up to 23%. While the CPC increases, the return on investment has remained unchanged. On the other hand, referral marketing is a rapidly evolving marketing channel, statistically proven to lower the cost of customer acquisition and increase the lifetime value of your customers.

Need More Evidence?

We’ve all heard of the various growth success stories that companies such as Dropbox, Airbnb, and Uber have seen using referral marketing strategies. Citing massive growth at a very low cost, the results are apparent that the time to ride the referral marketing wave is now.

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