The Science of Customer Referrals - Holiday Edition
THE SCIENCE ...... behind Why Customner Referrals Work It only takes 10% of a population holding an unshakeable belief to convince the rest of the population to adopt the same belief SNARC Only 20% of brands are using advocate and referral programs in their marketing Referred customers have a 37% higher retention rate - Deloitte - MarketingCharts 20% 37% 73% of Millennials feel it's their responsibility to help their friends and family makes smart purchase decision. 90% of advocates write - Fleischman-Hillard & Hearst Magazine 73% something positive about their purchase experience McKinsey 90% Word-of-mouth recommendations are the primary factor behind 20-50% of ALL purchasing decisions. - McKinsey Research has shown that 2X SALES MORE consumer-to-consumer WOM word of mouth generates 2X more sales than paid advertising. - McKinsey ADS Brand advocates are 4X more Brand advocates are likely to share information about products, brands, sales, or stores online 50% more likely to influence a purchase. - MarketingCharts - MarketingCharts 50X A recommendation from a O-C 50% Purchase trusted friend is 50X more likely to trigger a purchase than a low-impact recommendation. - McKinsey 4X Share 70% Brand advocates are 70% more likely to be seen as a good source of information by people around them. Brand advocates tell 2X as many people about their purchases than non-advocates. -Comscore -MarketingCharts 12% INCREASE 2X REVENUE Increase A 12% increase in brand advocacy on average generates a 2X increase in revenue. - HBS Press Sources Created by forewards 1. RPI News: http://news.rpi.edu/luwakkey/2902 @ForewardsApp on twitter ForewardsApp.com 2. SlideShare: http://www.slideshare.net/brandonmurphy/ brand-advocacy-and-social-media-2009-gma-conference 3. BranderATI: http://branderati.com/the-age-of-advocacy-and-influence-26-stats-marketers-should-know/
The Science of Customer Referrals - Holiday Edition
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