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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

shared by threadyblock on Oct 07
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As a retailer you rely on the holiday shopping rush to drive the success of your business. Make the most of that flood of new customers and traffic this years with customer referrals and word of mouth marketing

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Forewards

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Carson Chen

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Social Media
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