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The Science Behind Why Customers Refer

The Science Behind Why Customer Referrals Work forewards REFERRALS It only takes 10% of a population holding an unshakeable Referred customers have a 37% higher belief to convince the rest of the 37% retention rate population to adopt the same belief - Deloitte SNARC Only 20% of brands are using advocate and referral programs in their marketing 20% - MarketingCharts of Millennials feel it's their (3% responsibility to help their friends and family makes smart purchase decision. -Fleischman-Hillard & Hearst Magazine \2X/ Sales Word-of-mouth recommendations are the 50X primary factor behind 20-50% of ALL purchasing decisions. McKinsey WOM ADS A recommendation from a trusted friend is 50X more likely Research has shown that to trigger a purchase than a low-impact recommendation. consumer-to-consumer word of McKinsey mouth generates 2X more sales than paid advertising. - McKinsey of advocates write 90%: something positive about their purchase experience - McKinsey 4X 50% Share Purchase Brand advocates are 4X Brand advocates are 50% more likely to share information about more likely to influence a purchase. -MarketingCharts products, brands, sales, or stores online -MarketingCharts 2X 2X Revenue 12% 70% A 12% increase in brand advocacy Brand advocates Brand advocates are 70% on average generates a 2X tell 2X as many people about their purchases than more likely to be seen as a good source of information by people around them. increase in revenue. - HBS Press non-advocates, - MarketingCharts Comscore Created by forewards Sources 1. RPI News: @ForewardsApp on twitter 2. SlideShare: 3. BranderATI:

The Science Behind Why Customers Refer

shared by threadyblock on Jul 21
A compilation of some of the latest and existing research around what compels customers to refer their friends to a business




Carson Chen


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