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What Is Growth Marketing? Examples & Tips To Fuel Your Strategy
Growth marketing is a type of marketing strategy that uses data and constant testing and experimentation to achieve business goals and drive long-term growth.
Research shows
Referral programs can be quite magic. <anchor>Research shows</anchor> that customers referred by other customers have a higher retention rate and are more likely to refer more customers to your brand.
The Importance of Referral Marketing – Statistics and Trends [Infographic] - Invesp
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# The Importance of Referral Marketing – Statistics and Trends [Infographic]

Lisa Ross

#### Lisa Ross

- 21 Sep

- 2 minutes

Lisa Ross

#### Lisa Ross

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Reading Time: 2minutes

Did you know that referral leads convert 30% better than leads generated from other marketing channels and have a 16% higher lifetime value?

Customers referred by other customers have a 37% higher retention rate and are 4 times more likely to refer more customers to your brand.

Check out our infographic “The importance of Referral Marketing” for the latest referral marketing statistics and trends.

The importance of referral marketing – Statistics and Trends

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84% of people trust recommendations from people they know making referral marketing the most influential form of advertising

77% of consumers are more likely to buy a new product when learning about it from friends or family whereas 49% of U.S. consumers say friends and family are their top sources of brand awareness

Referral marketing generates conversion rates 3-5x higher than any other marketing channel

Only 30% of companies surveyed had a formalized referral program

78%  of respondents with running referral programs claimed that customers who were referred are more loyal than those acquired through other methods

More than 50% of people say they’re likely to give a referral if offered a direct incentive, social recognition or access to an exclusive loyalty program

The average small business gets 60% of its business from referral campaigns whereas 82% of small business owners have said referrals are their main source of new business.

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Lisa Ross

#### Lisa Ross

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