The following infographic shares few convincing stats on how word-of-mouth is important for any business and the remarkable results achieved by businesses on implementing a referral marketing program before and after a customer makes a purchase from the eCommerce site.
It is researched that 74% consumers identify word-of-mouth as a key influencer in their purchasing decision. What is more, the majority of consumers say they trust recommendations from family and friends about products.
Referred customers have higher lifetime value and higher retention rate. In fact, customers referred by other customers have a 37% higher retention rate.
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