What is Referral Marketing
According to the New York Times, 75% of all new business comes from referrals marketings. That means on average, two-thirds of consumers make purchases because someone they know recommended a known particular product or service.
Referral marketing is a process to encourage and significantly increase referrals from word of mouth, perhaps the oldest and most trusted marketing strategy. This can be accomplished by encouraging and rewarding customers, and a wide variety of other contacts, to recommend products and services from consumer and B2B brands, both online and offline