Why is referral marketing so cost effective?

Why Referral Marketing is so Cost Effective for Online Retailers

We have spent a lot of time on this blog talking about how referral marketing is the most cost-effective means for online retailers to win over new customers. In our experience, marketers tend to agree. For instance, Demand Metric’s 2016 referral marketing survey shows that 88% of respondents listed “acquiring new customers” as a core benefit of their referral marketing programs.

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2016 Referral Marketing Report

[:en]Demand Metric and RewardStream conducted a study to learn about the current state of referral marketing, and have produced our 2016 referral marketing benchmark report. This follows up on a study completed in the fall of 2014, so this report can now share trend data about the interest in, evolution of and success with referral marketing. This report shares the findings and recommends some best practices based on the data.[:]

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