12 / May / 2019 : 13-12
Why does Referral marketing is matter?
Referral marketing matters for several reasons:
Cost-effective: Referral marketing relies on word-of-mouth recommendations, which is a cost-effective way to reach new customers and grow a business. It can be much more cost-efficient than traditional marketing methods such as advertising or direct mail.
High-quality leads: Referred customers are often more qualified and have a higher conversion rate compared to other marketing channels, as they come from trusted sources.
Increased customer loyalty: By offering incentives to existing customers for referrals, businesses can increase customer loyalty and engagement.
Trusted sources: Recommendations from friends and family carry more weight than advertisements or other forms of marketing. As a result, referred customers are more likely to trust a business and become repeat customers.
Viral potential: Referral marketing has the potential to go viral, as satisfied customers may share their experiences with others on social media or in-person, leading to even more referrals.
In conclusion, referral marketing is a crucial component of a comprehensive marketing strategy, as it leverages the power of word-of-mouth to drive growth and increase customer loyalty for a business.
Published on 12 / May / 2019 : 13-12
Published by
Liana Aloyan
Journalist, columnist. Liana studies at the Faculty of Russian Philology of Khachatur Abovyan State University. She has been working at Yelaket (Yelaket.am) news agency since 2019 as a journalist and columnist. Writes articles about business and marketing. Liana is a member of "Media association" since 2020.
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