Using a Customer Referral Program to Grow Your Business
Enterprise Referral Marketing By the Numbers: It's Not Just a Startup Game [Report]
Discover how enterprise brands can reap the benefits of referral marketing.
If you’ve done any research on successful referral marketing use cases, you’ve probably run into a lot of the same examples over and over again.
While all of those companies are enormous corporations today — representing a combined market cap of more than $100 billion — their success using referral marketing largely came when they were startups trying to drive viral growth. As a result, some assume that referral marketing is a startup’s game — a tactic best deployed when a brand wants to leverage word-of-mouth to fuel early expansion.
The problem with that assumption is that it’s wrong.
The Wide-Ranging Value of Referral Marketing
Let me rephrase that last sentence.
It’s not that referral marketing isn’t effective as a means for driving early expansion through peer-to-peer recommendations and word-of-mouth. It’s that the potential applications of referral marketing are much bigger and wide-reaching than that.
To prove this, we decided to explore the data of the enterprise customers using our platform. What kinds of results did they see, beyond a lift in awareness and engagement? And does referral marketing actually drive revenue at scale?
The short answer: Yes.
You can check out the full results in our latest report, “Referral Marketing By the Numbers: Enterprise Businesses,” but here’s a sneak peek at what we found. The chart below shows the revenue growth that our enterprise customers saw from their referral programs over a three-month period.
Average Monthly Revenue Over a 3-Month Period
Yes, in just three months, these businesses generated — on average — nearly $700,000 in revenue through their referral program. When you factor in those brands’ total investment, it works out to an ROI in excess of 1,500%.
Want to Learn More About Referral Marketing?
To find out more about what made these enterprise referral programs tick and why they were so successful, check out the full report by clicking the button below.
And, as always, if you have any questions about how Ambassador can help your business generate a scalable flow of low cost customers, don’t hesitate to reach out to someone on our team or schedule a demo of our referral marketing platform.