If there’s one question we hear more than any other from B2B customers, it’s this:
Does B2B referral marketing actually work?
It’s a fair question. Many people still consider referral marketing a consumer-focused strategy. You'll read a lot about the incredible results Uber, Airbnb, and a lot of eCommerce brands have achieved through word-of-mouth, but you don't hear much about the referral programs that enterprise brands like HP, SAP, Volusion, and other B2B software companies have developed.
You might assume that's because B2B referral programs simply don't work. But our platform's data paints a very different picture. In fact, it suggests that assumption is flat-out wrong.
To see the complete results of our research, you can download our full two-page report. But here's a sneak peak:
Yes, as shocking as it might seem, our B2B customers average 3x more revenue than eCommerce brands over a 12-month time period. That's remarkable on its own, but it's particularly impressive when you consider that those same eCommerce customers see an average ROI that exceeds 500%.
A Deeper Dive into B2B Referral Marketing
In the data sheet below, we dive into how B2B referral marketing revenue is generated (the timeline and conversion metrics are particularly interesting) and finally put to rest the argument that referral marketing doesn't work for B2B brands. Check it out and let us know what you think!