In almost every industry, referrals are the gold standard of customer acquisition. Research has repeatedly shown that referred leads close faster, buy more, and stay longer — all with significantly less effort and at a much lower CPA than non-referred prospects. A University of Pennsylvania study[1] found that referred customers are more loyal and profitable — by a 16% margin — than their non-referred counterparts.

If a friend or colleague refers their favorite product, service, or platform - what would be your first response? Typically, people ask “why do you like it?” or “what makes it different?” or “what was your experience with it?” Which is why it’s no surprise that online reviews can play a vital role in your brand’s referral marketing program. In fact, according to BrightLocal, 88% of consumers trust online reviews as much as personal recommendations.

 If your company is new to referral marketing, how do you develop a program from scratch? How do you harness the power of your existing customers and turn them into your most vocal fans? What do you offer as rewards? How do you ensure that your program optimizes for new leads and brand loyalty, all while remaining manageable and measurable?

A successful referral program isn’t just about using your existing customers to gain new leads. With 74% of consumers identifying word-of-mouth as a key influencer in purchasing decisions and 92% of people ages 18 to 34 saying that they seek recommendations from friends and family before making a purchase, referral marketing is an integral component of today’s marketplace - and one that can yield impressive results if the right tactics are employed. 

Let’s say you came into work tomorrow, opened your marketing analytics dashboard (better yet, a referral program dashboard), and saw that an Instagram influencer campaign had driven 20x ROI for your fashion eCommerce brand. Or maybe you’re the Head of Marketing for a B2B business and found that a partner webinar had driven 1,000 qualified leads and 200 new customers with an average lifetime value of $5,000. How would you react?

Another year in the books! And a great one it’s been. From focusing on OUTCARE to hitting over 10 Million ambassadors using our platform to our first PongVember Tourney, it’s been a busy, rewarding, and exciting 365 days.

What can I say? This has been quite an extraordinary year for Ambassador. From awards to new customers to growing our own team, I'm incredibly proud of all that we have accomplished in 2017.