Did you know that a consumer is 50 times more likely to buy something if it is recommended by friends or family? Or that customers acquired this way spend 200% more than average?
Word of mouth has long been hailed as the most trustworthy marketing method. Consumers are more likely to believe people they know over adverts and other forms of marketing so having some kind of referral scheme in place is a good way to capitalise.
Referral Candy have shared some other eye opening stats about the power of word-of-mouth in the infographic below.