‘The Do’s and Don’ts of an Effective Referral-Marketing Program’ – ‘Entrepreneur’ Blog
Jeffrey D. Epstein says, “In many businesses, referrals are viewed as an organic byproduct of the company successfully doing its job. If you exceed customer expectations, it’s natural to assume they’ll return the favor by singing your praises to their networks. If you blow them away with world-class customer service, you can expect a flood of social-media goodwill.
But here’s the problem with those assumptions: While referrals do happen organically, they’re never a given — even if a customer loves your products and services. In fact, a Texas Tech University study found that while 83 percent of customers say they’re willing to provide referrals after a positive brand experience, only 29 percent actually do. That chasm exists for many reasons, but it’s often exacerbated by a failure to properly prioritize and manage a referral program“.
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