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Great brands are built upon nuanced and valuable customer interactions, but today’s businesses rely on analyzing metrics to succeed. Have you noticed that audience growth, website engagement, and conversion rates seem to dominate modern marketing conversations? It’s no surprise. Companies are starting to acknowledge that much of their success relies on the preferences and behaviors of customers.
# Family and Friends Matter
– 82% of people say they seek recommendations from friends and family when considering a purchase.
– 67% say they’re at least a little more likely to purchase a product after a friend or family member shared it via social media or email.
# Rewards Make A Big Difference
– 88% of people say they would like some sort of incentive (money, product or service, loyalty points, early access, swag) for sharing a product via social media or email. That number jumps to 95% among 18-to-34-year-olds.
– By contrast, only 18% want to be rewarded with swag.
# More About Millennials
– Across a variety of industries, 92% of 18-to-34 year-olds say they seek recommendations from friends and family when considering a product purchase — 10% greater than the general population.
# Money Talks
– 86% of people with a household income of more than $100,000 seek recommendations when considering a purchase.
Modern customers who want to be in the know tap into their closest networks for trusted recommendations. Millennials are even more proactive in their search for recommendations and people seek more referrals when there’s more money at stake. We’ve crunched the numbers for you, now it’s your turn to attract quality customers with a referral marketing program that caters to today’s referral practices.
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