extract higher profit from referrals As the new year gets underway, it seems sensible to ask ourselves what our priorities should be for 2019. Clearly, priorities vary from business to business, but as the economy threatens to tighten and the pressure on return on investment continues to dog us, there are things we should all […]

extract higher profit from referrals As the new year gets underway, it seems sensible to ask ourselves what our priorities should be for 2019. Clearly, priorities vary from business to business, but as the economy threatens to tighten and the pressure on return on investment continues to dog us, there are things we should all have as priorities in 2019 – or perhaps any year. This is the fourth of ten THOUGHTS addressing suggested priorities for 2019. Yesterday, I wrote about increasing the average sale per customer, a critical issue for every business. Earlier THOUGHTS address the importance of maximising conversion rates, also central to maximising return on investment. Recent research found that conversion rates are 3 to 5 times higher, and the return is 25% higher (on average and across industries) when the customer is a referral. Referral customers have been found to be 18% more loyal and 4…