84 percent of B2B decision makers start the buying process with a referral Businesses that rely on advertising are often missing the real and potentially profitable opportunities than come from repeat business and referrals – neither of which are advertising dependent. Despite this, very few businesses have a formalised repeat business or referral strategy and […]

84 percent of B2B decision makers start the buying process with a referral Businesses that rely on advertising are often missing the real and potentially profitable opportunities than come from repeat business and referrals – neither of which are advertising dependent. Despite this, very few businesses have a formalised repeat business or referral strategy and few engage sufficiently with customers to maximise the potential develop a relationship that will maximise repeat business and referral.Research has found that: 84% of B2B decision makers start the buying process with a referral 71% of companies with referral programs report higher conversion rates  These findings highlight the importance of a formal referral strategy in the B2B environment. In the B2C environment, the following statistics are relevant: The Lifetime Value for new referral customer is 16% higher than non-referrals 83% of consumers are willing to refer after a positive experience—yet only 29% actually do  The…