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Referrals earn more high value customers

Social Media Today published results of research:
o 78% of B2B marketers say that referrals bring them higher quality leads
o 60% say also generates higher volume of leads
o 54% say referrals are lower cost per lead
o Customers are 4 times as likely to purchase a product when it is recommended by a friend
o 84% of B2B sales start with a referral
o A referred customer has 16% higher lifetime value than other customers
o 69% report faster time to close
o 59% report higher lifetime value
o 71% report higher conversion rates

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