{"id":1114,"date":"2022-01-10T10:55:19","date_gmt":"2022-01-10T10:55:19","guid":{"rendered":"https:\/\/referral-factory.com\/learn\/?p=1114"},"modified":"2025-04-21T10:18:09","modified_gmt":"2025-04-21T10:18:09","slug":"double-the-size-of-your-business","status":"publish","type":"post","link":"https:\/\/referral-factory.com\/learn\/double-the-size-of-your-business","title":{"rendered":"Double Your Business Size in 2025: Strategy for Growth"},"content":{"rendered":"\n

What starts with a great customer experience that gets your customers talking about your business, is the foundation of a successful referral marketing program<\/a><\/strong>. With a great referral marketing idea, the right software, a well-timed nudge, and an appealing reward, referral marketing is the fastest way to grow your business. <\/p>\n\n\n\n

Referral marketing programs accelerate word-of-mouth by encouraging customers to talk about brands they love and get rewarded.<\/p>\n\n\n\n

\u201cProduct and service recommendations from one person to another is the #1-way people make confident choices about brands\u201d<\/em><\/p>\n\n\n\n\n\n\n\n

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In its most basic form, word-of-mouth referrals are when happy customers recommend brands to other people they know. The fastest way to double the size of your business is by asking your customers to refer their friends, it’s that simple.<\/p>\n\n\n\n

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\u201c92% of global consumers trust recommendations made by friends and family more than any other form of marketing\u201d ~ <\/em>Nielsen\u2019s Global Trust in Advertising report<\/em><\/a><\/p>\n<\/blockquote>\n\n\n\n


People trust people that already trust you, which makes existing customers the most powerful and trustworthy marketing channel imaginable. So powerful in fact, many small to medium businesses have enjoyed sustainable growth, and improved customer acquisition, and retention simply by asking their customers to talk about their brand using referral marketing software.<\/p>\n\n\n\n

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\u201cWhere a 10% increase in customer referrals  can result in a 1.5% rise in new sales,  <\/em>Bain & Co <\/em><\/a> calculate a 5% improvement in customer retention increases profitability by 75%\u201d<\/em><\/p>\n<\/blockquote>\n\n\n\n

But if word-of-mouth referrals are so effective why do only 29% of customers willing to spread the word about your business actually follow through?<\/p>\n\n\n\n

Enter the referral gap –  the reason why only one-third of recommendations are passing through your customer\u2019s referral network.<\/p>\n\n\n\n

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Table of Contents<\/p>\n<\/div>