{"id":8685,"date":"2024-02-01T12:06:00","date_gmt":"2024-02-01T12:06:00","guid":{"rendered":"https:\/\/referral-factory.com\/learn\/?p=8685"},"modified":"2025-04-25T12:41:09","modified_gmt":"2025-04-25T12:41:09","slug":"case-study-how-this-b2b-financial-services-business","status":"publish","type":"post","link":"https:\/\/referral-factory.com\/learn\/case-study-how-this-b2b-financial-services-business","title":{"rendered":"Case Study: How This B2B Financial Services Business Converted 2 of Every 3 Referrals"},"content":{"rendered":"\n<p>What would you trust more: a TV ad or the advice of your best friend? If you\u2019re like <a href=\"https:\/\/www.nielsen.com\/insights\/2012\/consumer-trust-in-online-social-and-mobile-advertising-grows\/\" target=\"_blank\" rel=\"noreferrer noopener\">9 out of 10 people<\/a> you would trust your loved ones way more than any commercial! That&#8217;s why smart businesses implement referral programs and reward their existing customers for telling their friends about their product or service.<\/p>\n\n\n\n<p>That\u2019s exactly what this payment solutions company based out of the UK with incredible results. Two of every three referred leads converted into paying customers. In this case study, we break down how they achieved these results with the help of Referral Factory\u2019s plug-and-play <a href=\"https:\/\/referral-factory.com\" target=\"_blank\" rel=\"noreferrer noopener\">referral program software<\/a>.&nbsp;<\/p>\n\n\n\n<p>\ud83c\udfdb\ufe0f <strong>Niche:<\/strong> Multinational payment solutions<\/p>\n\n\n\n<p>\ud83d\udcb5 <strong>Business type: <\/strong>B2B<\/p>\n\n\n\n<p>\ud83c\udf0e <strong>Location:<\/strong> UK &amp; Europe<\/p>\n\n\n\n<p>\ud83e\uddd1\u200d\ud83d\udcbc <strong>Size of the company<\/strong>: 1,000+ employees<\/p>\n\n\n\n<p>In short, this company helps businesses save money on gas with its range of fuel cards. While referral marketing is sometimes more commonly associated with B2C, this B2B business proved without a doubt that referrals work just as well in B2B! Here\u2019s a little spoiler: their referral program had a conversion rate of a whopping 66%, with over 5,500 referrals generated in a single year. Impressive, huh? This case study is an excellent example of <a href=\"https:\/\/referral-factory.com\/learn\/how-to-build-a-b2b-referral-program-that-actually-works-a-step-by-step-guide\">B2B referral programs<\/a> done right!<\/p>\n\n\n\n<embed src=\"https:\/\/referral-factory.com\/embed-generate-campaign\" width=\"100%\" height=\"400px\"\/>\n\n\n\n<figure class=\"wp-block-image size-full\"><img fetchpriority=\"high\" decoding=\"async\" width=\"1500\" height=\"1055\" src=\"https:\/\/referral-factory.com\/learn\/wp-content\/uploads\/2024\/03\/case-study-financial-services-business-referral-factory.webp\" alt=\"case study b2b financial services conversion rate\" class=\"wp-image-8691\" srcset=\"https:\/\/learn.referral-factory.com\/learn\/wp-content\/uploads\/2024\/03\/case-study-financial-services-business-referral-factory.webp 1500w, https:\/\/learn.referral-factory.com\/learn\/wp-content\/uploads\/2024\/03\/case-study-financial-services-business-referral-factory-300x211.webp 300w, https:\/\/learn.referral-factory.com\/learn\/wp-content\/uploads\/2024\/03\/case-study-financial-services-business-referral-factory-1024x720.webp 1024w, https:\/\/learn.referral-factory.com\/learn\/wp-content\/uploads\/2024\/03\/case-study-financial-services-business-referral-factory-768x540.webp 768w, https:\/\/learn.referral-factory.com\/learn\/wp-content\/uploads\/2024\/03\/case-study-financial-services-business-referral-factory-1536x1080.webp 1536w, https:\/\/learn.referral-factory.com\/learn\/wp-content\/uploads\/2024\/03\/case-study-financial-services-business-referral-factory-2048x1440.webp 2048w, https:\/\/learn.referral-factory.com\/learn\/wp-content\/uploads\/2024\/03\/case-study-financial-services-business-referral-factory-213x150.webp 213w, https:\/\/learn.referral-factory.com\/learn\/wp-content\/uploads\/2024\/03\/case-study-financial-services-business-referral-factory-100x70.webp 100w, https:\/\/learn.referral-factory.com\/learn\/wp-content\/uploads\/2024\/03\/case-study-financial-services-business-referral-factory-498x350.webp 498w, https:\/\/learn.referral-factory.com\/learn\/wp-content\/uploads\/2024\/03\/case-study-financial-services-business-referral-factory-788x554.webp 788w\" sizes=\"(max-width: 1500px) 100vw, 1500px\" \/><\/figure>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_69_1 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\"><p class=\"ez-toc-title\">Table of Contents<\/p>\n<\/div><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/referral-factory.com\/learn\/case-study-how-this-b2b-financial-services-business\/#Their_Challenges_What_Led_Them_To_Referrals\" title=\"Their Challenges (What Led Them To Referrals?)\">Their Challenges (What Led Them To Referrals?)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/referral-factory.com\/learn\/case-study-how-this-b2b-financial-services-business\/#How_A_Referral_Program_Helped_Them_Overcome_These_Challenges\" title=\"How A Referral Program Helped Them Overcome These Challenges\">How A Referral Program Helped Them Overcome These Challenges<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/referral-factory.com\/learn\/case-study-how-this-b2b-financial-services-business\/#How_Their_Referral_Program_Works\" title=\"How Their Referral Program Works\">How Their Referral Program Works<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/referral-factory.com\/learn\/case-study-how-this-b2b-financial-services-business\/#How_This_Business_Promotes_Its_Referral_Program\" title=\"How This Business Promotes Its Referral Program\">How This Business Promotes Its Referral Program<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/referral-factory.com\/learn\/case-study-how-this-b2b-financial-services-business\/#Final_Results_Metrics\" title=\"Final Results &amp; Metrics\">Final Results &amp; Metrics<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/referral-factory.com\/learn\/case-study-how-this-b2b-financial-services-business\/#Client_Testimonial\" title=\"Client Testimonial\">Client Testimonial<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/referral-factory.com\/learn\/case-study-how-this-b2b-financial-services-business\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\" id=\"h-their-challenges-what-led-them-to-referrals\"><span class=\"ez-toc-section\" id=\"Their_Challenges_What_Led_Them_To_Referrals\"><\/span>Their Challenges (What Led Them To Referrals?)<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>What motivated them to start a referral program? This B2B financial services company turned to referrals for three big reasons.<\/p>\n\n\n\n<p>\ud83d\udc49<strong> Challenges<\/strong>:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>Increase customer acquisition.<\/strong> Simply put, they wanted to find more customers. And, they knew that referrals tap into the power of happy clients spreading the word.<\/li>\n\n\n\n<li><strong>Boost brand awareness with the RIGHT audience.<\/strong> They wanted to make their brand known to the right crowd. Referrals fit the bill by letting them reach a laser-targeted audience through the trusted networks of their happy customers, giving their brand a solid boost where it matters most.<\/li>\n\n\n\n<li><strong>Find new marketing channels to attract more leads.<\/strong> They needed to improve a historically low conversion rate from leads acquired through PPC channels. They did the research and found that referrals convert at double the rate of leads generated anywhere else.&nbsp;<\/li>\n<\/ol>\n\n\n\n<div style=\"height:60px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-how-a-referral-program-helped-them-overcome-these-challenges\"><span class=\"ez-toc-section\" id=\"How_A_Referral_Program_Helped_Them_Overcome_These_Challenges\"><\/span>How A Referral Program Helped Them Overcome These Challenges<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>This business had a tough time imagining how it could scale a customer referral program to their needs. Tracking leads and organizing things across multiple regions seemed to be a headache. So, they turned to Referral Factory for help.<\/p>\n\n\n\n<p>Since our simple referral tracking software <a href=\"https:\/\/referral-factory.com\/integrations\/salesforce\">integrates with Salesforce CRM<\/a> where they track all their leads and conversions, launching and managing a referral program was a breeze. Here\u2019s how it works: when someone makes a new referral, it gets sent straight into Salesforce and is picked up by a sales agent for further follow-up. To make sure the agent is equipped with all the details, the lead record in Salesforce even includes all the details about the person who referred them!<\/p>\n\n\n\n<embed src=\"https:\/\/referral-factory.com\/embed-generate-campaign\" width=\"100%\" height=\"400px\"\/>\n\n\n\n<div style=\"height:60px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-how-their-referral-program-works\"><span class=\"ez-toc-section\" id=\"How_Their_Referral_Program_Works\"><\/span>How Their Referral Program Works<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>This business chose a top-performing referral marketing strategy: <a href=\"https:\/\/referral-factory.com\/learn\/double-sided-referral-program\">a double-sided referral program<\/a> in which both the person referring (the existing client) and the person invited (the new lead) get a reward for successfully converting.&nbsp;<\/p>\n\n\n\n<p><strong>\ud83c\udf81 What does the person referring (the existing client) get?<\/strong><\/p>\n\n\n\n<p>This referral program offers loyal customers the following rewards for referring:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>For every business that successfully signs up for a fuel card, the person referring gets a \u00a325 Amazon voucher.&nbsp;<\/li>\n\n\n\n<li>Referring 10 businesses to their fuel card products can result in getting up to \u00a3250 worth of Amazon vouchers.&nbsp;<\/li>\n<\/ul>\n\n\n\n<p>To maximize their results, when promoting their campaign, they pitched the reward as \u201cGive \u00a3250, Get \u00a3250.\u201d In other words, refer 10 businesses, give \u00a3250 in discounts, and get \u00a3250 in Amazon Gift Cards. Crafting the message in this way is super smart because it means referrers get a sense of just how much they can earn if they spread the word far and wide.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full is-resized\"><img decoding=\"async\" width=\"1500\" height=\"976\" src=\"https:\/\/referral-factory.com\/learn\/wp-content\/uploads\/2024\/03\/case-study-financial-services-business-pages-for-the-person-referring-referral-factory.webp\" alt=\"b2b case study pages for person referring financial services business\" class=\"wp-image-8689\" style=\"width:760px;height:auto\" srcset=\"https:\/\/learn.referral-factory.com\/learn\/wp-content\/uploads\/2024\/03\/case-study-financial-services-business-pages-for-the-person-referring-referral-factory.webp 1500w, https:\/\/learn.referral-factory.com\/learn\/wp-content\/uploads\/2024\/03\/case-study-financial-services-business-pages-for-the-person-referring-referral-factory-300x195.webp 300w, https:\/\/learn.referral-factory.com\/learn\/wp-content\/uploads\/2024\/03\/case-study-financial-services-business-pages-for-the-person-referring-referral-factory-1024x666.webp 1024w, https:\/\/learn.referral-factory.com\/learn\/wp-content\/uploads\/2024\/03\/case-study-financial-services-business-pages-for-the-person-referring-referral-factory-767x499.webp 767w, https:\/\/learn.referral-factory.com\/learn\/wp-content\/uploads\/2024\/03\/case-study-financial-services-business-pages-for-the-person-referring-referral-factory-1536x999.webp 1536w, https:\/\/learn.referral-factory.com\/learn\/wp-content\/uploads\/2024\/03\/case-study-financial-services-business-pages-for-the-person-referring-referral-factory-2048x1333.webp 2048w, https:\/\/learn.referral-factory.com\/learn\/wp-content\/uploads\/2024\/03\/case-study-financial-services-business-pages-for-the-person-referring-referral-factory-231x150.webp 231w, https:\/\/learn.referral-factory.com\/learn\/wp-content\/uploads\/2024\/03\/case-study-financial-services-business-pages-for-the-person-referring-referral-factory-100x65.webp 100w, https:\/\/learn.referral-factory.com\/learn\/wp-content\/uploads\/2024\/03\/case-study-financial-services-business-pages-for-the-person-referring-referral-factory-336x220.webp 336w, https:\/\/learn.referral-factory.com\/learn\/wp-content\/uploads\/2024\/03\/case-study-financial-services-business-pages-for-the-person-referring-referral-factory-538x350.webp 538w, https:\/\/learn.referral-factory.com\/learn\/wp-content\/uploads\/2024\/03\/case-study-financial-services-business-pages-for-the-person-referring-referral-factory-788x512.webp 788w\" sizes=\"(max-width: 1500px) 100vw, 1500px\" \/><\/figure>\n\n\n\n<p><strong>\ud83c\udf81 What does the person invited (the new lead) get?<\/strong><\/p>\n\n\n\n<p>Each new referred business that qualifies for a fuel card enjoys a \u00a325 discount off its first invoice. Want to know why this double-sided referral program style is one of the top strategies for success in customer referrals? It\u2019s not only because referred leads are more likely to convert if there\u2019s a special something in it for them \u2014 it actually drives a higher rate of referrals because people are more likely to share something valuable with their network!<\/p>\n\n\n\n<figure class=\"wp-block-image size-full is-resized\"><img decoding=\"async\" width=\"1500\" height=\"974\" src=\"https:\/\/referral-factory.com\/learn\/wp-content\/uploads\/2024\/03\/case-study-financial-services-business-pages-for-the-person-referring-referral-factory-1.webp\" alt=\"pages for person invited case study b2b financial services business\" class=\"wp-image-8688\" style=\"width:760px;height:auto\" srcset=\"https:\/\/learn.referral-factory.com\/learn\/wp-content\/uploads\/2024\/03\/case-study-financial-services-business-pages-for-the-person-referring-referral-factory-1.webp 1500w, https:\/\/learn.referral-factory.com\/learn\/wp-content\/uploads\/2024\/03\/case-study-financial-services-business-pages-for-the-person-referring-referral-factory-1-300x195.webp 300w, https:\/\/learn.referral-factory.com\/learn\/wp-content\/uploads\/2024\/03\/case-study-financial-services-business-pages-for-the-person-referring-referral-factory-1-1024x665.webp 1024w, https:\/\/learn.referral-factory.com\/learn\/wp-content\/uploads\/2024\/03\/case-study-financial-services-business-pages-for-the-person-referring-referral-factory-1-767x498.webp 767w, https:\/\/learn.referral-factory.com\/learn\/wp-content\/uploads\/2024\/03\/case-study-financial-services-business-pages-for-the-person-referring-referral-factory-1-1536x997.webp 1536w, https:\/\/learn.referral-factory.com\/learn\/wp-content\/uploads\/2024\/03\/case-study-financial-services-business-pages-for-the-person-referring-referral-factory-1-2048x1330.webp 2048w, https:\/\/learn.referral-factory.com\/learn\/wp-content\/uploads\/2024\/03\/case-study-financial-services-business-pages-for-the-person-referring-referral-factory-1-231x150.webp 231w, https:\/\/learn.referral-factory.com\/learn\/wp-content\/uploads\/2024\/03\/case-study-financial-services-business-pages-for-the-person-referring-referral-factory-1-100x65.webp 100w, https:\/\/learn.referral-factory.com\/learn\/wp-content\/uploads\/2024\/03\/case-study-financial-services-business-pages-for-the-person-referring-referral-factory-1-539x350.webp 539w, https:\/\/learn.referral-factory.com\/learn\/wp-content\/uploads\/2024\/03\/case-study-financial-services-business-pages-for-the-person-referring-referral-factory-1-788x511.webp 788w\" sizes=\"(max-width: 1500px) 100vw, 1500px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-how-this-business-promotes-its-referral-program\"><span class=\"ez-toc-section\" id=\"How_This_Business_Promotes_Its_Referral_Program\"><\/span>How This Business Promotes Its Referral Program<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>This business\u2019s primary promotional strategy was email marketing. They didn\u2019t get fancy \u2014 they simply asked their current clients to spread the word about their positive experiences. The email explained the offer and encouraged clients to join the referral program by registering for a referral link.Importantly, when this company decided to create a referral program, it chose not to automatically enrol clients into the program and generate referral links on their behalf but rather encouraged them to sign up for a referral link themselves. This approach aligned with their General Data Protection Regulation (GDPR) requirements.&nbsp;In addition to keeping them compliant, this approach had an additional upside: it meant that they could open up their referral program to anyone who wanted to join, not only their existing clients. As a result, they attracted a range of affiliates who advocated on their behalf in exchange for the referral reward.&nbsp;&nbsp;&nbsp;<\/p>\n\n\n\n<p>Referral Factory\u2019s team of experts suggested using the following strategies for further promotion:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Including a link to join the referral program in the footer of their website.&nbsp;<\/li>\n\n\n\n<li>Prompting people to refer after a successful fuel card application (timing is everything!).<\/li>\n\n\n\n<li>Adding a referral widget to their website.<\/li>\n\n\n\n<li>Adding a link to join the referral program in all transactional emails.<\/li>\n\n\n\n<li>Reminding people to refer via text messages.<\/li>\n\n\n\n<li>Prompting newly converted referred leads to refer their network in turn (thereby maximizing the viral nature of referral programs).<\/li>\n<\/ul>\n\n\n\n<div style=\"height:60px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-final-results-amp-metrics\"><span class=\"ez-toc-section\" id=\"Final_Results_Metrics\"><\/span>Final Results &amp; Metrics<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1500\" height=\"784\" src=\"https:\/\/referral-factory.com\/learn\/wp-content\/uploads\/2024\/03\/case-study-financial-services-business-key-results-referring-referral-factory.webp\" alt=\"case study key results b2b financial services business\" class=\"wp-image-8687\" srcset=\"https:\/\/learn.referral-factory.com\/learn\/wp-content\/uploads\/2024\/03\/case-study-financial-services-business-key-results-referring-referral-factory.webp 1500w, https:\/\/learn.referral-factory.com\/learn\/wp-content\/uploads\/2024\/03\/case-study-financial-services-business-key-results-referring-referral-factory-300x157.webp 300w, https:\/\/learn.referral-factory.com\/learn\/wp-content\/uploads\/2024\/03\/case-study-financial-services-business-key-results-referring-referral-factory-1024x535.webp 1024w, https:\/\/learn.referral-factory.com\/learn\/wp-content\/uploads\/2024\/03\/case-study-financial-services-business-key-results-referring-referral-factory-767x401.webp 767w, https:\/\/learn.referral-factory.com\/learn\/wp-content\/uploads\/2024\/03\/case-study-financial-services-business-key-results-referring-referral-factory-1536x803.webp 1536w, https:\/\/learn.referral-factory.com\/learn\/wp-content\/uploads\/2024\/03\/case-study-financial-services-business-key-results-referring-referral-factory-2048x1070.webp 2048w, https:\/\/learn.referral-factory.com\/learn\/wp-content\/uploads\/2024\/03\/case-study-financial-services-business-key-results-referring-referral-factory-287x150.webp 287w, https:\/\/learn.referral-factory.com\/learn\/wp-content\/uploads\/2024\/03\/case-study-financial-services-business-key-results-referring-referral-factory-100x52.webp 100w, https:\/\/learn.referral-factory.com\/learn\/wp-content\/uploads\/2024\/03\/case-study-financial-services-business-key-results-referring-referral-factory-670x350.webp 670w, https:\/\/learn.referral-factory.com\/learn\/wp-content\/uploads\/2024\/03\/case-study-financial-services-business-key-results-referring-referral-factory-788x411.webp 788w\" sizes=\"(max-width: 1500px) 100vw, 1500px\" \/><\/figure>\n\n\n\n<p>The results of this referral program case study speak for themselves! Out of a total pool of 12,259 people referring, almost half have made at least one referral. This has resulted in 5,691 leads and 3,758 conversions. That\u2019s 3,758 brand-spanking new customers acquired in a year!&nbsp;<\/p>\n\n\n\n<p>With a whopping 66% conversion rate, it\u2019s clear that people referring are targeting the right audience when they recommend this company to their network. Two out of every three referrals ended up converting!<\/p>\n\n\n\n<figure class=\"wp-block-image size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"1500\" height=\"647\" src=\"https:\/\/referral-factory.com\/learn\/wp-content\/uploads\/2024\/03\/case-study-financial-services-business-conversion-rate-referral-factory.webp\" alt=\"case study key results conversion rate b2b financial services business referrals\" class=\"wp-image-8686\" style=\"width:760px;height:auto\" srcset=\"https:\/\/learn.referral-factory.com\/learn\/wp-content\/uploads\/2024\/03\/case-study-financial-services-business-conversion-rate-referral-factory.webp 1500w, https:\/\/learn.referral-factory.com\/learn\/wp-content\/uploads\/2024\/03\/case-study-financial-services-business-conversion-rate-referral-factory-300x129.webp 300w, https:\/\/learn.referral-factory.com\/learn\/wp-content\/uploads\/2024\/03\/case-study-financial-services-business-conversion-rate-referral-factory-1024x442.webp 1024w, https:\/\/learn.referral-factory.com\/learn\/wp-content\/uploads\/2024\/03\/case-study-financial-services-business-conversion-rate-referral-factory-767x331.webp 767w, https:\/\/learn.referral-factory.com\/learn\/wp-content\/uploads\/2024\/03\/case-study-financial-services-business-conversion-rate-referral-factory-1536x663.webp 1536w, https:\/\/learn.referral-factory.com\/learn\/wp-content\/uploads\/2024\/03\/case-study-financial-services-business-conversion-rate-referral-factory-2048x883.webp 2048w, https:\/\/learn.referral-factory.com\/learn\/wp-content\/uploads\/2024\/03\/case-study-financial-services-business-conversion-rate-referral-factory-348x150.webp 348w, https:\/\/learn.referral-factory.com\/learn\/wp-content\/uploads\/2024\/03\/case-study-financial-services-business-conversion-rate-referral-factory-100x43.webp 100w, https:\/\/learn.referral-factory.com\/learn\/wp-content\/uploads\/2024\/03\/case-study-financial-services-business-conversion-rate-referral-factory-811x350.webp 811w, https:\/\/learn.referral-factory.com\/learn\/wp-content\/uploads\/2024\/03\/case-study-financial-services-business-conversion-rate-referral-factory-788x339.webp 788w\" sizes=\"(max-width: 1500px) 100vw, 1500px\" \/><\/figure>\n\n\n\n<p><a href=\"https:\/\/www.lusha.com\/blog\/b2b-lead-conversion-rates-benchmarks\/\">Recent stats<\/a> show that the average conversion rate for B2B sales in the financial services sector is around 5%. So, it\u2019s pretty clear that referrals are an excellent marketing channel in an industry where trust is paramount.<\/p>\n\n\n\n<p>Of the 5,691 people who were referred to this business, 21% went on to refer at least one person themselves. In other words, the phenomenon of social proof is working to this company\u2019s advantage with a clear viral loop effect.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"client-testimonial\"><span class=\"ez-toc-section\" id=\"Client_Testimonial\"><\/span>Client Testimonial<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"has-small-font-size\">\u201cWe knew that a referral program would work given our NPS scores but tracking referred leads was a headache we didn\u2019t have the capacity for. That\u2019s when we decided to reach out to Referral Factory for assistance. Their simple yet powerful software transformed the way we handled our referral program. Suddenly, we could easily see how well our campaigns performed across different regions and adjust as needed. But it wasn\u2019t just about the software; Referral Factory went above and beyond to support every step of the way.\u201d<\/p>\n<cite><em>\u2014 Regional Marketing Manager<\/em><\/cite><\/blockquote>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"conclusion\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Just think about these numbers: 3,758 brand-spanking new customers acquired in a year. With a conversion rate of 66%, it\u2019s hard to imagine how much they would have needed to spend to achieve similar results through paid advertising. That\u2019s the beauty of referrals: since they are hyper-targeted, referred leads convert at a rate better than any other marketing channel!&nbsp;<\/p>\n\n\n\n<embed src=\"https:\/\/referral-factory.com\/embed-generate-campaign\" width=\"100%\" height=\"400px\"\/>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"What would you trust more: a TV ad or the advice of your best friend?...","protected":false},"author":1,"featured_media":8692,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[30,33],"tags":[39,212],"class_list":["post-8685","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-case-study","category-referral-marketing","tag-referral-marketing","tag-referral-program-case-study"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.1 (Yoast SEO v25.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Case 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