QUICK HIT: Referral Marketing Is Where It's At For Consumers

Consumers are apparently more open to making referrals for products and services than you might think.

Eighty-five percent of respondents to a recent YA study indicated they are more likely to buy a product or service if it is recommended by someone they know. What's more, 76 percent said a referral would cause them to choose one brand over another. In addition, the greatest percentage (38 percent) said that when researching products and services, a referral from a friend is the source of information they trust the most, ahead of online reviews, advertising or news reports. So what are you doing to help your customers refer new business to you?

Consumers are also very open to making referrals for products and services, with 91 percent of respondents indicating that they give referrals when they like the product. However, only one quarter (22 percent) of survey respondents say they have participated in a formalized refer-a-friend program.