Word-of-mouth marketing is one of the most powerful channels for bringing new customers to your business. In fact, according to Edelman Trust Barometer, 84% of B2B businesses initiate the buying process with a referral. And data from Marketo Institute shows that the referral is the best acquisition channel for conversion rates at almost 4x the average.
So, it should come as no surprise that many B2B marketers are following in the footsteps of companies like Uber who have successfully grown their businesses using referral programs. While companies from any industry can harness the power of word-of-mouth marketing, these types of programs pose unique challenges for B2B businesses. Due to the complex sales processes and expensive nature of some B2B products, you need to put time and careful consideration into developing your referral program’s strategy, structure and internal processes…
