A study was recently concluded by Medalia Institute based in Palo Alto in California along with the Stanford Graduate School of Business. The aim was to study the effectivity of customer referral methods. Participants in the study were divided into three groups. In the first, students were asked to simply refer three friends’ names and contact details. In the next, they were provided with a limited period offer with passes for three guests. In the last approach, a personalized approach was initiated where the passes would be offered as a reward for visits. The final approach worked best because studies have confirmed that ones acquired through such referral are eighteen percent more loyal on average. Another business research done by Medalia confirms that a whopping 85% of youngsters engage in doing product or service reviews online. This is particularly crucial for brands to tweak their marketing strategies accordingly.

Source:https://www.gsb.stanford.edu/insights/personal-touch-quantified?utm_source=TWITTER&utm_medium=Social&utm_campaign=Insights&Date=20170627&linkId=39037313

Uploaded Date:05/07/2017