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Imagine a marketing program that costs relatively little, yet generates warm, promising leads. It sounds like every marketer’s dream, right? Well, it is. Customer referral programs are one of the most powerful ways to acquire new, high-quality customers. Referred customers have, on average, a 16% higher customer lifetime value (CLV), and marketers say that referral marketing is the second-highest source of quality leads. Despite all this, only 30% of companies actually use a formalized referral program. What exactly is this powerful…

Research shows that up to 92% of consumers trust peer recommendations. And according to American Express, happy customers recommend to an average of eleven people. Now, multiply that by thousands of customers, and there’s significant potential for customer acquisition. This is the crux of what it means to have brand advocates. Brand advocates are a brand’s ambassadors to the world. They spread the brand message among their friends and family — people just like them…