How much more ROI do your referrals generate compared to all other sales?

Kristen Tepper

75% of people don’t believe advertisements but 92% believe brand recommendations from friends.

Do you know if your focusing your marketing budget on discovering the easiest to close customers?
Do you know what your average referral ROI is? What about lifetime value of those customers and the referrals they generate? 

Derrick Woolfson

Other than knowing they spend more it is not something that we tracked. But that is an interesting report to keep track of. There are dealers who work hard to get referrals, however more often than not very few sales consultants actually ask for referrals.  

Kristen Tepper

Agreed! I think showcasing the value that referral can bring in (along with all the friends they're more likely to refer) can help a salesperson see the value and start refocusing on the low hanging fruit.

Which is why having those analytics and data points on hand can be so powerful and motivational for team members.

Mark Rask

I would think a couple of hundred more 

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