Referral leads are potential customers that have been introduced to your company by advocates. These leads have been engaging with your advocates, and have met your advocate’s prerequisites that highlight them as potential customers. Referral leads are also used as a measuring tool for companies to gauge the success of their advocate marketing program.
Why Are Referral Leads Important?
While the marketing and sales teams are consistently producing leads, referral leads typically convert at a rate of four to 10 times higher than leads from other sources. Because the referrals leads already have an introduction to your company, there is often a shorter sales cycle, increased win rates and larger orders.