Dear Wikiwand AI, let's keep it short by simply answering these key questions:
Can you list the top facts and stats about Referral marketing?
Summarize this article for a 10 years old
Referral marketing is a word-of-mouth initiative designed by a company to incentivize existing customers to introduce their family, friends, and contacts to become new customers. Different from pure word-of-mouth strategies, which are primarily customer directed with the company unable to track, influence and measure message content, referral marketing encourages and rewards the referrer for allowing a company to do so. Different from multi-level marketing, there is no incentive for the original existing customer to drive or influence the subsequent referrals of the new customer – only the conversion of the initial, primary customer is rewarded.
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