Question
What's the average conversion rate for referral programs?
Answer
Referral programs convert at rates that leave cold channels behind, because the recommendation does the trust-building for you before the prospect ever hears from you.
| Channel | Conversion rate |
|---|---|
| Referral programs | 3 to 5% |
| Cold email | 1 to 2% |
| Display ads | 0.1 to 0.3% |
The warm lead from a personal recommendation is simply easier to close, which is what drives that gap.
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