Ep. 217: Andy Cockburn | No Strings Attached: Genuine Referrals as the Secret to Earned Growth
Customer Confidential: Untold Stories of Earned Growth
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How to Track Extended Lifetime Value
If business people actually understood the economics of referral, they would be a lot more focused on measuring referrals. The data can be really hard, and that's one of the reasons that a lot of companies don't know this. We're now at the stage where we've got so much data from 500 clients we've worked with over the last 10 years to calculate each customer's propensity to refer. And we can prove with accuracy how good we are doing that. It allows you to give CFOs confidence that there is this channel that's working. So yes, how much of that compounding effect they put into their modelling in year two and year three is probably up to the CFO.
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