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- Referral (re•fer•ral/rɪˈfɜrəl/, “an act or instance of referring”) economy is a system where people help and trust each other by sharing their experiences about a product. Thanks to the social impact of each consumer, the rise of a new economy centralized around the power of the reference has taken place. The keystone of its function is confidence: "92% of respondents trusted referrals from people they knew" - Nielsen.This normally happens among friends, which enhances the value of the recommendation, since there are no trade interests. The intangible value that it produces to the company's reputation is substantial. This new economy has produced the growth of platforms such as ReferralRock, which offers a small remuneration to those people whose references generate a further outlay of money. Thus, a new way to make money through the Internet has emerged. When acquiring a good, people give greater importance to the suggestions and are no longer guided by traditional advertising campaigns. In marketing, the only reason that could stop a product research and proceed with its purchase, is the recommendation of a friend. A recent Nielsen study found that 84 percent of global respondents trust word of mouth recommendations from friends and family, making it the most highly trusted among digital and traditional methods of receiving recommendations. Nowadays, the user which has the greater contact network to transmit information to or, in this case, a recommendation, is who captures more power in marketing. (en)
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- Referral (re•fer•ral/rɪˈfɜrəl/, “an act or instance of referring”) economy is a system where people help and trust each other by sharing their experiences about a product. Thanks to the social impact of each consumer, the rise of a new economy centralized around the power of the reference has taken place. The keystone of its function is confidence: "92% of respondents trusted referrals from people they knew" - Nielsen.This normally happens among friends, which enhances the value of the recommendation, since there are no trade interests. The intangible value that it produces to the company's reputation is substantial. (en)
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