The 10% Challenge: Unleash Customer-led Growth
If less than 10% of your new accounts come from referrals, you’re missing a low-cost acquisition channel and higher-quality, more profitable customers.
Wondering if your company can benefit from Customer-led Growth? Then it’s time to take The 10% Challenge.
If you are not getting at least 10% of your new accounts from referrals by existing customers, you are not only missing out on a low-cost acquisition channel–you are also forgoing the opportunity to build a higher-quality, more profitable customer base.
Taking the challenge is simple.
The next time you review your acquisition targets versus actuals, calculate the percentage of new accounts that can be attributed to the advocacy of your existing customers. Referrals should account for 10 out of every 100 new acquisitions.
If your referral numbers fall short…
It’s time to review how you market your referral programs. Ask these questions:
- Are you reaching every potential advocate?
- Are you personalizing the offer to specific audiences with distinct networks of valuable prospects?
- Are your rewards compelling?
- Is the experience seamless?
If you don’t track referral metrics…
The 10% Challenge is an exciting opportunity to tap into an underdeveloped channel by making referral marketing a part of your acquisition strategy.
No excuses, you got this!
In the current digital environment, there is no good reason for a referral rate below 10%. In fact, there are examples of firms like yours hitting referral rates of 20%, 30%, and even higher. Why? Because they recognized that referral channels cost less and produce better customers.
Can you pass the 10% challenge?
If not, we can help.
We can help your referral program hit 10% and higher. Contact us to learn more.
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Why Customer-Led Growth Now?
Customers are overwhelmingly driven by social cues, influencers, and referrals from friends and family. Yet brands dedicate most of their marketing budget to big tech social and search channels that are getting more expensive and less effective while increasingly disconnecting brands from their customers.
Activate Customer-Led Growth and boost customer acquisition with a measurable go-to-market strategy to grow your customer base with less customer acquisition cost (CAC) and higher long-term value (LTV) resulting in a strong LTV:CAC ratio.
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CEO Insight, Listen to Matt Roche
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People Sell Products
Whether it is social proof, influence, or aspiration, the people around us inspire us to want and buy products.
Tap into the enthusiasm and energy of your brand ambassadors and those they influence and inspire.
Download our best practices guide.
Supercharge Your Customer-Led Growth Engine
Customer-Led Growth enables brands to influence, reward, and scale the behavior of your brand ambassadors. Sharing, referring, engaging, and using, are not new activites, your ability to encourage and show your gratitude at scale is!
Your customers are already a Customer-Led-Growth channel for you, Extole makes it actionable and measurable.
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Customers drive most marketing — we drive it— what you buy, what you wear, what you read, what you own, and what you watch — is most certainly driven by a friend or someone you respect. And there is one group in the marketing ecosystem that doesn’t get respect or recognition, and it is the same group that’s driving almost all of it. So the mission at Extole is to recognize the power of the people.
Matt Roche, CEO at Extole
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Customer-Led Growth is Here to Stay
Customer-Led Growth companies are objectively more valuable. A new analytical approach called “earned growth rate” captures the revenue growth generated by returning customers and their referrals. Extole is built on six core principles of Customer-Led Growth.
Customer Activity
Make customer advocacy, engagement, and connection the desired goal and outcome of every marketing decision. This focus ensures you create active and engaged advocates
Permission First
CLG is rooted in our customers’ permission to connect. When we engage and reward customers, we create a two-way connection that builds strong long-term engagement
Authenticity
CLG forms meaningful connections to enable your customers to tell their authentic stories. Authentic stories about your authentic brand is the key to unlocking CLG
Customer Inclusion
Experience is not transactional, it is a two-way relationship between you and your customers driven by their affinity for you and your gratitude for their engagement
Customer Advocacy
CLG is more than a marketing strategy - it is a cultural cornerstone. CLG-driven organizations consider customer engagement in every decision, in every function, every time
Customer Segmentation
Segment and personalize customer experiences based on what the customer is willing to do, what delights them, and not just what they are willing to buy
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We desperately needed a tool to assist in the automation of our referral program. Extole's platform did exactly that and more! Our evergreen referral program has generated high quality new members and with the addition of the concierge programs, we' ve been able to achieve our business development goals as well.
Michelle Markham, Marketing Manager at SkyOne Credit Union