{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,10,21]],"date-time":"2026-10-21T08:07:52Z","timestamp":1792570072635,"version":"4.5.0"},"reference-count":43,"publisher":"SAGE Publications","issue":"1","license":[{"start":{"date-parts":[[2011,1,1]],"date-time":"2011-01-01T00:00:00Z","timestamp":1293840000000},"content-version":"tdm","delay-in-days":0,"URL":"https:\/\/journals.sagepub.com\/page\/policies\/text-and-data-mining-license"}],"content-domain":{"domain":["journals.sagepub.com"],"crossmark-restriction":true},"short-container-title":["Journal of Marketing"],"published-print":{"date-parts":[[2011,1]]},"abstract":"<jats:p>Referral programs have become a popular way to acquire customers. Yet there is no evidence to date that customers acquired through such programs are more valuable than other customers. The authors address this gap and investigate the extent to which referred customers are more profitable and more loyal. Tracking approximately 10,000 customers of a leading German bank for almost three years, the authors find that referred customers (1) have a higher contribution margin, though this difference erodes over time; (2) have a higher retention rate, and this difference persists over time; and (3) are more valuable in both the short and the long run. The average value of a referred customer is at least 16% higher than that of a nonreferred customer with similar demographics and time of acquisition. However, the size of the value differential varies across customer segments; therefore, firms should use a selective approach for their referral programs.<\/jats:p>","DOI":"10.1509\/jm.75.1.46","type":"journal-article","created":{"date-parts":[[2019,1,4]],"date-time":"2019-01-04T14:37:48Z","timestamp":1546612668000},"page":"46-59","update-policy":"https:\/\/doi.org\/10.1177\/sage-journals-update-policy","source":"Crossref","is-referenced-by-count":467,"title":["Referral Programs and Customer Value"],"prefix":"10.1177","volume":"75","author":[{"given":"Philipp","family":"Schmitt","sequence":"first","affiliation":[{"name":"Philipp Schmitt is a doctoral student"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Bernd","family":"Skiera","sequence":"additional","affiliation":[{"name":"Bernd Skiera is Professor of Marketing and Member of the Board of the E-Finance Lab at the House of Finance"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Christophe","family":"Van den Bulte","sequence":"additional","affiliation":[{"name":"School of Business and Economics, Goethe University Frankfurt. 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