%0 Journal Article %T Referral programs, customer value, and the relevance of dyadic characteristics %A Armelini, Guillermo %A Barrot, Christian %A Becker, Jan U. %D 2015 %J International Journal of Research in Marketing %@ 0167-8116 %N 4 %V 32 %P 449–452 %! Armelini, Barrot et al. 2015 – Referral programs %R 10.1016/j.ijresmar.2015.09.004 %X Referral programs have become a popular tool to use the customer base for new customer acquisition. We replicate the work of Schmitt et al. (2011) who find that referred customers are more loyal and valuable than customers acquired through other channels. While our results confirm that rewarded referrals indeed reduce the risk of customer churn, we do not find that referred customers are necessarily more valuable. Analysis of the relationship between senders and receivers of referrals demonstrates that demographic similarity drives the referred customer value. %K Customer lifetime value %K Referral rewards %K Customer acquisition %K Financial services