While strategic marketing and advertising are effective ways of reaching new customers, nothing is as powerful or profitable as good, ol’ fashioned word-of-mouth referrals. Consider these eye-opening statistics: Customers acquired through word-of-mouth referrals have a 37% higher retention rate vs. non-referrals. (Source: Deloitte) Customers acquired through word-of-mouth referrals are worth 16% more in profits vs. non-referrals. (Source: Harvard Business Review) Customers acquired through word-of-mouth referrals have an 18% lower churn rate vs. non-referrals. (Source: GfK Marketing Intelligence Review) Clearly, one doesn’t need an MBA to know that increasing word-of-mouth referrals is good — or make that great — for business, and...