Referrals generated the largest volume of sales leads for 41% of small businesses in a LinkedIn and Ipsos survey, while 61% said customer or partner referrals produced at least one closed deal in the previous year.
The early 2026 survey covered 300 US decision-makers at companies with two to 50 employees. It gives a snapshot of how smaller firms find customers, alongside their use of social media, email and other marketing channels.
The research preview reports what respondents said about their businesses. It does not measure the number of sales caused by a referral program or establish that referrals will outperform advertising for every company.
From introduction to sale
A referral occurs when a customer, partner or other contact recommends a business to someone who might need its product or service. A lead is a prospective customer who has shown or been given a reason to consider a purchase.
In the survey, 53% of small businesses said the founder or owner primarily handled lead generation. That reliance can work well when an owner’s relationships bring in suitable prospects. It can also limit growth if introductions depend on one person’s time.
LinkedIn reported that deals begin...