According to Colleen Francis in her blog, “Sell More, Work Less, Make More Money”
The closing ratio on cold calls is 75:1 while the closing ratio on referred leads is 4:1
CSO Insight’s 2007 Survey says that
Sales people spend 18% of their time cold calling.
With a 40-hour work week (yeah, if we only worked 40 hours), that’s over 7 hours of cold calling resulting in …. frustration.
In other words, if you spent those 7 hours working on referrals instead of cold calling, you’d close 18 times more deals!
All About Referral Selling 
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