Growing Your Business Through Referrals

Growing Your Business Through Referrals

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  • Opening Intro -

    Referrals are today’s invaluable marketing tools yet not so well tapped into by small and seasoned businesses.

    30% of strong leads convert to sales, way better than traditional marketing approaches.

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Lead generation involves enticing and convincing a prospective consumer to develop interest, inquire and buy a product or a service.

Is it true businesses have had success in turnover using this B2B strategy? I agree. Are some yet to maximize the potential of referrals? No doubt. Are you one of them? That, I might not know. But if you are, your competitors aren’t asleep. Chances are, without a rethink of your market footprint, you risk being knocked off your niche.

So, what is referral marketing?

It is a word-of-mouth approach used by entrepreneurs to woo more customers into their businesses. If you sell a quality product that solves consumer problems and adds value to their needs, once they are contented, you can still do more. You can build on such a relationship, asking them to share the experience with their close associates for example.

If your referrals appreciate the value of your products and continue buying regularly, encourage them to continually convince others to buy your products and boost your sales.

This is why no business should ever underestimate the power of referrals. It is the circle of influence. All you need is a growing bunch of happy and regular customers.

But how do you grow a business using referrals successfully? A quick look at these highly recommended strategies can help double your sales, saving time and the unnecessary, expensive marketing costs.

Plan and set objectives

Once you are able to manage an effective referral program, set specific timeliness for implementation and execution. Take caution not to be overly ambitious at the start by embracing realistic goals like aiming 15% sales upsurge in 3 months. Such planning will set predictable guidelines to achieve your targets with much flexibility. Remember, failing to plan is planning to fail.

Mind customers

Not all customers can refer to your products. Therefore, it is imperative to single out the group that appreciates and regularly buys your products or services most and request them to bring in more referrals to your enterprise. Besides, remember to treat your employees well and encourage them to invest in friendly customer service experiences that build long-term customer relationships.

Typical businesses lose up to fifty percent of their regular customer base after five years if not frequently followed up. Therefore, be close to your customers and hear out their experiences after your products.

Think of under promising your customers and over delivering on quality as you catch them by surprise. This will help build trust and a long lasting relationship since they anticipate possible future beneficial offers. Consumers always want to know what is in for them as well.

Timing is everything

Give your customers time to use the product before requesting for referrals. This allows them enjoy the benefits before a pitch. Avoid asking for references right after the sale since this can be seen as aggressive and can turn off some folks.

Customers who are enthusiastic, impressed, and delighted with your services or products are good potential targets. Also,offering after-sale services to your clients before asking for a referral would entice them to return the favor.

other valuable resources:

The reward system

Reward your customers to motivate them for more referrals. Every time they bring in 10 customers, they deserve a token of appreciation like extra goodies, discounts, gifts, offers and the like. How about thanking them? As usual or straightforward such utterances may appear, they inspire them and help build the trust while solidifying the interpersonal relationships for future promising sales figures.

Lastly, remember referrals can:

  • Get your business out there
  • Stabilize your turnover growth, and
  • Help you meet new business partners plus much more

Wrap up

These tips are incredibly simple to employ. How about you start applying them right away and see your referrals and sales grow? Anyone can achieve business success, it all depends on who relevantly stays a head of the competition,

Image Credit: Pixabay

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Last update on 2019-04-01 / Affiliate links / Images from Amazon Product Advertising API

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