Customer referrals are the backbone of growing a successful small business. Anybody who’s been doing this for a while knows it, too. Especially in the B2B arena, referral programs can boost your conversion rate by 70%.
So, what are the other advantages to focusing on referrals, and how can you get more of them for your Sarasota business?
Referral Multiplicative Effect
It’s a mistake to think that one satisfied client will only ever attract one additional referral. To the contrary, that one loyal individual might tell everybody and land you a bunch of referrals. Of course, it gets better because then all of them can respond the same way and bring you a nearly unlimited number of referral clients.
Outstanding Brand Exposure
The level of brand exposure you obtain with word-of-mouth advertising is incredible. Some data suggests that it even trumps paid advertising by about 500%.
Referrals Connect You with Friends & Family Members
If you serve your business clients well, they’ll return the favor by sharing you with their most significant relations: friends and family. That gives you a four times higher chance of someone buying your products or services.
Ways to Grab More Referrals
What are some of the best strategies for maximizing referral potential?
Offer Incentives
You’d be surprised how well a simple giveaway promotion works. Even if all you do is offer free sweatshirts with your logo on it, those folks will wear them and others will see them with your brand. Besides that, you can also build referral opportunities by developing rewards programs or offering sweet service discounts.
Utilize Tech Options: Blogs, Social Media, Email Newsletters
The communication aspect is critical, which you can achieve through electronic media the most. You can build customer loyalty and engender referrals by producing memorable content, offering solutions to specific problems, and so forth. If you aren’t tech-savvy with these sorts of things, then it doesn’t hurt to hire somebody for it.
Host an Event
We’re all about business and networking events at SRQ Business Alliance. That’s because they work by giving you the chance to make several great impressions in one fell swoop. You can use these events to give presentations, reacquaint yourself with forgotten clients, cold-approach as many new people as you want, and also . . .
Exchange Referrals
Finally, if you run a B2B style operation, then you probably have ample opportunity to exchange referrals with your vendors, partners, and other clients. You could think of it as network bartering.
Does this help you better grasp the significance of referral marketing for your business? If so, then don’t hesitate to implement these strategies soon to enjoy much greater customer/client traffic.
As always, we can’t wait for you to join the alliance and realize all the benefits of business networking in and around Sarasota and Bradenton. SRQ Business Alliance facilitates and enhances entrepreneurial development by sharing effective strategies and hosting live networking events. You can learn more about all that by contacting us anytime at 800-807-0331.