Is your business growing? Are you getting referrals? 90% of people across the country said they are more than likely to trust the recommendations from people they have established relationships and they know. This statistic is higher than any other form of advertising, according to a market research study done recently by The Nielson Company. In fact a study done by The Wharton School of Business found that referred customers are 18% more likely to stay with a company longer than someone who found you cold.
If you don’t have a customer referral program, here are five tips to get you started……
1. Timing – Asking for referrals is somewhat like asking for a sale. In both instances timing is of utmost importance. Sometimes it takes longer than you would like, but maintaining good relationships with your customers and your network will eventually turn your ask into new business.
2. Twice the benefit – Once you achieved the best way to ask, be sure to hone in on specifics ie; the type of customer and criteria needed to qualify. Your referral program should be beneficial to the referrer and the referee. It’s always a give and take.
3. Referral fees – Should you give something away to get a referral? It’s best to create a culture to ask for referrals and make your referrers enthusiastic advocates for you and your brand. Many will want a monetary gift but this is a choice you make depending on the referrer, the situation and what will generate the most interest.
4. Tracking – Be sure to track where your referrals come from. Find a tracking system that works for you to help stay on top of your referrals.
5. Thank you – Be sure to say thanks every time you receive a referral. Continue to nurture your relationships with the referrer as you never know when they will refer again.
Working with referrals is all about trust. The primary source of new business is from referrals. Once you realize this develop your program, build relationships, and dedicate yourself fully to activities that benefit you and the growth of your business.
Think of us as a referral source for you…..and we welcome referrals too!
If you, or someone you know wants to turn problems into solutions then contact firstname.lastname@example.org and schedule an appointment for your complimentary consultation.