It’s no secret that your business needs referrals to grow. No matter what vertical your business is in, having quality referrals is equal to having hundreds of feathers on your cap.
But when we say ‘quality referrals’ we don’t mean those random ad hoc referrals that you’re getting from coupon codes or emails. Quality referrals are gained from established relationships, your client’s experience or your initial contact with the prospect.
For getting quality referrals, you need a strong referral network in place with complete control over it. With B2B referrals closing at rates above 70%, studies suggest that referral leads convert 30% better than leads generated from other marketing channels.
Here are 4 best practices for building a referral network:
1. Identify potential customers
The process of building a referral network starts with identifying people who might be interested in associating with your business or service and the type of relationship you wish to establish with them. As a starter, take a look at your most valuable customers and jot down their demographics. Understand what your ideal client looks like because it’s easy to repeat what’s already working for you.
This practice will also make it easier to describe your perfect prospect to referrers.
2. Nurture the relationships in your network
The most common mistake that people commit while building a referral network is treating their connections different from their friends. Connecting on a personal level with your connections can help you build meaningful relationships that could last a lifetime. So talk about each other’s passion, interests, struggles, frustrations or accomplishments rather than just business and numbers.
The key is to include referral activities into your routine and make it a part of your personal as well as professional culture.
3.Come up with a reward program
Do you know what’s the best thing about having a reward program? They come with rewards! Offer a discount, freebie, cash or vouchers as a reward to your customers as recognition for any new sales they bring in. Set a system in place asking new customers how they learned about your business. This way, you can track where your referrals are coming from and reward the sources.
4.Set up an easy process that works!
Having a process in place makes it easy for your customers to refer people towards your business or service. For this, you can come up with a simple form asking questions like best modes of communication, what ideal client looks like or if they have a referral process in the system. You can also fill up this form to give the required information and make it easy to refer customers to you.
These simple steps can quickly give you a lean and boost up your referral network.
For more information on building a strong referral network, visit http://bni.ae/en-AE/index
