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What Are The Benifits of Referral Marketing

rob24
(@rob24)
Eminent Member

Hello,

The business of referrals makes sense for most companies for the following reasons:

# Referral marketing reduces your sales expenses and sales cycle. With less time calling cold prospects, your small business can focus on customers and their circle of influence.

# Referrals can build your level of satisfied customers. The cycle self-perpetuates with more satisfied customers referring others to your company.

# Referrals increase your sales revenue. According to world-renowned sales trainer, Tom Hopkins, in "Sales Prospecting for Dummies"; your closing ratio for non-qualified leads is 10 percent versus a 60 percent close ratio with referred leads.

If the prospect of building the referral end of your business is so enticing, why do so few businesses do it? Because they use the wrong approach in building referrals and have limited success.

Thank you

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Topic starter Posted : 10/03/2010 6:38 am
cyril007
(@cyril007)
Active Member

Re: What Are The Benifits of Referral Marketing

Hello Friends,
Referral marketing offers small business marketing benefits, gained via your networking contacts, existing customers and clients, or even family and friends.Referral marketing offers you many advantages over your competitors, if you use this marketing strategy in your marketing mix.
How many times have you needed or wanted a small business product or service yourself and have asked people who you know for their recommendations before making a final decision on the product you purchased or on whose services you employed or contracted?So, you already know how well referral marketing works, so go ahead, use it yourself for building mutually beneficial relationships and generating leads for your own small business.
Small Business Referral Marketing Tips:
* Review your business networking contacts
* Review your individual small business marketing message
* Review your ideal market, customers, clients
* Who do you know who fits your overall small business / customer 'profile'
* Ask them how your small business offerings can help their customers too
* Explore a mutual benefit for word of mouth marketing
* Prepare a referral marketing plan with your contacts
* Brainstorm as many no cost, low cost referral marketing opportunities
* Write out your referral marketing plan, with clear goals
* Take action and implement your plan.
* Revisit your marketing plan regularly, review and amend if needed.
Thanks.

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Posted : 18/03/2010 2:03 pm
chris27
(@chris27)
Estimable Member

Re: What Are The Benifits of Referral Marketing

Hi guys

1. Referral marketing is the most cost-effective way of attracting new clients. Generating prospects from targeted advertising, direct mail, telephone calls, and other methods have their own level of effectiveness. But the cost of getting new clients from referrals (in terms of both time and money) is far less expensive. For this reason alone, all small businesses should make establishing a referral marketing program a priority.

2. Prospects that come from referrals make great clients. Because these referrals come recommended by someone they know and/or trust, they are generally easier to convert to a paying client. As clients, they also usually make fewer complaints about your service, are generally more loyal, pay their bills, stay with you a longer period of time, and are more likely to refer other prospective clients to you.

3. If you have a reluctance for "business networking" or asking others for referrals, consider adopting a different mindset. Consider this: there are many businesses that are as ready to use your service as you are ready to offer it to them. In fact, data from recent research indicates that 53% -88% of business-to-business professional services buyers are willing to switch to new service providers.*

Thanks

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Posted : 22/03/2010 5:21 am
vanny
(@vanny)
Eminent Member

Re: What Are The Benifits of Referral Marketing

Hi

1. Referrals always begin with providing your current customers with prompt, reliable, quality service. They’ll be happy to spread the word on your behalf—often without you having to ask.

2. Ask your current customers if they know of any colleagues who are looking for the kind of service you provide. Follow up with a call or letter to those businesses. Make sure you get your customer’s permission to cite them as a referral source.

3. If a customer compliments you on your work, ask them to put it in writing for use as a testimonial in your marketing materials. Again, make sure you have their permission to use their name for that purpose.

4. Always acknowledge a customer’s referral with a thank-you note or phone call. If you send a card, consider including a coupon to popular restaurant or discount on a future purchase.

5. Many retail and service businesses lend themselves well to formal referral incentive programs with cash, gifts, or discounts. Make sure these “rewards” fit in your budget, and that you have clear rules and guidelines (e.g., only one referral reward per customer during a defined period).

Thanks

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Posted : 30/03/2010 4:16 am
rapidbilling
(@rapidbilling)
Trusted Member

Re: What Are The Benifits of Referral Marketing

Hi,

# Referrals do not involve direct selling. Instead a satisfied customer sells the products and services for you. If a satisfied customer tells a close friend about a certain business, then their trust is immediately transferred to the company, irrespective of if he has heard about it or not.

# Referrals are considered the most cost effective advertising method for services and products. The amount of money spent on referral marketing ends up being just a fraction of the money normally spent on advertising.

# Referral marketing costs next to nothing, and yet you are able to reap rewards beyond your expectations. The key factor is to remember that customers are valuable and they should be treated well.

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Posted : 30/03/2010 4:40 am
kevin smith 619
(@kevin smith 619)
Eminent Member

Re: What Are The Benifits of Referral Marketing

Yes it was true it is beneficial but it should be belong to same niche

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Posted : 31/05/2011 11:38 am
Business Forms
(@Business Forms)
Estimable Member

Re: What Are The Benifits of Referral Marketing

Referral primarily uses an expression of the mouth, a very successful method for marketing and promotion. It is a three-way process. A customer can refer to an associate, a company or product. A consumer can relate to another company for its services. The company is a reference to a consumer product or company on their specific needs..

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Posted : 01/06/2011 6:36 am
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