In business nothing speaks louder than the power of a recommendation from a trusted source. Look at Amazon and Ebay- positive feedback is king. And in the same way the reassurance of a public show of confidence goes a long way.
Referred business carries the same message: We trust this business enough to refer their products and/or services. Referrals are strong leads and should be capitalized on as such.
Marketing is key to building business and alongside leads generated from cold calling, prospecting via mailshots, upselling to existing clients or any other method of locating new business referrals are one of the strongest mediums available to any business. Referrals are about trust and your business reputation is put on the line every time you offer a referral. Every referral you provide is giving a little bit of your reputation away. Good referrals enhance your reputation and in turn a bad referral can be damaging to your good standing.
One of the core strengths of a referral is that, unlike a lead, the prospect has already spoken to your associate, who has favoured your company and is in all probability expecting your call. Consumers do not like uncertainty and would much rather do business with a select few retailers and service providers who they trust to respect their business.
If you were to ask B2B businesses how they secure most of their businesses the majority will claim it to be by referral.
There are several levels of referral: from a brief acknowledgement of the quality of your service, through to setting up a meeting or even closing the deal on your behalf, but the power of establishing a referral base with your business associates in an undeniable string to your bow.
A well thought out, and well targeted, networking strategy will align you with similar thinking businesses in your chosen area. Referral marketers are constantly seeking to expand their networking circle, seeking new referral opportunities and actively looking at ways to grow their business. Your networking group is effectively an unpaid sales force and it is wise for you to understand the dynamics of their business, as they should yours.
A referral marketing strategy should become an integral part of your marketing mix, and although it takes a lot of time and effort to put in place the rewards are undeniably bountiful.
The average Nexus Networking member generates over £27,000 of income per year from their Nexus Networking membership, the majority generated by the power of referral marketing. To experience Nexus Networking for FREE and to receive further information of all benefits, please contact Paul Lomas on 07807 494 530 or email firstname.lastname@example.org