Every company desires a polished referral marketing program but where do you start and where do you find the time? Study after study has proven that one of the best ways to get qualified leads is through referral marketing.
In simple terms referral marketing can also be called word-of-mouth marketing. It is a powerful channel because people trust other people’s opinions. Think about the last time you were looking for a great product, service, movie or place to eat you probably asked the opinions of people around you that you trust.
Every company wants and needs more referrals to grow their business. This is because referrals convert better, close faster and have a higher customer lifetime value to your company. But without a formal referral process and a guideline to follow with tools and tips along the way, it is easy to get overwhelmed and discouraged. Before you know it, your back to trusting your old methods and hoping your sales team can find new leads.
I am here to tell you today, that it is time to take referral marketing seriously and put a process in place. Did you know that 82% of businesses start the buying process with a referral or that 86% of companies with a formalized referral program saw revenue growth over the last two years?
Why is Referral Marketing So Powerful?
- Precision Targeting – People tend to know their friends and social audiences pretty well and if they would be interested in your product or service.
- Trust – “Recommendation from people they know” is the highest form of trusted advertising.
- Reach and Acceleration – The reach of the average consumer today with technology can be enormous, especially if they have a strong social following.
If you check out the referral marketing program summary link below, you will learn more about how we can deliver the following:
- 40 + Referral Marketing campaign ideas for B2B companies
- 25 + Referral and Loyalty Rewards and Recognition Ideas
- 30-Step Referral Marketing Process
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