A business referral relates to the process of your satisfied customers recommending you to people they know. In a competitive market, having a business referral system in place is incredibly beneficial, yet firms often don't know how to go about this successfully.
Obtaining business referrals
There are lots of ways that you can get your customers to refer you to people they know, who could then become customers themselves.
The simplest way is to ask. Of course, it's important to make sure your referrals are satisfied with your service in the first place, so strive to be referable. This ensures your customers are more likely to recommend you to others.
Give customers an incentive to refer you on, and when they do, make sure to thank them, so they're more likely to do it again. Give a referral yourself. This is often one of the best ways to get one in return!
If you want to get referrals, keep in regular contact with your customers, so they'll remember how great you are. Make sure they're aware of all your products and services, to help widen the referral reach.
Manage your referrals system proactively and nurture contacts, and you'll soon generate a thriving referrals strategy.
The importance of business referrals
Generating new business leads is difficult, but when your satisfied customers refer you to others, they are doing the hard work for you. Effectively, your customers will become your salespeople.
The cost of gaining a new customer through a referral is lower than getting one by other means, saving you time and money. Additionally, since your referred contact has been given confidence and trust in your brand via a recommendation, you're more likely to achieve larger sales in this way. Your referred contacts can then go on to refer you to others, and so your network expands, helping to grow your business and boost your income.
If you're looking for ways to expand your business and gain new contacts that could become referrals of your brand, a great way to start is by attending one of Trust Local's monthly Breakfast Networking and Referral events.
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