12/09/2021
We all agree that the customer is king right? No matter how big or small your business is, you need clientele to survive. But how do you get, and keep customers?
With the right referral marketing strategy in place, you can win your customers over. Statistics say that referrals influence 50% of purchase decisions. This offers up an incredible opportunity you could be tapping into.
Let’s find out how referral marketing can help your business grow.
1. Word of Mouth
When in business, focus on providing the perfect customer experience. Your product or service should leave a mark on customers. How many times have you had an amazing service experience and wanted to share that experience with family and friends? Happy customers want to see your business grow and succeed and will help with word of Mouth referrals.
2. Create Brand Advocates
According to a study at Wharton School of Business, 18% of referred customers stay. Customers are the best brand advocates because they have the first-hand experience with your product or service. By providing your customers with an excellent service experience and providing incentives, like a discount code to share, you can tap into their network of family and friends.
3. Cost-effective Marketing
Traditional ad campaigns, for print or social media, can be costly. However, by providing the best product or service to one customer, you can rely on your clientele to advertise for you. Through referral marketing, the revenue you make would be double or triple your expense, and that’s a good return on investment.
4. Make a Splash with Social Media
Referral marketing has become a cakewalk with social media. At the click of a button, your loyal customers can reach out to more potential customers and vendors through their social media channels.
A testimonial from one of your customers can turn them into an impromptu ‘influencer’ for your business. Social media is a great way to explore business opportunities in a creative and cost-effective way.
5. Target the Right Audience
Many of your clients will refer your business to their friends or colleagues who actually want your product and will buy it. Instead of shooting in the dark with a wide audience, you can focus on a more niche crowd that needs what you are selling. You’ll generate higher quality leads and won’t end up spamming potential customers unnecessarily.
Visit a BNI chapter near you to discover how a proven structured referral marketing program can change the way you do business.
