Why Every Business needs To Implement A Referral Marketing Programme
Referrals are Four Times more likely to close than a cold lead - Nielson
The lifetime value of a referral is 16% higher than a cold lead - Wharton School of Business
And let's face it, who enjoys cold calling and then spending months and months warming them up, gaining their trust, dangling special offers and chasing them up til you're blue in the face only to close at mediocre conversion rates?
So, What Is A Referral Programme?
Well, most businesses say they grow through Word of Mouth and sort of understand how important it is. Now, that's great but 99% of businesses don't have any processes in place to gather referrals, they don't have targets or don't have any idea about how many they really get!
A Referral Programme addresses these areas and more - it'll help you achieve a steady flow of Red Hot Leads by immersing your business in a Referral Culture that has genuine ownership.
You'll have a process and the tools to use at every point of the prospect and customer journey to ask for referrals. There'll be incentives in place to encourage your customers to refer new customers to you and for your staff to buy in to the Referral Culture and make it work.
Why Do Referrals Boost Sales Conversions?
Referrals are so much further down the sales funnel than normal leads that they’re almost popping out of the bottom! Why?...
Because someone they know, like and trust has told them that they need to talk to you because you’re good at what you do and can help them.
Do you buy anything now without asking for an opinion on it, google it, go onto review sites, watch videos, visit websites? No but if a friend tells you about something you trust them and that’s what you get with referrals.
You get instant trust and that’s huge in business - that’s why you need a Referral Programme.
"We were only getting a couple of referrals a month and wanted more. Stuart helped us put a campaign in place and we got 48 referrals in the first month!"
Richard Gamlin - MD
Touch Systems Ltd