5 Tips to Building a Business Referral Program
A referral program is a word-of-mouth marketing tactic that encourages customers to advocate on behalf of your brand. Rather than writing reviews online, or submitting customer feedback surveys, referral programs let customers share their brand experience with partners, colleagues, and friends and in return grow your customer base.
Here are 5 tips regarding referrals
1. Build value first
It may be tempting right after you close a deal to ask that they refer you. But by doing this, it may look like you just wanted them to sign or close on the deal to get a referral. It is better to wait till you’ve built up some trust with repeating transactions or wait about 3-6 months after their initial purchase to ask. At this time, they have seen the benefits of working with your company or using your product. They are in a much better spot to recommend as they trust your company.
2. Offer incentives
Don’t we all like a little extra incentive?
Incentives can look like; offering a discount on next month’s invoice, a donation to a charity, gift card to amazon, store credit, cashback…etc. When a reward is involved, the likelihood that your happy customer will spread the word about you with a friend increase, sometimes by a lot.
3. Create a referral program
Providing referrals is often a given between businesses. If you work with other companies that you value, propose a partnership to exchange referrals with your clients. Be sure to only work with businesses that you would be comfortable with recommending to your best friend or family member.
4. Customer Referral Link
Assign a referral link to the customer. This can make it a lot easier for them to share your business with others. Customers can be given a customized referral link as soon as they join a companies referral program. Encourage the customers to share the link and have incentives attached to the customer if someone purchases through that link.
5. Thank you goes a long way
It’s important to recognize anyone who contributes to the success of your business, especially a nonemployee who’s helping out of confidence in your services. When a person or organization refers someone to your company, they’re providing an invaluable service free of charge. Your gratitude can help them to continue referring in the future and it is the right thing to do! Some ways to thank can be sending a quick email, call, text, or a handwritten note.
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