Are You Leveraging Your Referral Network?

Posted by James Vumback on November 5, 2015

Are You Leveraging Your Referral Network?

Do you have happy customers that love your product? If so, I’m sure they would love to tell their friends and family about you. And they probably already do.

Think about the last time you referred a product or service to a friend. How often does this happen? What if you were able to capture this?

Referrals or word of mouth marketing happen all the time.

Referrals are the best leads. Why? They are warm leads, if not hot leads. Referrals allow you to be introduced to prospective customers that want to learn about your product. They’re not interested in researching your competition, because they already trust you. They trust you, because they know that a family or friend received your services and recommended you.

Referrals are more easily converted into clients than other types of leads, in fact, there’s a 40-50% close ratio with referrals. Once these referrals become your clients they become your ideal referral resource for new business moving forward. And so the cycle begins. Every new customer that you get could be referring at least one person they know to your product or service.

It’s time to start leveraging your referral network.

“People influence people. Nothing influences people more than are recommendation from a trusted friend. A trusted referral influences people more than the best broadcast message. A trusted referral is the Holy Grail of advertising." (Source: Mark Zuckerberg, Facebook CEO)

Most customers (91%) will provide a referral, yet only 11% of sales people ever ask. (Source: Carnegie Institute)
Are you asking for referrals? If not, why not?

Still not convinced?

“Indeed, word of mouth is the primary factor behind 20 to 50 percent of all purchasing decisions. Its influence is greatest when consumers are buying a product for the first time or when products are relatively expensive, factors that tend to make people conduct more research, seek more opinions, and deliberate longer than they otherwise would.” (Source: McKinsey & Company)

We can help you leverage your referral network. With our App based referral program, we give you all the tools that you’ll need to grow your referral business.

Schedule a demo today and we’ll walk you through the entire process.