In this day and age, information about any brand is at your fingertips. A quick internet search reveals a wealth of details on all the products and services on the market. Much of the conversation about companies is no longer controlled by the brands themselves; instead, that control is largely in the hands of customers.
How customers talk about a business directly impacts its sales, both then and now. That’s why you as a brand should treat your customers well. This is also why you should explore the idea of a formal referral program, as such a program allows you to cultivate the right message around how customers discuss your product or service.
But it’s not just messaging that matters
In both the B2B and B2C spaces, as many as 80% of purchases involve word-of-mouth referrals in the buying cycle. People trust recommendations from others more than brands themselves. Why not database incentivize referrals by rewarding those who connect you with other customers who match your ideals? Using a referral program will put customers in the loop to help grow your business. You can connect customers not only to your brand, but also to your vision, mission and values, thereby enhancing brand loyalty. It is claimed that increasing customer retention by just 5% can increase profits by 25% to 95%.
The referred customers will also have a better understanding of your brand. They have second-hand knowledge of what your product or service offers and will come to you for a specific solution. There’s no need to sell them on your offer; instead, it’s about strengthening the trust that already exists. Trust is a catalyst for growth, allowing relationships to mature faster and more meaningfully. You are responsible for maintaining this trust.
Build a solid foundation
Building a referral program sounds simple, and it is, to some extent. However, businesses often run into problems in the early stages of project construction, such as: how to handle referrals? How do we ensure our referral partners understand referrer methods and treatment? You want the referral experience to be similar to that of the customer who made the referral. The last thing you want is for anyone to be hesitant to refer your business to others because you haven’t worked out the details and passed on the information to those who participate in your referral program.
Decide who will meet with these customers to discuss utilizing your services; decide what the pricing model will look like, and why the experience of referring customers is as positive as the one who referred them. By clarifying your process, you can give potential referral partners the confidence they need to refer you with valuable referrals and put their name and reputation at risk as they further connect with your business .
Another problem businesses run into is measuring the results of referral programs. The key is to clearly define your desired metrics for your referral program – and be able to support why those BWB Directory metrics matter. Are they based on “what’s right” experience and data about how your referral program works for you? How do you measure passive referrals? Where do you expect to see an impact on sales? What timing is realistic?
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