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Word-of-mouth is a key factor when it comes to growing a business. In fact, referrals and recommendations make up 65 percent of new opportunities — a percentage no business can afford to ignore.
If you’re a small business leader, it’s a best practice to ensure client referrals are an integral part of your marketing and sales strategy. With a strong incentive program in place, your business will be able to generate more leads and increase customer loyalty in one fell swoop.
Before discussing how to put an effective referral strategy in place, however, it’s important to understand why customers find referrals so compelling and why some companies’ referral programs fail to get off the ground.
Why Referral Programs Work
In the quest to grow and scale, it can be easy to forget that there are actual people behind sales numbers. When that happens, the focus moves away from bolstering customer relationships and toward boosting those numbers in any way possible. While this might spike numbers for a little while, it will ultimately harm growth in the long term.
A strategy that centers around referrals can help businesses avoid this pitfall. It focuses on the people behind the numbers and makes it clear to clients that you believe you deserve their business.
A word-of-mouth approach can lead to higher conversion rates than other marketing strategies, especially for younger generations. According to McKinsey, 63 percent of Gen Zers trust recommendations from friends more than any other source. Because the internet has made it easier than ever for people to provide such recommendations, the value of referrals is only trending upwards.
So, if recommendations are so powerful, why do some referral programs fail to generate growth?
Why Some Referral Programs Fail
More often than not, a company’s referral strategy fails because it commits the cardinal … Read More
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