As B2B businesses, we all love referrals. Why? The answer is simple. They usually come from qualified sources such as a customer or partner. Referrals already have a level of trust because they trust the referrer. When the referral becomes a customer, they are loyalty and retention as a customer is 16% higher than non-referral customers. This is one of several reasons we love referrals.
Since referrals fill your sales funnel with qualified leads, we would like to share a few ways you can build quality referral sources.
- Start with your own customer service. Customers talk. They love to tell stories and experiences with each other about any and everything. That includes your business. Train your customer service to be experts in your industry, to take pride in their company and product, and to value the customer. Average customer service does not get referrals. In fact, there is a higher risk of negative talk about your business. Exceptional customer service will get people talking, sharing, AND referring. Give them a great experience so that they can’t wait to share.
- Feature your best customers. Your best customers have invested a great deal in your company through products and services. Create case studies about their success and the role you played in it. Highlight their content by sharing posts and re-tweeting. They are more likely to refer your business when they see you “referring” them through social acknowledgment.
- Ask for referrals. Do not be afraid to ask customers who are satisfied with your company’s offering for a referral. People tend to do favors for people they like. This is the same for B2B customers. Tell them how much you value them and ask if they would refer other businesses to you. If you do not ask a satisfied customer, you are guaranteed to get zero referrals, but you never know how many you’ll get if you ask.
- To receive, first give. Everyone likes an added value to a purchase. They feel like they really got a great deal. Offer your customers an incentive that will make their lives easier if they give you a referral that turns into a new customer. You can do this by creating a referral program through your CRM or marketing platform.
This is just a snapshot of referral sources. There are many ways to build referral sources, but it takes hard work and that is the key. Hard work shows that you care about your customers. When they see that, they will become an amazing referrer. If you have questions about building referral sources, please contact us. We can help determine the best referral sources for your business.