Many businesses have some type of referral program, but they don’t always put a lot of effort into it; they don’t realize the benefits that they’re missing out on. The following article goes over some extremely beneficial that you and your business can utilize referral programs.
In referral selling you are introduced to people who you want to meet and who want to meet you. You generate the business opportunity that is yours to win. You are encountering people who could become your customers or who might be your promoters within their social groups. Either way, you are starting with someone in your corner. Think of it as having your own personal sales force out there working just for you. What an idea!
Here are some results you can look forward to if you run a referral program:
- Success Rate: Watch your success rate increase as you convert prospects to clients 50-90% of the time.
- Building Relationships With Customers: Existing customers will become repeat customers as they turn into loyal referral sources for you.
- Your Customer Is Pre-sold: This means that you will condense the sales cycle. You’ll close sales more quickly as your customers will already be aware of who you are and will be more likely to work with you.
- Reducing the Competition: You will be the one setting the benchmark for your competition. Because you’ve already built a relationship, your client will quickly share important information with you.
When a customer comes to you through a referral, you are credible the second you answer the phone or meet in person. When you’ve already been referred, you know that the customer is qualified because you’ve already identified your ideal customer.
Wouldn’t it be great if most of your business came from referrals? You’d save time, work with people you like, close deals in a timely fashion, and, most of all, you’ll enjoy yourself more. That kind of selling is fun. It’s about appreciating your customers and always proposing the best solution for them.
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