Referral strategies keep the business moving even in the times of slowdown. Referral marketing ideas work absolutely well in keeping the sales on fast track. Whether you are running a startup or some established corporate project, or any other business, all you need is more sales and more business. And the best way to achieve commendable market share is consolidating your referral model.
Before we come down to discuss on the most powerful referral strategies, lets get back to the basics.
What is Referral Marketing?
Well you can find many referral marketing examples in most of the business models, be it consulting business, corporate sales, cab aggregators or simply a freelance blogger.
Referral Marketing is basically marketing your services or products through the references, say word of mouth or online references. In this process, some people brief about your business on the behalf of your company which may further push your sales. The site or individual referring your business through specifically generated referral code will earn some commission in return from your end. In this way, you can also multiply your sales.
So in simple words, Referral Marketing is giving a part of your earning to the one who is giving your company’s reference to the end user or prospective buyer, converting into sales. Referral Marketing is simply spreading the word about the company through word of mouth or online network.
For example, if you have bought a new house and the concerned real estate company want you to mention or recommend their company’s project to similar buyers like you. If this gets converted into sales, you earn commission which is mutually decided by both you and the company. So, the similar process is followed in online sales too.
Referral Marketing is done through affiliates, individuals or any person who is interested in earning through referring your business to others.
Powerful Referral Strategies
We know that not all referral models meet the success. Even if some powerful referral strategies work, it is not that much profitable. So how to draw the referral strategies which can be fruitful for both your project and the people who are referring it to the customers.
Here are some of the most powerful referral strategies that work excellently in online industry
1. Redefine the term ‘referral’
Do not sound like you are seeking referrals. This may reflect your desperation. Just simplify the term “referral” by asking the prospective or clients to introduce your company to the customers. Also, let them know that if gets converted it will be fruitful for both your business and their individual and financial growth.
2. Exploit Entire Network
Do not limit yourself into assumptions over who should be fit for referral. Just keep on trying every means, be in family, friends, social network, business clients and even those entrepreneurs who are not too much into your kind of business. There is only one rule to referrals that there is no specified referral. Anyone can be your referral.
3. Do not demand, Just Request
It is a human psychology that if you push in too much, the person on whom you are resting your sales backs off. So instead of demanding sales and luring them into commission, just ask for help. And if you feel someone is interested just let them know how this referral would really help your company along with benefitting them. Requesting for help is always better for good referrals.
4. Be Regular
You should make it a point to ask for one introduction on daily basis. Or you can fix the criteria depending on the frequency of sales you require to keep your business in top order. Make your referrals pitch your regular habit. Consider it as an essential part of your business development plan. Following a routine always helps in the long run.
Make your referral offer a really special one. If you are conducting an online conference or simply a chat session to invite referrals, present it with a degree of decency. Show the brighter prospects of referring your business. Make your clients feel special about your proposal. Get them into belief that they are recommending really beneficial to someone. Believe me, it really works.
So which of the above referral strategies you find really helpful. Share your experiences with us.