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04 February 2012, Calvin Yeo
Five Ways To Build Your Business Referrals
Most companies say that building business referrals has benefits. Referrals can lessen your marketing expenses because you don't have to take the initiative to call cold potential customers. It will make you focus more on building deeper business relationships with your clients. You clients will act as your salespeople because they'll be the ones who'll refer your company to their family and friends.
In addition, referrals will increase your company's profits because more people will get to know what your company is selling. It will attract them to purchase more of your goods and services because they heard it from the people they trust. Opinion from their loved ones is the most trusted advice that people listen to.
One study shows that an impressive 60 percent of the company's growth is due to referrals and only 10 percent is because of advertisements. That's why a lot of companies these days are using the referrals approach to be able to increase market share. Here are just some of the tips on how to build proper referrals:
First, it's always important to set a specific target. To do this, your company should create a timeline, say, a 15 percent increase for the next 10 days. It will help you get motivated in achieving the goal in increasing market share.
Second, take note that before you ask for referrals, you have to make sure that you give your clients support or discounts on company products. When you give something delightfully unexpected to your clients, then it's likely that they will return the kindness.
Third, find the top 15 loyal customers. Remember, not all of your clients have referral potentials so you have to screen them carefully. Make sure that that they are excited about your products and that their network is also your type of client.
Fourth, inform your clients what type of customers you can help. Explain to your clients carefully what you want. It will help them determine who to approach among their family and friends.
Lastly, give a rewards program. It's always important to show your clients how appreciative you are of what they did. That's why you have to make sure that you provide discounts on goods and services. It will motivate them to do the referral more often. You should treat your referral clients with genuine care. That's why it's also important to make a specialized thank you letter to each one of them.
By, Calvin Yeo, CFP, Certified Financial Planner, Financial Adviser, Financial Trainer, Financial Coach and a Public Speaker, Email: yeo.calvin@yahoo.com
Five Ways To Build Your Business Referrals
Most companies say that building business referrals has benefits. Referrals can lessen your marketing expenses because you don't have to take the initiative to call cold potential customers. It will make you focus more on building deeper business relationships with your clients. You clients will act as your salespeople because they'll be the ones who'll refer your company to their family and friends.
In addition, referrals will increase your company's profits because more people will get to know what your company is selling. It will attract them to purchase more of your goods and services because they heard it from the people they trust. Opinion from their loved ones is the most trusted advice that people listen to.
One study shows that an impressive 60 percent of the company's growth is due to referrals and only 10 percent is because of advertisements. That's why a lot of companies these days are using the referrals approach to be able to increase market share. Here are just some of the tips on how to build proper referrals:
First, it's always important to set a specific target. To do this, your company should create a timeline, say, a 15 percent increase for the next 10 days. It will help you get motivated in achieving the goal in increasing market share.
Second, take note that before you ask for referrals, you have to make sure that you give your clients support or discounts on company products. When you give something delightfully unexpected to your clients, then it's likely that they will return the kindness.
Third, find the top 15 loyal customers. Remember, not all of your clients have referral potentials so you have to screen them carefully. Make sure that that they are excited about your products and that their network is also your type of client.
Fourth, inform your clients what type of customers you can help. Explain to your clients carefully what you want. It will help them determine who to approach among their family and friends.
Lastly, give a rewards program. It's always important to show your clients how appreciative you are of what they did. That's why you have to make sure that you provide discounts on goods and services. It will motivate them to do the referral more often. You should treat your referral clients with genuine care. That's why it's also important to make a specialized thank you letter to each one of them.
By, Calvin Yeo, CFP, Certified Financial Planner, Financial Adviser, Financial Trainer, Financial Coach and a Public Speaker, Email: yeo.calvin@yahoo.com