8 Amazing Benefits of Referral Programmes for B2B Businesses
A referral programme incentivises your customers to recommend your business. A referral scheme is an official way to tell your existing clients that you want them to refer you business and that you’ll thank them for it! If you are contemplating implementing a new referral programme, these are the benefits you can expect:
- Helps build trust easily
- Indicates that your business is performing well
- Increased ROI value
- Brings more value to your business
- Increased engagement
- Identifies and targets your most loyal customers
- Boosts social media awareness
- Simple to operate
Helps build trust easily
According to Nielsen, 92% of consumers trust referrals from people they know. You are much more likely to purchase from someone that has been recommended than a new business. Without trust, you’ll not make a sale!
Indicates that your business is performing well
Referrals indicate that your business is doing well. People refer service providers or products naturally when they receive good quality service. Positive word of mouth will only improve your reputation and brand.
Increased ROI value
A referral programme is a low-cost way to gain new clients. When you compare the acquisition price of a new client you acquired via a pay per click advert to that of a referral you’ll see that your ROI is vastly different!
Just make sure you ask for referrals at the right time! (link to designing referral blog)
Brings more value to your business
Referred customers already join your firm feeling positive and excited. They feel confident that they’ll experience good service. These customers are always a delight to work with.
A recent study showed, 14% of customers who visit a referral page take action.
Referred clients also want to know more about your business. All of this traffic will strengthen your online presence which will continue to drive even more visitors and potential clients to your website and social media profiles.
Identifies and targets your most loyal customers
A referral programme is an easy way to identify your most loyal customers. Make sure to reward your clients who refer the most people with exclusive deals and partnerships. Not only will this make them feel appreciated but they’ll continue to refer even more potential business!
Boost social media awareness
According to Hubspot, 71% of people are more likely to purchase a product or service based on social media referrals. Therefore, a referral programme is a great way to ramp up your social media presence and create some original content.
Simple to operate
Referral programmes are simple to design, set-up and execute! By not setting up a referral programme you are missing out on a cost effective way to generate leads.
Our business first started to grow due to referrals. Make sure you don’t miss out – trust should never be underestimated!
Growing your business is not an easy task, book a free strategy session with a senior GrowFactor Chartered Accountant. No strings attached.