How to Design an Effective B2B Client Referral Programme
If you are familiar with Dropbox, you might have heard how they experienced 3900% growth in 15 months with a simple referral programme. One of the easiest ways to get high quality leads that are already aware and excited about your business is through referrals.
Referral programmes are very beneficial to your business, especially if your business is B2B as it helps build instant trust and gets your ideal client in front of you. In fact, one study showed that 84% of B2B decision makers started their buying process with a referral. Additionally, data from Wharton School of Business states that the LifeTime Value of a new referral customer is 16% higher.
If you’d like to introduce a referral programme, here’s how:
- Analyse your customer
- Choose remarkable experiences
- Reward both parties
- Make it simple and clear
- Promote and remarket
Analyse your customer
Before you start targeting new clients you need to know who your ideal client is and what they look like. You only want to spend your time attracting your ideal clients, so make sure you design a referral programme that will enable you to acquire the right customers for you. Know who to target to be more profitable.
Choose remarkable experiences
Referral programmes are much more complex than simply asking all your existing clients if they know someone who needs your service. It is important to ask your clients when they have had a remarkable experience.
If your client is unsatisfied with their current service the chances of them recommending you is low. However, if you deliver the ask after you’ve delivered a remarkable experience, then your client is much more likely to go out of their way to give something back. Plus, good service generally means good word of mouth.
Reward both parties
It is always good to reward both the referrer and the referred customer.
If a new customer can secure a better deal by going through an existing client instead of your website they will be even more incentivised to sign up.
Make it simple and clear
Don’t over complicate it!
A simple referral programme landing page on your website with the headline details should be enough to effectively communicate why and how customers can refer business.
Make sure to track which clients have referred so they don’t have to chase you for their reward!
Promote and remarket
Like all things in business, it is not enough to simply have a referral programme. You have to promote it to make sure your existing clients are aware of the programme! Make a point of referencing it at all key touch-points with your customers. For example, include it in the monthly newsletter or mention it in your email signature. Get creative and spread the word.
To sum it all up, a referral programme could really push growth in your business if you take the time to design it right. Sit down with your team this week to start brainstorming your favourite referral programmes for inspiration.
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