B2B REFERRAL PROGRAM - A KEY TO BETTER SALES FORECASTS AND GREATER LEAD VOLUMES
In this era of digital marketing, the popularity of Referral Programs and Referral Strategies has gone sky high. You will agree with the fact that ‘Referrals are the best leads one can get’. Maintaining user trust is the most vital factor in keeping B2B relationships eternal. However, it requires thousands of millions of investment, which is why many small and impecunious business firms fail to live up to the challenge of running an online campaign to grow their businesses. So, can you think of anything that what could be the rescue path to this problem? If you are thinking of B2B Referral Programs and Referral Strategies, you are on the right track. B2B Referral Programs and Referral Strategies pave the way for keeping clients happy, who in turn become likely to recommend the products and services to their peers. However, B2B Referral Programs and Referral Strategies involve much more. Simply calling or texting your customers and telling them about referrals does not conclude a referral program. In other words, depending completely on frontline sales representatives for generating marketing referrals could turn out to be as useless as the fifth wheel. Instead, creating an enduring and flawless referral experience for B2B clients will prove worth in generating high revenue for your company. B2B Referral Programs have been tested and proven successful in shortening deal lengths and increasing interaction with leads that are more likely to convert.
Statistical Analysis: Why we need B2B Referral Programs and B2B Referral Strategies? Statistics show that a referred customer has 16% higher lifetime value compared to customers acquired via other referral modes. Many business firms claimed to have four times increase in sales of their products and services when being referred by a friend. About 71% of the companies reported higher conversion rates with B2B Referral programs. A statement by Edelman Trust Barometer showed that 84% of B2B businesses grow via implementing B2B Referral Programs and B2B referral strategies. These days, social media has also turned out to be an outstanding platform that helps leverage your business, considering the common myth ‘Enhance your business with social media’. A statistical report leaked by the B2B survey showed dependence of 75% of business clients on social media. How to get started with B2B Referral Programs and B2B Referral Strategies? Below is the list of some of the key points you need to think about before getting started with B2B Referral Programs and B2B Referral strategies:
Set your target Think of the ways you can follow to promote your program Find out best possible ways to reward referral leads Think of the ways to reward the referrers Scaling of the Program
Now, what can be done to scale your B2B Referral Program? The immediate answer that strikes your mind is ‘Automation’. Yes, as we start building the B2B Referral Program, it becomes utmost important to automate the complete workflow. B2B Referral Programs and B2B Referral Strategies help in attaining new business leads, ensuring brand promotion activities, engaging new business firms, associates, dealers, employees, customers and partners. This is the major reason behind the success and unprecedented growth of many business firms.