Promoting Your Business through B2B Referral Program Today’s competitive marketplace is a very unstable place, which is vulnerable towards many internal and external factors. However, over and over again, marketers have come up with best solutions to overcome the negative impact of these untoward situations on your business. B2B referral program is among those innovative solutions that is very helpful for brand promotion activities, and therefore has been adopted by many businesses. According to studies, many reputed companies trust B2B referral strategy for generating new business leads. Such specialized program works on principle of engaging customers, business associates, employees, dealers, partners, etc, in various brand sharing activities including sending referrals in their social circle of friends and family. However, because there is so much buzz about B2B referral program ideas, many people want to know more about these programs. Let’s try to elaborate components of this marketing technique.
Essential Components of B2B Referral Strategy To understand basis concepts and effectiveness of B2B referral program for brand promotion activities, let’s look at a glance at its components. Referrer: Referrer is that one person, who initiates the process of sending referral. They use technology provided by companies to share their brand through word-of-mouth techniques to increase brand identity in the market. Rewards and incentive options plays the role of motivation factor. Referee: Second and the important components is the referee. These are the ones who are referred by referrer. They can be from your referrer’s friend circle or family, or might have been seen your brand’s sharing on social media networks. Referrals: When referrers refer anyone to your business, it is said, referrer sent a referral. Most companies compensate efforts of referrers who increase sales or bring new lead prospects into their business domain through B2B referral strategy.