WINNING THE CLIENTS & PROSPECTS THROUGH REFERRALS

In the world of marketing, word-of-mouth marketing continues to hold tremendous significance for a company’s strategic goals. There is a growing acceptance of the idea that the best way to advertise a company’s value proposition is no longer through exorbitant advertising campaigns. Instead, you can effectively guarantee new business if satisfied employees or customers can do your advertising for you. This concept of customer referrals can often be the difference between a growing firm and one with stagnant sales.

This idea would probably resonate most with those working in insurance. Typically, your manager or team lead wants you to jot down a list of your references that they can use as prospects for attaining business. Obviously, for the person winning a life insurance policy is like winning business for the company upon which your commission rests. Similarly, in the world of marketing with an absolute focus on relationship marketing, you need to focus on the key importance of prospects. These referrals are worth their weight in gold, as they will mention their experience with your firm to friends and family.

The business world not only relies heavily upon but also revolves heavily around referrals. Our business landscape has changed dramatically in the recent past. Especially in the era of COVID-19, traditional methods of in-person business development have been forced to evolve. This holds not only for online businesses but also brick & mortar stores.

These days, there are fewer in-person communication opportunities & referrals have the potential to be an even more powerful business development tool in this new dynamic, according to some concrete sources who claim that referrals are the ones that lay the groundwork for brand reputation and exponential growth.

Here are some of the tips for winning referrals:

MAKE IT A HABIT TO ASK FOR REFERRALS:

Make a habit of asking clients with favourable experiences for referrals, as, according to a popular American novelist, if you don’t ask, the answer is always no. Applying the same context & linking that to business & customer service, you need to ask for referrals regularly to keep winning business.

According to customer-centric research, 85% of satisfied customers are more than willing to give referrals. However, only 29% do, probably because they were never asked to give referrals.

Referrals are precious and, depending on how well your meeting went, can even be asked for during the first meeting with a customer. Generally, customers are most excited and engaged when learning about a new product or service.

Some feel uncomfortable asking for a referral as they believe they are asking the client or the customer for a favour. Alternatively, you can ask the client or the customer if they know someone who will benefit from an introduction. Obviously, with practice and time, your confidence level to ask for a referral shall increase.

The best thing is never to overpromise and under-deliver. However, don’t forget to say thanks for your referral.

MAKE USE OF THE ONLINE REVIEWS TO YOUR ADVANTAGE:

Make sure that you make good use of online reviews. It is now a universal fact that online reviews are second to reviews by friends & family.

People who are being referred are often the ones who will look for you online as they want to know what people are saying about you. More importantly, opinion matters as the world of relationship marketing is an increasingly opinion-oriented world. This is true for both online & offline. Therefore, it is something of paramount importance that your company, products and services are positively reviewed online. That is, the online image or the digital image is sound for better prospects.

Always remember that while people cherish positive experiences, negative experiences are much easier to remain with a customer for a long time. Ensuring that your company delivers on its promises is crucial for ensuring that your firm develops a strong brand reputation and a loyal customer base.

IN THE WORLD OF DIGITAL MEDIA, A ‘LIKE’ IS SIMILAR TO A REFERRAL:

In the world of digital media, which includes social media such as Facebook & YouTube, a “like” is always considered a positive gesture or a referral. Obviously, a ‘LIKE,’ which is generally in the form of a tick, means a positive response or a good referral. This is an engagement that is visible to the entire network and automatically serves as a virtual referral. A virtual referral means that there is no evidence of a referral except for an electronic like, i.e. no paper, no verbal and even no audio proof.

A study by one of the biggest market research companies, Nielsen, has found 81% of the respondents trust the recommendations from friends & families. Therefore, their likes on a network can often be just as important as word-of-mouth referrals.