Set Specific Goals
The first step of establishing an effective customer referral program is to set specific goals for what your program should accomplish. Are you looking to improve customer retention? Are you more focused on growth and revenue? Do you have to “prove” the worth of your product? Once you can confidently answer these questions, you can begin to build your referral program.
Decide What a “Good Fit” Looks Like
Can you define your ideal customer? You have an opportunity with a referral program for your existing customers to refer leads that will be the right fit for what you provide. Instead of giving you a list of cold names, you will have a better opportunity to make a sale with the right fit. Defining what you perceive to be an ideal customer gives your current customers a better picture of who to refer.
Identify Referral Incentives
How can you incentivize your current customers to refer new leads? This kind of program shouldn’t only benefit your business. You should look for ways to thank your customers for referring your business! You need to ensure that the referrer gets something out of the deal, whether that’s a discount, coupon, or some other kind of reward. If you can properly incentivize your current customers, your referral program will be much more successful!
Follow Up Quickly
While it’s likely that referrals will be a warm lead, you shouldn’t assume that they aren’t looking at your competition. Make sure that you follow up on the information that your referrers provide so that you can quickly finalize the sale. The sooner you make your impression, the more likely it will be for your business to finalize a deal.
How Marketing Eye Can Help
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