5 Benefits That Referral Programs Provide — And How To Get Them

referral program benefitsImplementing a referral program can optimize your business’ sales cycles, producing qualified prospects that will maximize your sales funnel. Leading to a better ROI than cold calling or generating brand-new leads from scratch, referral programs can drive your marketing efforts further.

5 referral programs benefits include:

  • Reducing your sales budget by focusing on customers who are satisfied with your products and services.
  • Increasing your sales cycle by generating leads within the scope of your satisfied customers’ circles of influence, a better way to spend marketing dollars than cold calling.
  • Quickly generating more satisfied customers, ensuring a continuous cycle of repeat customers and referrals.
  • Improving sales revenue, offering a higher conversion rate than unqualified sales leads.
  • Generate a better overall ROI from your marketing strategy.

Create a well-planned program designed to capture referrals to get your strategy off on the right foot. Taking time to develop a program will not only boost its initial potential, but create long-term results. Here’s how:

  • Start with a goal. Set a timeline for the program and an exact goal for boosting referrals.
  • Choose your timing carefully. You might be tempted to ask for a referral immediately after a sale; however, you’ll often find more success by allowing customers some time to evaluate your product or service, which can produce a more valuable testimonial.
  • Target your referrals. Your referral marketing materials should clearly outline your products and services — and who will benefit from them. This will also help you cross sell to your existing customers.
  • Say thanks. If you haven’t built consumer relationships on trust, referrals will dry up. Send a personalized thank you to every customer who offers a referral. Treat this valuable customer base with gratitude and respect.

With a solid referral program in place, you’ll boost your marketing ROI and drive sales conversions. Continuity Programs offers company branded, turnkey marketing solutions, including referral programs that optimize a variety of marketing materials. Contact us today.

Image via Shutterstock.

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