3 Ways to Build the Best Prospect Referral Program
Referrals are one of the most effective and economically-efficient sources of new prospects for sales organizations. A referral program creates a virtual gateway of trust between you and a prospect, which bridges the gap until you build rapport.
Given the importance of a steady flow of referrals, don’t leave them to chance. Instead, proactively pursue a strong prospect referral program. The following are several helpful tips to boost your success.
Target the Ideal Customers for Each Solution
It may sound odd to start a conversation about referrals with a point about targeting ideal customers. However, the best way to get highly-qualified referrals is to target the right buyers from the outset.
To earn a referral, a customer has to feel confident in sharing the good news about a solution with friends, family, and colleagues. Your best chance to earn this confidence is to go after people who have a strong, genuine need for what you sell.
After you create a satisfied customer, you are well-positioned to seek referrals.
Have a Well-Defined Communication Plan
Earning a satisfied customer is great! However, you will rarely get a referral without taking the initiative to ask for one. Therefore, a well-constructed communication plan is essential. A good plan outlines the times at which you intend to seek referrals, and the communication methods you’ll use.
Naturally, good sales reps should ask for referrals directly after creating a happy customer. This request may come in person or on the phone. However, you should also use emails to seek referrals from customers who don’t answer the phone. An email also allows you the ability to drive the customer to a landing page where he can fill out a referral form with pertinent information.
Remember the Incentive
In some cases, happy customers do come to you personally or help spread the love based on the pure joy of a pleasant buying experience. However, intrinsic rewards motivate everyone to refer others to your business. Therefore, it is wise to consider an incentive to reward customers who do take the time to refer others to your company.
A discount off a next purchase is a sound referral incentive. Satisfied customers often appreciate the opportunity to save 10 to 20 percent off a purchase, particularly from a trusted firm. Your business benefits not only from the referral but also from the chance to generate more revenue and loyalty from the established customer. One-off cash rewards are a common referral incentive as well. A lot of residential service providers ask customers to put signs up in their yards after service to help increase drive-by referral opportunities.
These are three effective tips to help you build a strong and successful sales referral program. Salesgenie is a great partner for your prospecting needs; start your free trial to gain access to deep profiles to help you target the right customers for your solutions!