As a small business owner you might have come across the idea of referral marketing. If you’re wondering what it is, and if it’s for you, the resounding answer is “YES!”
Referral marketing is essential to your business’ growth and its bottom line. How?
The core of referral marketing begins with your current fan base. Essentially, those individuals who’ve previously purchased your goods or services and who are willing to recommend what you have to offer to people outside your immediate network. It is considered one of the most effective ways for companies to build a business.
The key is building trust. Most importantly, clients need to feel confident and satisfied with your offerings and you must be delivering a reliable product or service.
So why do it?
Instead of worrying about the cold call, small business owners can stop the legwork and have warm leads come to them. It requires patience, but is often well worth the invested time.
My 5 Strategies in Referral Marketing and Boosting Your Bottom Line:
1) Build strategic alliances with like-minded business owners, especially those who market complementary services or products to your ideal client population. Team up with and create allies in the industry in order to gain access to that individual’s network and to showcase both their talent and yours.
2) Provide incentives: reward program, free reports, referral program, etc. Incentive programs are often a welcome bonus for true fans and people promoting your work.
3) Bring in other experts relevant to your client base, to be guest bloggers or an expert interview; both parties can expand their audience bases. This can provide more practical how-to tips for clients, causing them to refer out your work and share on social media. Plus, you’ll expand your reach and be viewed as a “go to” resource.
4) Create a marketing strategy and program to let people know exactly how they can refer you. For example, use social media to promote both your work and your program, give clear instructions on how people can share with their friends and family. It’s as simple as adding share buttons to blog posts.
5) Focus on the relationship, not the sell. Referral marketing is a wonderful business opportunity, but remember the core usage of this technique relies on the person. It’s essential to keep in mind the person behind the numbers.
How have you used referral marketing to expand you reach or increase your revenue? Please share in the comments below!
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