In an age where so many businesses are focusing on getting on-line fans, followers, likes and spreading their virtual presence, many are failing to take the next step. Closing the loop on these endorsements and implementing a referral program to gain new customers is that next step.
We would all love if our clients simply sent new customers to our door because our outstanding service inspired them to do so. However, often with the busy lives people lead and the overload of information, they may need a little nudge to spread the word and endorse you through referral incentives.
According to Tom Hopkins in “Sales Prospecting for Dummies”, your closing ratio for non-qualified leads is 10 percent versus a 60 percent close ratio with referred leads. If you think about it, what other prospecting method can save you on advertising, marketing, sales people and still deliver warm leads which are easier to close right to your door?
So, if you are wanting to move your existing customers from being just ‘customers’ to being ‘engaged customers’ who are brand advocates, then ultimately referral programs will benefit you by:
Reducing your lead generation costs
Save you time
Build your customer base
Increase engagement levels with your existing clients
In the midst of all that digital/social media strategy, implementing campaigns and other activities; take a minute to tap into your most rich source of prospects – your existing loyal customer base. Turn your community into more than just a ‘click on a social media site’ or ‘a listing on your database’ – convert them to genuine ‘word of mouth’ customers! We can show you how eftpos gift cards can cost effectively increase your referral program success by up to 4 times! Contact us today for an obligation free discussion and quote.