Businesses recognize the importance of referrals, however, only a few work towards actually building a referral network with a sustainable and consistent source of referrals. It is not the ignorance of the businesses that do not allow them to develop a referral network, but because they invest their time in working at one or at most 2 referral sources with their prime attention on getting referrals from their satisfied clients. You will be surprised to know only 18% of the clients actually refer business if asked to refer and yet businesses invest much of their time on developing their source and neglect 7 other sources of qualified referrals. This article lists 8 referral sources which every business must pay attention to, to develop a strong referral network:
1.People in your contact sphere people you may know like family members, neighbors, your service providers, etc.
2.Satisfied Clients – Good word of mouth goes a long way
3.People whose business benefit from yours – businesses that find your firm benefiting theirs are more keen to see your progress to allow them to have you as their long-term clients. Utilizing this source can make quite a difference in the growth of your business.
4.Others with whom you do business – Your hair stylest may be the last one in your mind when it comes to referrals, however, we must not forget that this hair stylist may be servicing your dream client and may be the key link.
5.Staff Members – Staff have the best understanding of your business and a happy employee can be good source of referrals for your business
6.People to whom you have given referrals – Such Individuals/businesses will be more keen on giving back.
7.Anyone who has given you referrals – These individuals have a better understanding of your business and perhaps can be an important source of generating referrals for your business. These individuals/businesses relationships should be nourished and not abused for their generosity.
8.Members of Business Groups – Groups that are created for the purpose of bringing people together for networking and referrals for its members
For more information on how to develop stronger relations with your referral sources please do stay in touch. Hope you find this useful for your business.