What Is A B2B Referral Program?
A B2B referral program is a formalized process by which your happiest customers can recommend your product or service to their peers by asking your sales team to reach out to their contact.
Sporadically emailing and calling customers for referrals does not count as a referral program. Instead, marketing teams should be responsible for creating an ongoing, seamless referral experience for your B2B customers can create a new revenue stream of high-quality leads.
Why Do You Need A B2B Referral Program?
Customer referrals are the best kinds of B2B leads for a few reasons:
By creating a formal B2B referral program, sales and marketing teams can expect to increase revenue, shorten deal lengths and spend more of their time on leads that are much more likely to convert.
The Elements Of A Successful B2B Referral Program
The most effective referral programs have a number of elements that make them great generating revenue:
B2B referral programs must go beyond a submission form buried on your website. They need to get customers:
- Engaged with your product
- Connected to your company
- Excited about referring friends.
Want to know how your current referral program stacks up?
Most B2B referral programs can’t do this alone. The backbone of a successful referral process is an advocate marketing program that primes customers to give high-quality referrals.
How To Improve Your B2B Referral Program With Advocate Marketing
Consistently engaging your best customers through an advocate marketing program will nurture your relationship with them and reward them for supporting your brand. Think of it as a private community for your top users. Once your advocates feel valued and connected to your company, they’ll be ready to submit high-quality referrals.
“With email, we could only make one ask at a time. We also had to limit our requests, because we didn’t want to overwhelm our advocates. However, after introducing an advocate marketing program we saw that if you ask advocates to do one thing, they’ll do much more.” – Michael Beahm, Customer Advocate Marketing Manager at Blackbaud
Influitive Advocate Marketing Software & B2B Referral Programs
Influitive’s AdvocateHub platform harnesses the positive sentiment of your advocates, and makes it easy for them to refer new customers and get recognized for their contributions.
Don’t believe referral marketing will have a huge impact on your business? In 2014, we generated and grew 650% with the help of our advocate’s referrals. (We reveal exactly how we did it in our Exposed ebook.)
Learn more about Influitive by booking a demo today.