Is A Referral Program Part Of Your Company’s Success?
Leads from referral programs are hot, hot, hot!
Know a B2B company that doesn’t want to shorten the sales cycle, reduce customer acquisition costs, increase deal sizes and attract more loyal customers? I don’t either.
But I do know that many B2B companies fail to extract maximum value from one of the most powerful and proven ways to achieve those goals: a referral program.
Whether you call them happy customers, promoters, referrers, or advocates – like we do – these people are the key ingredient in many companies’ recipes for success (including Influitive’s).
Just consider these stats:
- 83% of satisfied customers are willing to refer services to friends, colleagues and industry peers. –Advisor Impact
- Peer-recommended leads are 2.5x more responsive than leads generated by any other marketing channel. –American Marketing Association
- A referred customer has a 16% higher customer lifetime value. –Journal of Marketing
So what’s keeping the majority of B2B businesses from tapping into all that goodwill – and reaping the rewards? The problem is that they don’t have a solid system or process to consistently generate qualified referral leads from their customers, partners, investors and other fans.
I’m not saying you can’t grow your business without a referral program in place. Unfortunately, doing without one is like trying to make bread without yeast. Know what happens? Your organization won’t rise to the same heights as the companies that have made their customer referral programs a critical component of their sales, marketing and customer success strategies.
That said, you can’t just whip up a referral program from scratch and expect to win the top prize. You need the right ingredients, and you need to pay attention to how they’re mixed together and served up. Otherwise, you risk leave an awful taste in the mouths of your customers — one they’re not likely to forget.
Fortunately, we’ve got plenty of experience helping B2B companies create customer referral programs that yield big results. Heck, we’ve even seen huge results from the referral program we run for our own company. Plus, we’ve got solid relationships with some of the top experts on this topic.
We’ve packaged all that goodness up into a no-fuss recipe designed to help B2B sales, marketing and customer success professionals work together to become top chefs in their own rights. You can follow the recipe to the letter, or add in a dash of your own ingredients here and there along the way to spice things up.
Either way, your company’s bottom line will benefit from these best practices as well as the secret ingredients shared by sales and marketing leaders like Jill Rowley, Joanne Black, Matt Heinz, Trish Bertuzzi, Jim Keenan and other masters in the field.
When all is said and done, you’ll be able to whip up a referral program that results in happier, more engaged customers and a surge in revenue influenced by your company’s biggest fans.
Stay tuned for the next steps in our no-fuss recipe for cooking up a B2B referral program.