How Savvy Businesses Get High Quality Leads for FREE
According to a Hubspot's "State of Inbound Marketing" 2018 report, businesses surveyed consistently ranked REFERRALS as the highest quality lead source, with 33% ranking referral leads as "very high quality" and 26% ranking leads from referrals as "high quality" (1). By comparison, only 16% of leads sourced by sales teams were considered "high quality", and other sources dwindled from there.
Which means that if you want MORE LEADS that actually close into SALES, then you'll want to utilize this low-cost, high-return marketing strategy. Because here's the thing - referrals WON'T happen often if you don't create an environment to receive them.
Here are some best practices:
1. ASK for referrals. You'll never get referrals if you don't ask. Case in point: in one study, 91% of customers say they would give referrals, yet only 11% of salespeople ask for them (2). Which is why it's always good to ASK. Make it clear who would make a good referral and who wouldn't. This can be done by a clear referral campaign triggered at a specific point in the service package.
2. Build in value for your referrer. What can you offer them? (Cash is KING, by the way.) Make it a no-brainer for them to introduce you to their network. And of course, reciprocate when possible!
3. Build in authority-backed ways for clients to refer. I recommend writing a book for your services anyway and, when you send a referral campaign, include a copy for your past client and an "extra copy for a friend". This makes it super easy for your clients to refer without being salesy.
4. Treat referred prospects with the utmost respect and timeliness. Referred prospects should be treated as "hot" leads with your sales team. Make sure your sales team SLA prioritizes referred leads.
5. Track your referral statistics. You can easily add a line and track as part of your "Weekly Scorecard" metrics. (Which you'll learn how to do as part of your project with us.)
Would you like some assistance building a powerful referral program?