Earlier this year, Garret Norris reached out to me with an infographic he created for Business Coaches Sydney. I’ve asked him to share a couple of insights along with the infographic. I hope you will find it useful. I know I did.
If you have cool infographics or content, go to my Contact page and send me a message. If it’s a good fit for my blog, I’ll gladly publish it.
Before social media and other new digital platforms, businesses had to deal with the inevitable restrictions that came with traditional means: location, time, and space, to name a few. Nowadays, even when businesses are confined physically to a certain area, their reach and presence can still go far and wide to show and sell their products to a much bigger part of their niche. For example, an online clothing store based in Seattle can reach as far as Florida if it is needed.
Much like with websites, social media is your 24/7 connection to your customers and vice versa. They won’t have to wait for opening hours in order to place a call – your inbox or CRM tool is an easy communication tool and a great way of tracking down what conversation you may have had with customers.
A referral network – which refers to a group of business owners and professionals who try to promote each other (either through word of mouth or referrals) to gain more sales and leads – is a strategy that is heavily effective in adding value to your business and your customers.
Here are some reasons why you should be building your referral network today:
- You can still help solve your customers’ problems by giving them a quality referral, thus resulting in you earning more trust and loyalty. In fact, a research by Nielsen reported that 92% of respondents trusted referrals from people they knew or respected.
- It establishes you as a true expert in your industry.
- You will get higher-quality leads. In fact, 87% of frontline sales reps, 82% of sales leads, and 78% of marketers surveyed agree that referrals are the best leads your business can get.
- Increased revenue. Companies with formalized referral programs experience 62% more revenue growth over the past two years when compared to the rest of the competition.
In this infographic, Business Coaches Sydney details some key useful tips and tricks to help you build a successful referral network for your business and help it grow.