Post on 16-Jul-2015
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.Dr Nupur Gupta, MSWomen Wellness Expert
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What is a referral?
It is confirmation that my product and service is
worthy of a recommendation. It is a public declaration
that a customer believes in what I offer so much; they
want others to experience it.
It is an introduction to a potential new customer who
may later provide their own referral. Helping to
increase the bottom line and provide for greater
investment into the product and service.
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Referrals = Least Expensive & Most Effective
WHY?
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WHAT DOES RESEARCH SAY?
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Referral-Based Marketing
Statistics You
Need to Know
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65% of New Business Comes From Referrals
Referrals
Other
- Source: The New York Times
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People Are 4x More Likely to Buy
When Recommended By a Friend
- Source: Nielsen
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49% of consumers say friends & family are their top sources of brand awareness
Friends andFamily
Other
- Source: Jack Morton
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Offering a reward increases referral likelihood, but the size of the reward does not matter
- Source: American Marketing Association
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85% of fans of brands on Facebook
recommend brands to others.
- Source: Syncapse
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83% of consumers are willing to refer after a positive experience…
…yet only 29% actually do- Source: Texas Tech
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One of the best
sources of
business
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How to Identify Referrals?
New leads & Endless
business opportunities
& Become more profitable
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. . .
•Be incredibly responsive
•Look for opportunities
•Really get to know your customers
•Be warm, make eye contact & say
hello first
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Strategic referrals or by chance? How to remind your EXISTING happy CLIENTS?
Praised by your client (THEY ARE HAPPY)
When you hit a project milestone?
When you see an opportunity (Never loose it)
At the end of your assignment (best time to ask)
Follow Up (Even if project is over, give them a buzz
or email to be in touch)
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How to generate business by referrals?
Be Referrable – give your customer an
amazing experience, creating value, deliver on
client expectations
Develop & implement an Effective Referral
System
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How to develop a Referral System?
1. Target your dream customer (power partner) (ideal client) (best referrers)
Identify – repeat business
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How to develop a Referral System?
2. Educate referral sources
About your USP
Your ideal client
Equip them (shareable content)
Connect virtually (linkedin)
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How to develop a Referral System?
3. Ask for referrals
don’t feel intimidated
Polite & professional requests
Make a methodical system
Write in email signature (referrals
appreciated)
Client appreciation email (referral language)
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How to develop a Referral System?
4. Recognise your referrers to encourage more
referrals
clients, business friends, vendors
appreciate by phone or sms
Give gifts or discount coupon
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How to develop a Referral System for best results?
5. Measure referral marketing efforts
track your referrals,
identify best referral
source,
Improve company’s ROI
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10 COMMON MISTAKES
Not to ask for a referral
Asking only once
Suggesting instead of asking
Waiting until the sale has been completed
Focusing on their needs, not the clients
Not understanding the psychology of the referral
Not calling the referred prospect
Not helping the client give referrals
Not earning the referrals
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Think of ways to make yourself more referable?