According to research done by Small Business Trends, over 85% of small businesses reported that referrals were the biggest contributor to the growth of their business. It is not hard to believe as we all know, the most significant way to get someone to buy something from you is through a friend’s reference. A research conducted by Nielsen found that people are four times more likely to buy something from a company which is referred to them by their friends. A group of researchers at Wharton and Goethe University found that referred customers are also generally more loyal and spend more in the long term which roughly translates to 16% higher lifetime value.
Now the question that every business must be asking is, how can you get your customers to refer your products or services to their family and friends? The answer is simple, you must ask them for it and incentivize them as well through rewards like coupons. Referrals can have a drastic effect on the performance of your company over a period of time as it can provide a stream of customers that are willing to buy what you have on offer straight away without asking too many questions or going into a lot of details. This means that your cost of customer acquisition is reduced considerably through San Diego Networking.
Here are a few tips to increase the number of referrals your business receives through your customers,
Exceptional Customer Service
Most businesses that are operational today just offer an above-average level of customer service thinking that it is more than enough. All they do is tell their employees to smile at their customers and respond to their questions quickly. This is what the customers expect at a minimum. To be able to stand out from the rest of the companies that are doing the same exact thing you must be willing to go above and beyond and do more than what your competitors are capable of doing. This will get your customers talking to their friends about how you did something that no one would do. It is essential to do things that are attention-worthy to customers. This will reciprocate to good things for the company. Your goal must be to have your customers telling stories about your company.
Social Media Sharing
If you come across happy customers that have had a fantastic experience with your company, you can politely ask them to share their experience on their social media. You can even provide them rewards like coupons for sharing on their social media. This is sure to get the attention of a lot of customers. Make it easy for them to find your social media page by having ready links to share or you can even have a QR code that they can scan to get to your social media page.
Showcase Your Best Referrals
With the help of your best customers, you can create a case study on how they contributed to making your business successful. This will express your gratitude to your customer’s support as well as putting them in the spotlight. It is essential to get permission before you go ahead with talking their testimonials and referrals on the public websites and other such places.