In the tech fuelled world where you can reach people anywhere in the world in an instant, it may seem daunting when looking at marketing and the best way to find new customers.
Should you retarget on Facebook, find influencers on Instagram or create video content for Youtube? What about old school print media and locally targeted print ads or physical promotions?
All of these options should be considered, but I’d argue the best potential pool of new customers comes from… your existing customers.
Yep, that’s right, your existing customers, clients or whatever you call them are the best immediate source of business.
The majority of businesses are too afraid or simply don’t ask for referrals. They neglect the fact that the best way to build trust is through word of mouth.
If you’re looking at implementing a new marketing strategy or are already tight budget-wise and haven’t got a solid referral strategy setup, start by looking there. Of course, this may not be applicable equally to all businesses, but it will be to some extent.
Companies such as Dollar Shave Club are a great example of large scale referral bonuses and schemes, where customers get gifts at milestones for friends signing up with their codes. If a friend recommends something to you, there is already a good level of trust between the potential customers and the brand, much more so initially than advertising.
It might be a cash bonus for referrals or gifts like Dollar Shave Club, even something like a discount to their next purchase or a bottle of wine are all great options/
The success rate may not be huge, but even for professional firms with relatively few clients, in the hundreds say, each client is valuable. If just 5% of clients are able to give a referral, that could bring tens of new, qualified leads to the firm.
Your overall marketing strategy will depend hugely on your individual business. A referral system should be a part of that however as it is often a very cost-effective way to generate qualified leads.
sko Media are experts in creating and executing marketing strategy and integrating new systems such as referrals within your business. Contact Us today for a free 1-on-1 discussion to see how we can help grow your business.