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Raising and Renewing Business Through Referrals

Written by: Glenn Ebersole

Article Overview: We observe today’s businesses trying to regain, retain and raise customers and prospects using many different techniques. And we also observe that businesses and consumers are inundated with marketing and sales messages, which cause great skepticism. So what can we do? How can we use strategic thinking to come up with an alternative approach?

Raising and Renewing Business Through Referrals

Raising and Renewing Business Through Referrals
By: J. Glenn Ebersole, Jr., Chief Executive of J. G. Ebersole Associates and The Renaissance Group™

We observe today’s businesses trying to regain, retain and raise customers and prospects using many different techniques. And we also observe that businesses and consumers are inundated with marketing and sales messages, which cause great skepticism. So what can we do? How can we use strategic thinking to come up with an alternative approach?

It is said that customers choose almost 50% of service-providing business due to a recommendation. Furthermore, a study by Opinion Research Corporation International (study originally commissioned by “priceline.com” in May, 1999) appears to corroborate that 3rd party referrals are fast becoming an essential part of doing business inline.

Referral marketing has many advantages. It establishes credibility, eliminates distrust, expands business in a very cost-effective and time-efficient manner and is an orderly process. Have I convinced you of the value of referral marketing at this point? If yes, allow me to share some solid advice to ensure your referral marketing will achieve the results you want.

Define your referral target market. This could be customers, but it could also be a referral network, other business owners, friends, et al.
Identify and describe your ideal target client. You need to describe what your ideal client looks like.
Develop a succinct and clear message for people to use when they pass on your name to prospects.
Explain the benefits of referring you to those who are your referrer and develop a comfort level with them that you will be very sensitive to and respectful of those who are referred to you.
Develop and implement a rewards strategy for the referrer.
Develop a system to follow-up on your referrals, including a strategy to convert them to clients.
Develop a communication system to follow-up with your referrers also. You must keep in touch with them.

Referral marketing is a real opportunity to grow your business. If you would like to find out more about how you and your business can benefit from referrals, please contact Glenn Ebersole t jgeprman@aol.com today so we can get you on your way to raising and renewing business through referrals.

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