Definition of ReferralMarketing: “The process of building a network of sources that will refer multiple
clients to your business.”
Top 10 Reasons Referral
Marketing is So Effective
1.
Your
Network is unlimited – As you begin to build relationships with powerful referral
sources and you get your clients to refer you, the network continues to grow
with no end in sight.
2.
Higher
Quality Clients - Since Mercedes Clients seek out a referral, you get
higher quality clients just from being a “referral based.” Referred clients
usually don’t even ask about price. They are more concerned about quality than
price.
3.
Pre-Qualified
Clients- By education your referral sources, your prospective clients will
be pre-qualified; therefore, they will already know you charge more.
4.
People
Trust Referrals- Wouldn’t you agree that referrals already have a level of
trust for you? Sure they do. They trust you because the person they trust knows
you.
5.
Reduces
Competition- With referral marketing, you are no longer fighting for the
best ad placement, or getting copied. Relationships are hard to duplicate.
6.
Low Cost-
With the right referral marketing system, you won’t spend money on expensive
advertising. The cost is very low for referral marketing. Even with a Referral
Reward Program (which I highly recommend), the cost is still extremely low
compared to most advertising.
7.
High
Returns- The returns can potentially be huge. In many industries a 4-to-1
return on investment on advertising dollars would be outstanding. In other
words, if you invested $1,000.00 in advertising, you would get an average of
$4,000.00 in return. With referral marketing, if you pay a 10% referral reward
and everyone cashes in on it, you will have a 10-to-1 return. In my reward
program, /I get a 20-to-1 return.
8.
Returns
Guaranteed- With a referral reward, you don’t pay it until after the
product or service is paid for. With traditional advertising, you put your
money on the line and Hope for a return.
9.
Small
Time Investment- The biggest objection I get to referral marketing is “time.”
See reason #10 to overcome that challenge.
10.
EXPO-NEN-TIAL
MULTIPLICATION!! – …If you can invest just 30 minutes per day calling on
powerful referral sources ( companies that are in a position to refer you on a
regular basis), do think it is possible to generate just $1,5000.00 in new
referrals in a one-month period? Not too difficult for most small businesses.
To find out more about how to use a referral system in your
business join us for the (Zig) Ziglar Born to Win Business Growth Workshop
October 4th, in Columbus, GA. The Author, Howard Partridge and Tom Ziglar
will
teach this and much more! Business Growth Workshop information on $97.00 with a money back guarantee if not satisfied.
