Five (5) tips of growing a referral based business.

By January 12, 2018 No Comments

Most businesses are aware that one of the most efficient means of getting new customers is by word of mouth. Business entities need satisfied customers to recommend your business to other people looking for your service or product. Referrals and word of mouth are at the core of successful businesses. Successful businesses have sustainable growth because their customers have an amazing experience and recommend you to their friends. Word of mouth creates more purchases. Research has shown that it’s the primary factor behind 20 to 50 percent of purchasing decisions.
Waka Investment Ltd  has listed down 5 key steps that you can apply today to start to have a successful business based on referral.

1. Offer top notch Customer Service

Quality customer service is not only a key element of your success, but also the baseline foundation for referrals. This includes timely response to customer’s emails and calls, strict adherence to the set project timelines, and also be consistence in ensuring a customer’s experience is repeatable through your own systems and processes.

2. Let your customers get to know you

Be personable. Customers refer people not businesses. Become someone your customers want to be around and trust. Let them get to know a little about you, make yourself interesting. When meeting a new customer there might be some awkward silence during the initial meeting, particularly if your business requires one on one meeting. Take this opportunity to initiate a conversation relating to their personal experiences before discussing the main agenda of the meeting. Use that as an opening to find some common ground and share your own experiences. Becoming friendly with a customer will make you easier to rely on and trust.

3. Go the Extra Mile

Fulfilling clients and making good on your promise is what you pride yourself on doing, but sometimes that’s not enough. The truth is, the market can be saturated with businesses just like yours or similar to yours. Look for opportunities to go the extra mile. Remember, your customers are spending their money on you. Whenever you have the option to go above and beyond the call of duty, take it. That gets people talking. The more help you can provide your customer the better. Offer them some extras or remind them of what your next steps will be. If your business has multiple steps in the sales process, let them know you will get everything in gear and email them along the way.

4. Show appreciation

This seems simple, but showing appreciation sets you apart. When you find out who referred you, send them a shout out. Thank them for thinking of you. Keep fostering that relationship and keep connected to your target market. If someone referred you once, they are likely to do it again. A thank you accomplishes many things, most importantly it conveys your appreciation. Even if a referral doesn’t quite work out, tell the customers you appreciate it as this could reinforce the behavior of referring again. Additionally, you could always give shout outs on your social sites or drop a thank you in your emails and newsletters. A little public recognition can fuel and generate more referrals.

5. Run a referral program

You can design a referral program to be incentive or non-incentive based. What is important is transparency and setting up a clear and understandable system. Referral programs aren’t just for customers either, they can also be used for referral partners who are willing to send you business.
Take time to get to know your customers and give them the best service you have to offer, there is no doubt that they will pass your name on. It’s all about working smarter, not harder