According to a study conducted by Bank of America, 86 percent of small business owners indicated that customer referrals are the leading source of new customers.
Yours is probably the same but what are they doing to encourage more referrals and how are you educating and qualifying those new leads?
Well, this is where the Get Referrals stage of the Lifecycle Marketing strategy ends and begins for small businesses.
For many small businesses, referrals “just happen”.
The reality is, it’s a byproduct of providing a great product, excellent service.
It’s also likely that you have more happy customers in your CRM that would love to refer you but don’t know how.
The purpose of the Get Referrals stage of Lifecycle Marketing is to grow a passionate customer base and transform them from customers into raving fans and promoters of your brand.
Making use of Infusionsoft’s Referral Partners, you can choose to either compensate for the lead, the sale or both. When you know the revenue of your product or service and the costs to acquire each customer, it will give you a good idea of what to compensate your affiliates.
To get your happy customers to become active and engaged partners, you simply create a Referral Partner registration form and customise it to fit your products and services. From there, you can inform your customers about the partner program and empower them to take action to become a part of your external sales team.
You should leverage the Get Referrals stage of Lifecycle Marketing to maximise the opportunity of having even more happy customers.
Even if you already get referrals regularly, imagine if you could double or triple the referrals you receive by simply paving the path for it.
In context, referrals should be pointing people into the valuable content and educational materials that your brand provides so it’s a natural transition for new leads to take into your business. Thus, the customer lifecycle is complete.
This wraps up the “A href=”/”>Small Business Toolkit Marketing Automation series on the seven stages of Lifecycle Marketing with Infusionsoft. If you’d like to review them all again, here the are:
- Attract Interest
- Capture Leads
- Nurture Prospects
- Convert Sales
- Deliver & Satisfy
- Upsell Customers
- Get Referrals