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The power of referrals & why they’re essential for business
Our founder and owner Lisa knows all too well the importance of maintaining and perpetuating client relationships, no matter the industry. With an extensive background in real estate, corporate sales and buying, Lisa has spent her entire career making sure clients have walked away from transactions, deals and handshakes feeling elated. For Lisa, that feeling is the most important part of any business deal, and with good reason. According to Referral Saasquatch, 82% of business to business decision makers start a buying process with a referral. Often faced with limited time, business leaders have to be sure that they’re making the right decision. Most business people with experience in sales know that referrals are worth their weight in company gold. And when it comes to business to consumer models, referrals are just as, if not more, powerful. According to a global PR study undertaken by The Nielsen Company, 90% of consumers trust recommendations from people they know.
Want to know how to increase your positive reviews referrals and ultimately grow your business? Here’s our three tips:
1. Make the sell easier for yourself
The art of networking and consistent client prospecting is fundamental for business growth. It’s 2018 and customers are savvier than ever. When it comes to building a business, a ‘one size fits all approach’ isn’t going to make the cut. It’s all about finding unique sales strategies that are relevant and personalised. The rise of these customised and personalised services and technologies have made consumers all the more resistant to generic messaging. It’s time to say bye-bye to cold calling.
But if you’re a real estate agent, for example, how can you be more effective when it comes to converting those prospective clients? Think of it this way – a referred client is always going to be easier to convert. As Duct Tape Marketing put it, “It’s a simple reality of business – if people need what you sell, they are more confident about purchasing it if they get a vote of approval from someone they already trust”. Start to weave referral techniques such as proactively responding to positive feedback, encouraging client testimonials and regularly reaching out to previous clients into your personal business model, trust me, it’ll make your day to day to-do list so much easier.
2. Spark a positive conversation and make it memorable
Transactions are easily forgotten, especially if they’re routine. So, when you complete the deal, make sure you leave a long-lasting, positive impression to show gratitude. Just doing the job you were paid to do is not enough to ensure a positive experience, that’s simply expected. Instead, go the extra mile by doing the unexpected – make them want to refer you. Imagine the last time that you experienced exceptional customer service. Was it a complimentary glass of wine at a restaurant to celebrate your birthday? An upgrade at a hotel because it’s your anniversary? When a staff member at your local supermarket remembered your name? It’s these little gestures, often unexpected, that leave a lasting impression and can truly make the difference.
As they say, good news travels fast, but bad news can travel faster. According to Survey Monkey, if customers have a “very good” or “excellent” service experience, over 95% of them are “very” or “extremely” likely to tell friends and family about it. Software company ZenDesk undertook customer experience research and found that whilst 87% of people are likely to share positive customer experiences, 95% are going to share the bad ones. With a wealth of digital platforms available for customers to leave reviews, comments and opinions, there’s no hiding anymore. So be the business that has a multitude of positive reviews.
3. Build trust, build loyalty
One of the best things about referrals is that your customers do the work for you – it’s like having a salesforce working on your behalf. And, this salesforce’s capacity to network is larger than anything that you could do on your own. However, referrals only come from trust. If your business or services is recommended by someone who’s a trusted source to the prospect, then half the sales work is done. In our opinion, the surest way to be worthy of referring is to establish that trust and credibility from the start.
Our corporate and settlement gifting services are designed to do just that. Our gifting packages have the capacity to surprise, delight and leave that last impression so customers don’t forget your business and the experience they had with you. Think of it in the real estate game. As homely.com.au explain, “the buyers of today are the vendors of tomorrow, and gift giving will promote the trust and loyalty you need to keep clients coming back”.
Do you want to increase your referrals?
At Ellar Boutique, we’d love to assist you in building your brand and business. Our gifts are sure to spark a positive conversation and are the perfect solution to cement loyalty and trust with your customers. Feel free to take a look at our packages here. Or, alternatively, we can arrange a custom quote for you. Let’s increase those referrals.