Why referrals are important
These stats make it easy to understand why referrals are important to Your business:
- Customers acquired through referrals have a 37% higher retention rate
- 81% of consumers are more likely to engage with brands that have reward programs
- Referred customers have an 18% lower churn than customers acquired by other means.
- You can expect at least 16% more in profits from referred customers
- 28% of millennials say they won’t try a product if their friends don’t approve of it.
- Word of mouth is the primary factor behind 20-50% of purchasing decisions.
- Business to business companies with referrals have a 70% higher conversion rate and they report a 69% faster close time on sales.
The Best 3 Ways To Get Referrals From Your Clients/Customers
Ask at the right time
The best time is when a client/customer is pleased with work you’ve just done.
Offer a reward program
If a client/customer gets something out of giving referrals, they may make the effort to do so, particularly if they see high value in it. You can transform these clients into referral machines with discounts, free swag, vouchers or a free gift.
Rewards are an excellent way to show gratitude to clients who give referrals.
Get an interview with your client about their experience for your website. A written testimonial is good, but, for best results make a short video.
If You follow these three ways I have shown you here, you will boost your referrals up. You can’t help but see an increase in your business!