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Referral Marketing

If your marketing efforts do not include a specific strategy for gaining business referrals then you need to seriously consider this highly effective method of gaining new business.

Word of mouth advertising is something that often happens by accident but as this is a free method of bringing in additional business you should seriously consider developing a referral marketing strategy to help you to generate referrals.

There are cost savings associated with gaining referrals as you don’t have to spend as much of your precious time and money on marketing which means you spend less on marketing and in the process make more profit.

What’s more, people that have been referred to you by your existing customers are much easier to talk to and to sell to. They generally buy more, are more loyal and are less likely to be worried about price as they are likely to have been sold on quality, customer service or some other feature of your business.

Referral Marketing Strategy

Consider the impact of following a referral marketing strategy to increase your referrals and generate repeat business

Here's an example:

  • Every satisfied customer is worth a minimum of 3 referrals a year

  • You have a customer base of 100 customers 100 x 3 = 300 referrals a year

  • 1 in 3 will produce a sale = 100 extra sales a year

  • Say your average transaction is £1500

  • That means 100 sales @ £1,500 is equal to £150,000 of additional business

And all for no direct advertising costs!

Put another way, can you afford not to consider investigating this important area of marketing?

What is your Referral Marketing Strategy?

Read How to Get Free Referrals for your business

Business Networking Referrals

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