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Here is the continuation from the blog written in the last 2 weeks. In this part 3, I  share another 3 tips where companies could benefit by leveraging Referral Marketing, as a highly Cost Effective Marketing Tool . Refer Other Companies That You Believe In This is an important principle called as the Law of Reciprocity. We reciprocate and reinforce the efforts of others, who are like us. Please make sure that there is no clash of interests. You also need to keep in mind, that you need not receive first, in order to give a referral. Start by being the first to give a referral and very soon you will find that you get as much referrals, as you give. Sometimes, even more than the referrals you gave. Only one caveat - Let the referral be a genuine one and very soon you will be flooded with genuine referrals too. If you decide to  request a referral from a company, they are sure to ask for one too. The principle of reciprocity. If you are the one who initiates, you will have the

To continue from the blog of the previous week, here are points 4 - 6. Your feedback will be looked forward to. Cross-Sell your Business Relationships by leveraging  at Industry Events Everyone has, at some point in their life, dreamed of being a social butterfly, right ? Take advantage of it in the right way. At an industry event, which your customers also attend, you have this fantastic opportunity to be that social butterfly. Every opportunity to get introductions from your customers to decision makers, at other companies, whom your customers know, can extend your business network, almost geometrically.  It may not, be called a referral, in the strict sense of the word, but it comes very close. It is a referral, all the same. Collaborate in More Visible Ways To take a strong business relationship to the next level, you have to seek out areas where you and your partners speak to the same audience. So simple. Many a times, without stepping on their toes, there is a very

Referral business is and can be a great barometer of your company’s business health. When you get referrals, it is a clear indicator that your customers accept and believe in your offerings – to the extent of putting their reputation on the chopping block. They are driven by the need to be known among friends and colleagues, for being able to share their good experience and in turn sharing it as a good advice. In a way, they are comfortable and even willing to make your company and product a part of their inner circle. The question is – how can you tap into that existing goodwill and make it a little more stronger, a little more predictable ? I have tried to highlight 12 ways (there are many more) : Create and Celebrate Milestones with Customers People do not remember what you said. They remember how you made them feel. To be remembered in a positive way, you must become a part of their moments of triumph, their moments of celebrations. With a customer (or even a qualified