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 equivalent of a first mover. First mover works, more in your favour. So, refer them first before approaching them. They will surely appreciate the recommendation and pay you back in kind with a similar referral.
Offer Multiple Ways to Advocate Your Business
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 equivalent of a first mover. First mover works, more in your favour. So, refer them first before approaching them. They will surely appreciate the recommendation and pay you back in kind with a similar referral.
Offer Multiple Ways to Advocate Your Business
There are many other means of receiving endorsements other than referrals. Remember, everyone may not be comfortable with the act of referring a product or company to another person. Instead of pushing referrals, which may damage your relationship with them, take a step back and think of other creative ways. One step before referrals, is what I call WoMM - Word of Mouth Marketing. If you need any help in understanding this concept, feel free to write to me at the eMail id given below. I shall be happy to share the understanding of what I know. Be creative in your thinking.
WoMM could be in the form of Reviews, Testimonials, a Caselet (instead of a lengthy case study), a success story, an out of the ordinary step. Be creative. All of these are excellent ways of promoting your brand without asking the customer to do a lot of leg work themselves.
Inspire Confidence In Those Who Refer You
Inspire Confidence In Those Who Refer You
In the initial stages, many may see the giving of a referral, as sticking their neck out. After all, I would not like to give a referral of my friend, if I am not 100% sure (maybe even more than 100% sure ššš). After all, I am risking a long and deep friendship with my friend for the sake of a referral. The friendship is nurtured over the years and I would not like to jeopardize it.
It will therefore, be very necessary that you create an atmosphere of Trust that people can depend upon. Think of all the touch-points in your interaction with this person, the one who is going to give a referral. Have the experiences been good ? Is a good experience enough or it should be out of the world. Is he / she just a satisfied customer or a raving fan ? You will have to ask these questions, whether you like it or not.
Find out ways and put it into an action plan, in terms of what you will do, to institute motivation and remove any hesitations your customers may feel in recommending you. Let this become a part of your larger plan, which is implemented with regular frequency, rather a one off.
If you already have a referral program (strong or otherwise) already in place, let them know that it isn't a new, foreign or a just discovered concept. Let them know that companies leverage referrals all the time and a great deal of business comes from repeat customers anyway. They will feel better knowing that they're not the first to give it a shot or bothering their social circle.
I shall follow up next week with Part 4. Planning to add a bonus tip, or two, if possible.
Your critical feedforward will be welcomed at drsunilpevekar@gmail.com
It will therefore, be very necessary that you create an atmosphere of Trust that people can depend upon. Think of all the touch-points in your interaction with this person, the one who is going to give a referral. Have the experiences been good ? Is a good experience enough or it should be out of the world. Is he / she just a satisfied customer or a raving fan ? You will have to ask these questions, whether you like it or not.
Find out ways and put it into an action plan, in terms of what you will do, to institute motivation and remove any hesitations your customers may feel in recommending you. Let this become a part of your larger plan, which is implemented with regular frequency, rather a one off.
If you already have a referral program (strong or otherwise) already in place, let them know that it isn't a new, foreign or a just discovered concept. Let them know that companies leverage referrals all the time and a great deal of business comes from repeat customers anyway. They will feel better knowing that they're not the first to give it a shot or bothering their social circle.
I shall follow up next week with Part 4. Planning to add a bonus tip, or two, if possible.
Your critical feedforward will be welcomed at drsunilpevekar@gmail.com
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