Rewards of Referral Marketing

It is much better to do business with people who trust you. The referral lead is a better prospect than someone you have never met or have spoken with before. Business professionals also are drawn towards referrals because they bring in customers at little or no costs. Cold calling is a waste of time as well as advertising unless narrowly focused on specific markets can be relatively inefficient. A single referral can bring in a chain reaction of business. The best thing about referrals is that they bring in customers with a positive attitude, customers tend to trust businesses because they believe that their friends or business associates. Referrals are the most reliable, most rewarding, least expensive way of rounding up business. Almost every enterprise gets some of its business by referrals. If you provide good products or services, word does get around. Word of mouth is a natural way of doing business. It is human nature to speak to others about the same mistakes we made and discovered. When you intend to or not, you have satisfied some of your customers and generate business through referrals. In referral marketing, the goal of the process outlined in terms of building a base of customers, clients or patients by obtaining support from specific sources.

RMC – A Referral Marketing Campaign

A purposeful set of actions taken toward this end

Developing a Marketing Plan

Referral Marketing Planning is the means you use to plan and implement your RMC

What is Relationship Development?

The process and practice of establishing an acquaintanceship and cultivating it from a trusting friendship and lasting professional association.

Who is In Your Network?

A systematically and strategically selected group of people on whom you can call as the need arises. It is a diverse, balanced powerful system of sources. People from all facets of the busines sworld, will provide you with referrals, knowledge and support that you need in specific areas of your business or profession.

More About Referrals:

Vendor: Seeks and expects to get referrals
Source: Asking your source to provide you with referrals
Prospect: Prospective buyer of a product or service
Customer/Client: When a prospect decides to purchase a product
Business Opportunities: Having the potential to generate revenue for your business

Top Reasons Why Referrals are Effective:

Is easier to close
Has far fewer complaints
More loyal
Remains a client
More trusting

Generating Referral Sources:

Word of Mouth Marketing
Casual Contact Networks
Strong Contact Networks
Community Service Clubs
Professional Associations
Social Business Groups
Womens Business Organizations
Networking Groups
Ask Orally
Ask in Writing
Incentives
Seminars
Speaking Engagements
Recognition
Internet
Online Services
Subscription to Referral

Strategy in Creating Hyperresponsiveness

Association in memberships, create value with your target market groups. Savvy business owners have a way of taking advantage of such behavioral traits and deliver to this select group. This encourages hyperresponsiveness. Reward your customers by offering free promotions, communication and feedback in customer service.

Strategy in Providing Multiple Revenue Sources

Market through affiliations. Many affiliate programs are free to participate. Commission Junction is a great recommended affiliate to start with and drive ongoing revenue to your website.

Three Part Support System

What is a network for?
How do you get advice and help when problems arise?
How do you gather the information you need for making important business decisions?
How do you identify your markets and locate potential clients?

Comparison to larger organizations, which in part meaning these type of organizations usually have a formal structure, a management team that meets regularly to oversee and approve key activities and changes before other memebrs of the organization implement them. Its purpose is to ensure that sound decisions are made to facilitate communication and teamwork as well as protect assets. A typical management team might include the heads of the legal, marketing, personnel, operations, security and finance departments.

In small scale business, you don’t have the build in resources to form your own management team. What it is you do need is the functional equivalent of a management team. Having a network is a systematically and strategically selected group of people whom you can call on when the need arises. It is a diverse, balanced, powerful system of sources that will provide referrals, information and spport in key areas of your business or profession.

Systmatic Approach

1. A more manageable approach
2. Diversified balanced support team
3. Overlooking cost effective sources
4. A was to assess strengths and weaknesses
5. Ease of finding, remmebering and accessing sources

Building Networks

1. Categorize your network members
2. Identify your network members

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