The Single-Best New Customer Is — ‘a Referred’ New Customer!!!

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You can throw all the money you want at your marketing campaign — spend tens of thousands of dollars on branding, landing pages, funnels, Facebook, sales letters and postcards — but the single-best new customer is — a ‘referred new customer’.

(According to a study conducted by The New York Times, 65 percent of companies’ new business comes from referrals.)

– And a study done in 2011 by The American Marketing Association, involving over 10,000 customers at a well-known German bank, discovered that referred customers spend more on their first visit, stay customers longer, and have an overall 16 percent higher lifetime value than non-referred customers.

One of the best parts about getting a referral is that referred customers spend more than customers gained via cold media.

 

The question therefore is… how best to go about maximizing the number of referrals?

  • Rely on a satisfied customer telling another person
  • Rely on a satisfied customer having a great memory about your business details
  • Rely on a satisfied customer having your business card with them ready to pass on

Introducing ….  ???   Coming soon… new and WILL help build your business for you big time.

How to Motivate your customers to Refer others!

  • You need to motivate your customer to refer.
  • Typically this is done via a monetary reward, but it has to make an impact.
  • Companies fail at this when they don’t provide a reward with a high enough value to encourage their customers to sing their praises.
  • If you want more referrals, now is not the time to be cheap.

Introducing ….  ???   Coming soon… new and WILL help build your business for you big time.

Frequently asked questions!

Do you have to have a traditional business card?  Maybe…

What are the costs?   Less than $5 a month.

Are the Rewards for this program worth my effort and time?  Has potential. Depends on you.

Hint: Our program is Mobile based! Simply smart and so easy to use! And so many people have mobiles!!

If you want to know more about growing a business with referrals, download a free chapter of my book, “The No B.S. Guide to Maximum Customer Referrals and Retention” co-authored by myself and Dan Kennedy.

Reference for this article:   https://www.entrepreneur.com/article/276605

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