When it comes to finding new clients, businesses and professional practices can do so in many different ways. Whether with networking, social media, a radio or TV spot, or an ad on a website, social media platform, or digital billboard, the goal is to reach new viewers. Another cost-effective way is to develop business through client referrals. In fact, the venerable NY Times reports that referrals account for 65% of a company’s new accounts. As an important part of marketing, how can organizations more effectively accomplish this? Just ask!
Seems simple right? One under-utilized way to get a referral is to simply ask existing clients if they would refer you to others. Based on stats from Texas Tech University, 83% of clients are happy to refer, yet only 29% follow through. Often, all it takes to get a referral is to express your gratitude to existing clients whose expectations have been exceeded, and showing them how they could help.
How do you get referrals?