Growing Your Business Through Customer Referrals

A strong customer base is something that small businesses always try to develop. Gathering new clients is very difficult to do no matter what kinds of methods are employed. An array of different marketing methods can be one method. Potential client cold calling would be another one. You can even use direct mailings to potential client’s homes. Yet there is an untapped resource for many businesses. Failing to take advantage of current client referrals is a huge mistake often made.

Customer referrals, if used in the correct manner, can become the backbone for your business development plan. The best way for you to advertise is through your clients who are currently very happy with you. If you can find a way to generate referrals through your current customers, you will be able to drastically grow the amount of new customers you develop. It is difficult to figure out a way for you to generate these referrals in an efficient method.

By using your head you can really think of some great ways to generate referrals from your good customers. Any new customer can be offered a bonus or special offer if they are referred to you from a current customer of yours. Both ends of this referral can receive the perk. One example would be to offer a buy one get one free coupon to the current customer and the same offer to the referred customer you signed up. They only drawback to this type of method is the added cost involved.

Weighting the cost of new customers is something that must be done to compare. This new customer cost you how much time to gather? How much money to you spend on the marketing developed? Marketing and time are both high cost methods for you to spend on. Offering a referral bonus often ends up being equal to the amount of money you spend on these other methods. Making the current customer you have happy is one of the benefits you get from referral bonuses, not only a happy new customer for you.

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