Referrals…….. I think this is the number one metric of the success of any service business. When somebody you trust says you should reach out to “this company” for help with this “service” the likelihood of closing the deal “for the referred company” triples. Which means that the best ROI you will have in Business Development comes from other people saying good things about you. So I ask you, what’s the best way to go about starting up a paid for referral program?
If a company has a paid referral program, I ask them to pass it to my client as a discount versus taking it in cash. In my position as a trusted advisor, I wouldn't feel right.
My policy is to do such exquisite work that people refer me as opposed to insentivising it.
I think that defeats the purpose. we also recommend brokerages because we are all interested in the success of the company! I think 85% of all of our brands have come to us from unpaid or solicited recommendations
We do this. When we first started, we sent out an email newsletter to our client list. How well it works really comes down to what you give away in referrals. I’ve found that letting your referral payments run for life (or the life of the contract) is the most powerful. On the other end, one time payments are almost worthless.
Founder & CEO of SMB Sales & Marketing, a natural & specialty foods brokerage. Experienced sales representation to take your brand to the next level!
2moMy fee is “next time you see me, buy me a beer”! I don’t charge for referrals. I just don’t find it a genuine income stream