If you’ve identified referrals as a potential marketing strategy for your business, you need to begin finding specific referral strategies that will work for you and your customers.
Once you decide on these, you need to systemise them so that they become a core part of your business activities, not something you do when you remember, or something you ask your staff to do when they have some free time.
Here are three easy to implement referral strategies you should consider.
1. Stay in touch with your customers
I’d recommend making contact with your customers at least every three months. Astoundingly, most businesses spend five times more money on trying to attract new clients than they do on keeping their existing clients coming back.
Related: The 4 Things Every Customer Wants
Focusing on your existing clients first makes better business sense – after all, they’ve already experienced your product or service (which should be excellent, it goes without saying), so it should be easier and less time-consuming to persuade them to keep doing business with you than to bring in a first time customer.
If you can convert them into raving fans, they are also likely to refer you. Keeping in touch doesn’t have to be expensive or time-consuming either.
It can be as simple as sending out a newsletter once a month, showcasing your special offers available only to newsletter subscribers.
2. Teach customers why it’s good for them to refer you
To encourage your customers to refer you, remember the WIIFM principle (What’s In It For Me).
Customers will want to know what the benefit is to them for referring others to do business with you. You need to explain to customers how referrals will help you, and how you will help them in return for giving referrals.
There are many rewards you can offer for referrals, but what’s important is to explain to customers the mutually beneficial nature. For example, “By referring new clients, you’ll help my business to save on marketing, which allows me to pass on greater savings to customers like you. In return for a successful referral, I will offer you…”
3. Thank every customer
The easiest way to make your customers feel special and ask them to come back and refer friends to you is to thank them. Few businesses do this, which makes it a golden opportunity for your company. A hand-written thank you note goes a long way.
If you have the budget for it, send each customer a small gift with your company logo on it (make sure it’s not corporate junk, but something you would like to receive yourself).
You could send a gift related to the business they’ve done with you. For example, if you’ve sold them a car, send them a car wash voucher (this is also an opportunity to build a partnership with the local car wash to send each other referrals).
Send your thank you a few days after the customer has made the purchase. Although it’s easier for you to give them a thank you when they complete a sale, it doesn’t have the same impact.
Customers are excited to take their purchase home after buying it, but that feeling wears off after a few days. Receiving a thank you from you a week or so after the purchase can reignite that excitement and keep your business top of mind.
Empower Your Team To Make More Sales
The answer is not simple. However Leadify’s CEO, Grant Fleming shares several strategies that can help.
Much like the business cliché that your company is only as strong as its people, in marketing, behind every successful marketing campaign there is an empowered team. But how do you help your team increase their sales?
The answer is not simple. However Leadify’s CEO, Grant Fleming shares several strategies that can help:
1. Become clever at dealing with data
It is essential that teams have the right platform at their disposal to reach the agreed-to goals. Teams also need to become more adept at dealing with data to learn about their customers. Teams should segment data, send marketing messages and receive instant feedback to learn from. They should also optimise their messages and dig into the demographics of their audience.
2. Curate your audience
The above enables teams to curate, and continuously engage with their audience. One of the biggest mistakes marketers make is focusing their communication to a base, instead of cultivating an audience through learning from insights and feedback. This doesn’t foster an incentive to learn anything from one week or one campaign to the next. Teams end up sending out an email/SMS blast one week after another, with the same results.
3. Market more smartly
Rather than marketing ‘harder’, teams should be marketing smarter. There are a few ways to do this. Given teams have the appropriate automated marketing tools at their disposal, they can automate certain repetitive activities so that they continue to learn while the system executes.
Teams are also best served by breaking down their goals into measurable insights and build logical marketing lists (data lists) rather than lumping everything into one list. Often, splitting data by its original source works well, but so does sectioning lists according to category.
Consider using “Remarketing” for the direct marketing space too. This is similar to AdWords marketing, where teams ‘slice and dice’ their data, and insights about engaged audiences are retargeted using the platform.
The other options is “Long Run” campaigns. Here a campaign is live over a longer period of time, essentially establishing a level of cadence for direct marketing efforts.
4. Do lean marketing
To empower your team, adopt a lean marketing process. This sees teams marketing in small batches, sending e.g. 2000 SMSs, reviewing the results, then another 2000, and then tweaking the marketing message if needed.
By sending five different marketing messages, your marketing teams will be able to whittle down to the top two that returned the best results, and then scale them up.
This, rather than just sending a million SMSs (for example) to your entire database, is a lean marketing approach that can help your team incrementally improve their efforts for an optimal return.
5. Value testing and metrics
Both testing and metrics are critical to helping your marketing team become more successful, with A/B testing in particular critical for learning.
When you tweak campaigns, resist the urge to make larger changes; these make it difficult to measure results. Rather do small-batch testing, even if it is just from your newsletters. Try and bleed the marketing messages out over a logical timeframe – don’t just blast out to the entire list in one go.
Regarding metrics, concentrate not only on the number of messages sent, but clicks and click-through rates as well as conversions, even if the latter happens down the line. Understanding these metrics across demographics is equally important, as this allows you to curate audiences that you can personalise marketing to.
3 Ways You Should Use Data Science To Skyrocket Sales
Sales business is getting harder and more competitive day after day. Both physical retail and e-commerce offer a wide variety of brands and products, which makes it more difficult for an average sales person to seal the deal with potential customers.
Sales professionals have to be clever and extremely analytical before even approaching their clients. That’s why they use data science to skyrocket business. Data science is a contemporary statistical model which seeks to provide meaningful information from large amounts of complex data.
According to the study, this type of business analytics is expected to generate almost USD170 billion in 2018. If you want to keep the business stable and highly profitable, you should consider embracing data science in everyday work. This post will show you 3 ways to do it successfully.
Data science is based on artificial intelligence that has enough analytical power to give you remarkable insights into the traits of all prospects. Using this tool, you can personalise sales negotiations so as to match the exact needs of each client individually.
For example, data science will tell you the basic demographic features like age, gender, and location. But it goes beyond that and reveals income levels, professional titles, or personal interests based on online searches. All these inputs allow you to customise offers according to client’s preferences.
At the same time, you can prioritise prospects based on company size, predicted revenue, long-term potential, industry influence, or any other feature you might consider relevant to your business. This way, you can dedicate more time to the more important prospects and increase profitability just because you know who to talk to first.
It’s much simpler to sell products to existing customers than to attract new buyers. Data science can help you to upsell products and increase the profit using the base of loyal clients.
The system is simple – data science analyses the purchasing history and the preferences of every customer and suggests complementary products. That way, you make sure that your upselling suggestions stay relevant, which not only reduces bounce rates but also strengthens the base of loyal clients.
Create Ambitious Sales Quotas
Creating sales quotas has never been an easy job. Most companies are selling dozens of products in many cities, regions, or even countries, which makes it difficult for sales managers to manually determine ambitious but realistic quotas for their agents.
It’s actually one of the biggest reasons why managers underperform and fail to meet company requirements. However, data science makes this task a lot easier because it can automatically conduct the research and decide how much is enough for every sales representative in your team.
Company Aussie Writings uses data science to make sales forecasts and here’s what they say about it: “The new business analytics model goes through huge volumes of data within minutes, detect sales trends, and givesus a good plan for each agent, product, or region. With such powerful tool at our disposal, we don’t put too much pressure on sales representatives, but we also don’t have to worry about underachievement.”
The benefits of data science
Data science helps businesses to analyse potential clients more comprehensively and increases the odds of keeping sales high in the long run. It’s a perfect model for entrepreneurs who want to stay competitive in the abundance of brands, products, and services.
In this post, we showed you 3 ways you should use data science to skyrocket sales. Which tip could give your company the biggest boost? Let us know in comments and don’t hesitate to ask us if you need any additional information about this topic.
Exclusive Offer: Get 50% Off For This Premium Masterclass On Influence And Persuasion
Sales are the life blood of any business and the ability to make sales is a critical component of a business regardless of its size. But one of the biggest ongoing challenges for many entrepreneurs and sales people is to find new business.
Special offer exclusive to Entrepreneur Mag readers
- Visit http://www.qkt.io/salespersuasion
- Just above the “Order now!” button, click on the “Use a promotion code” link
- Copy and paste this word in: MATTROCKS!
- Now you will see that a ticket is R125 instead of R250
What to expect from the masterclass
Over the past decade, many marketing options have been promoted as “sales prospecting tools” with very limited results for sales people. The reality is that nobody cares about you, your company or your products. They only care about if they can be better off from buying what you are selling.
Understanding how to influence and ultimately persuade someone to buy from you is the secret to sustainable sales success and business growth.
The Matt Brown Show partners with Sales Guru and The Influence Institute for this ‘one of a kind’ show. The expert panel consists of Gilan Gork, Expert Mentalist; Mark Keating, CEO of Sales Guru and Matt Brown, CEO of Matt Brown Media and host of The Matt Brown Show.
Together they will explore the topic of how to use influence and persuasion to get what you want in business.
Why you should attend
Every business owner will agree that in 2018 the ability to make sales is the ultimate game in business. Whether it’s selling a product or a service, knowing how to sell yourself and your ideas to decision makers is critical. With the competitive nature of a business, everyone should be learning more to get a competitive edge over their competitors.
Mark Keating, CEO of SALESGURU had this to say to entrepreneurs: “Do you know what sucks more than cold calling? Being broke”.
Gilan Gork, an expert in influence and the founder of the Influence Institute had this to say about influence:
“People under estimate the relevance that influence has in all our lives. From leadership to sales, from social to personal, and even the ability to influence ourselves in what we do every day in business.”
Who is the masterclass for
The Sales and Persuasion Masterclass is for entrepreneurs, business owners, small businesses, sales teams and anyone who sells a service or product or just wanting to learn how to sell themselves better.
The Show takes place on 4 April at Mesh Club, Rosebank, Johannesburg. Limited seats are available and we advise that you book your seat here today still to avoid disappointment.
“The ability to get what you want in business is a skill that anyone can learn but very few ever master. Understanding how to influence and ultimately persuade someone to buy from you is the secret to sustainable sales success and business growth”, said Matt Brown.
Follow Matt Brown:
Self Development1 week ago
5 Inspiring Quotes From Madiba To Stir You Into Action On Mandela Day
Entrepreneur Profiles2 days ago
Karl Westvig Of Retail Capital Shares His Insights Into A Year-On-Year Double-Digit Growth Business
Angel Investors7 days ago
A Comprehensive List Of Angel Investors That Fund South African Start-Ups
Lessons Learnt4 days ago
11 Things Very Successful People Do That 99% Of People Don’t
Ongoing Learning4 days ago
15 Of The Best And Most Unusual Online Courses For Entrepreneurs
Small Business1 week ago
Even SMEs Can Use Big Data: Here’s How
Company Posts2 weeks ago
We Want To Invite You To Join Us On The Hi-Q Journey And Become A Franchisee
Strategy1 week ago
There’s More To Team Management Than Leadership