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Author: Deep Arora
Business referrals remain one of the most effective marketing tools, even in this age of internet marketing. Without a doubt, the credibility of the referrer to a target client, especially when both have known each other from previous satisfactory deals, provides the end business with a clear advantage. This type of lead has the highest rate of possible conversion into actual sales and a lead with the highest possible conversion rate is the ultimate goal of referrals.
A business referral is one of the major preoccupations of present day affiliate marketers. They bank on their contacts to generate potential clients, providing commissions to the affiliates for every sale closed. The following are some useful tips to help you get started generating business referrals:
o Get to know who the affiliates are most familiar with the type of business you wish to market. The best referrals in a real estate business are those coming from professional real estate agents and home inspectors. Who else knows potential clients better than them? Its also possible to get referrals from people who are not familiar with your line of business, but who are in some way familiar or closely related to your target clients. For example, a close relative of someone finding a house to buy can be a good source of a business referral.
o Ensure that your affiliates are familiar with the products you are promoting. Ensuring that your affiliates are well acquainted with your product, ensures that they are well placed to refer others on to your business and promote your products and services effectively. Start by building a strong, mutually beneficial relationship, offering good profit sharing schemes. Offering a solid stake in the things and making sure that the affiliate takes ownership for their role, this is what will ensure that they have motivation to do the right thing, and help with the marketing of your business.
o Hunt for reciprocal business referrals. There are many businesses out there that are connected to yours in many ways. For example a software company needs hardware to run its products. Marketing your product by banking on the complementation and compatibility of your products is a perfect business referral. An example of this is when the software giant Microsoft began placing a Designed for Windows sticker to practically all branded PCs in the market. A car brand marketed with a special brand of machine lubricant is another example of reciprocal referral.
o Provide information materials about mutual products, highlighting product complements and compatibility. Reciprocating the benefits for the affiliate business by including their products or services in a technical paper is a way to generate product complementation. An example would be if a PC brand refers to its unique CPU feature not found in other brands, which allows Windows to run faster and more efficiently. In turn, Microsoft could certify that claim made by the PC brand.
o Track your business referrals closely. In times of tight competition, business referrals may end up in your rivals hands. Even one good affiliate changing camp may mean your downfall. By keeping track of the output of your top affiliate you can ensure that you remain in a mutually agreeable business relationship. If you notice a sudden drop in the number of referrals this can be a warning sign. If this happens, start gathering as much business intelligence data as you can, and investigate and follow up right away.
Referrals can be the life-blood of your business. Always manage these carefully and proactively, as referrals may mean either success or failure for you. If you are being endorsed by a notorious cheat this will have a harmful effect on you; on the flipside if you are being endorsed or referred by a Hollywood celebrity you could see huge benefits in return for this support.
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