Make sure your product/service is worth sharing Be sure to set your business up for success before you move forward with referring in new customers to whom you can provide lifetime value. Before you launch a B2B referral programĪ B2B should meet the following criteria before launching a referral program. They aren’t looking for a quick fix, but something that will fill a need for years to come. B2B customers will go through longer, more thorough research processes before they purchase, and they’ve usually done plenty of homework before they approach you. While a B2C company might target a consumer’s intrigue or heartstrings to trigger a one-time purchase, B2B products and services are a long-term sale. The biggest change in this is the motivation of your buyer. A B2B is looking only for businesses who have an immediate need for their company.Therefore, there’s a smaller pool of customers.A B2C is reaching the masses: all shoppers or consumers with a need for certain types of products.While B2C brands are trying to reach a large group of customers, B2B brands are looking for a smaller, more pointed group. There are some key differences between B2B and B2C referrals.
Referrals were ranked as the 2nd highest conversion of new business.54% say the cost per acquisition is lower with B2B referral programs.78% of marketers attest that a B2B referral marketing program program draws in valuable leads.Here are some stats that help it all hit home, from Forbes and Social Media Today: They know what you do already, and they have a trusted source vouching for you. Leads who have heard about a business through a trusted source are far more likely to sign up with or purchase from a brand. Reward your best referrers with bonuses, or tailor the program to better suit clients’ needs in order to bring in even more customers through referrals.įinally, a referral program can help you use advocate-marketers to increase conversion rates. With a B2B business, a referral program can be great to have in place, as you can follow what customers bring in the most new buyers. Meanwhile, referrals are easier to track.
This ease of connection makes it more likely that customers will refer you out to others. You can write messages that outline a referral chat – who you are, why the lead should work with you – and then make it so customers can just hit send. With a B2B referral program, you not only make it easier for customers to tell others that you exist, but you get to suggest what they say. This course of action can lead to more business, higher customer retention, and new customers joining your ranks. By setting up how and what customers are saying about you, you can help control the narrative. A referral program gives your company control of the sharing process.
Word-of-mouth marketing is powerful and trusted, but sometimes it can be difficult to predict and track. Here’s why: Why start a B2B referral program ? While referral programs might seem like they are traditionally for B2C companies, there is actually much benefit for B2B companies who take on this model. Referral programs are a setup that can help any number of business models, including B2B businesses.