Every business looks to referrals as a source of quality leads for their business. It is highly likely for a customer to purchase a product if it was recommended to them by a friend. MSP marketing is at the heart of growing your online business and this is largely through these referral programs. B2B referral programs are formalized procedures by which your happiest clients can recommend a service or product to other potential clients by getting your sales team to contact them.
The Right Reward
Generating revenue through a referral is the end goal of any business. However, the customer who recommends a client needs to be appreciated because their efforts directly impact your business positively. Create a value for the clients who have done referrals for you. The appreciation could be through a discount for every new purchase they make. Business management software can offer your clients’ referral rewards according to the quality of leads brought in for your business. Many businesses have loyalty programs for their customers as a consistent reward for loyalty. Incentives earn a tremendous amount of points for the customers and business alike, hence growing the marketing scale.
Engaged Customer Advocates
Quality leads stem from quality interactions. Your business relies heavily on the reputation you create with your customers and for their referrals to improve, you need to engage with them to get even higher quality leads. MSP marketing gains significantly by conducting their due diligence online and consistently as possible to ensure your customer advocates feel valued. Marketing for MSP also focuses technological processes to harness the power of customer advocacy. Reference engagement value (REV) metric for instance, is a business management software that tracks sales wins from customer referrals. Nurturing your customer advocates creates an opportunity to maximize and grow revenue.
The feedback loop is an active tool in B2B referrals. Your marketing plan is likely to be successful if the customer advocates and the business are on the same page. A referral process needs to be clearly outlined for the customers to even engage in it. You need to create a simple step-by-step submission process that is easy to comprehend and holds weight for your business. Avoid barraging your customers with emails after extended periods of time because you need a referral. Explain the goals of your business in a simplified nature that does not require your customer advocate to think too hard. You can provide social media links to make submissions even easier and faster. Extended information threads are difficult for a lot of people to follow therefore use simplified notes and explanations to keep your advocates engaged. Give your customers valuable content to create a trust in your brand. Clients are likely to give you a referral when they feel the communication is personalized to them. The same way your aunty leans in to ask about how your relationship status during Thanksgiving dinner is the same way your clients can see right through your insincerity.
Sales and Marketing Alignment
Tracking lead scoring from marketing is an important part of growing revenue for your business. You need to find an integration process for your referrals and your customer relationship management (CRM). You can create positions within the marketing structure to include or improve the referral process. Ensure that your pre and post-sale operations are extremely blended in the customer support cycle. Whether you are operating on a ‘self-serve’ model or an ‘inside sales’ capacity, you need scale the alignment to ensure you are maximizing on lead nurturing and lead scoring through your various B2B referral programs.
Your customers’ advocates or referrers need an enjoyable experience during their submissions. Streamline the referral process to ensure you maximize on growing your B2B referrals and, in turn, the impact of your marketing plan.
Technological advancements in cloud hosting services and business management software have increased the efficiency of B2B referrals. MSP marketing services for online business are looking to maximize this effort for improved revenue generation. Growing your B2B referrals is a major step in growing your business meaning there is enough turkey to go around after all.