Geographical expansion, merging with or acquiring another business, diversification, and creating new products and services. These are just some of the ways to grow your business. But aside from these, there is one method which can surely bring your business to the next level: building a referral network.
Even though this method has been used by many entrepreneurs and marketers for decades, its effectiveness in giving business more customers is still exceptional these days. In fact, it has become more effective, all thanks to new digital platforms such as the world-wide-web and social networking sites.
Referral network, which refers to a group business owners and professionals who mutually benefit from each other by promoting each other’s products and services that is very much effective in adding value not only to your business but to your customers as well.
To sum up, here are the main points from the infographic below from Business Coaches Sydney that shares to us four simple and actionable tips that will help you create your own referral network for your business today.
- Connect with Professionals and Businesses Related to Your Industry. This can be done by attending conventions, seminars, and joining local clubs that are related to your business.
- Segment Your Network. After you connect with substantial number of business owners, you need to divide your list into three segments: 1) Businesses that your customers will need when they purchase your product; 2) Businesses that you share the same industry or buyer personas and; 3) totally unrelated to your business but important to your customers.
- Checklist for Giving Referrals. Only refer a business to your customers that are relevant to their needs and can deliver on their promise- and not because you can benefit more from them.
- Maximize your Referral Network. Learn the different ways you can use your network to grow your business and your partners as well.
To learn more, check out the infographic below.