Referrals are one of the best ways to grow your business and increase your sales. It also happens to be one of the cheapest marketing methods. Referral marketing involves asking other businesses within your industry for referrals. If a company cannot provide a service to a customer, they will refer the customer to you. This is an excellent practice because customers have already established trust with the initial business so they are more likely to accept a referral to a new company. Some tips for receiving referrals include:
- Connect with businesses that have similar clients to you or operate within the same field of business. They are the most likely to have clients that are interested in your services.
- Ask current clients if they know anyone who may benefit from your services. Happy customers are the best form of marketing because they are unbiased and the advertising is free!
- Come up with incentives for referrals. For example, for each referral a company makes to your business, cut them in on a little of the profits.
To learn more about expanding your business through referrals, read this Microsoft small business article.
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