How to encourage referrals for B2B sales?

[jisansorkar8990]

Referral Marketing has revolutionized the traditional sales funnel. While many companies use digital marketing, advertising and other capture tools to get new leads, B2B referral marketing uses an asset that is little explored: the satisfied customers that your company already has!

But before we discuss how to explore this strategy and achieve more and more sales for your business, we need to understand…

What is referral marketing?
Also known as Word of Mouth Marketing , it is a strategy that relies on customer satisfaction to encourage referrals.

This happens because of a basic principle of referrals: trust. We only recommend what we like and to those who need it. That’s why this strategy works so well.

Imagine that you go to a restaurant that specializes in seafood. You wouldn’t recommend this establishment to your friend who is allergic to or doesn’t like shellfish.

We know our social circle and we know exactly what to recommend and who to recommend it to.

b2b customer referral
Now, let’s understand how you can apply this strategy to your business!

How to apply B2B referral marketing?
When we talk about a referral program for B2B companies, we need to keep in mind that we list of turkey cell phone numbers are negotiating with CNPJ instead of CPF.

This means that, even if there is one person leading the negotiations, they will always prioritize what is in the company's best interests.

Map the right moments
According to some neuromarketing studies, human emotion is a key element in decision-making. Therefore, create moments in which your customer is happy and impressed with a solution you offer.

To understand how to map and choose your right moments, access this link and watch Buzzlead's full class on this subject!

Make it easy for your customers to refer you
Have you ever heard of the Law of Least Effort? It's a principle that says that when something can be done in different ways, the ideal option is always the one that requires the least amount of energy.

Now, imagine the following scenario: you ask a customer to refer other companies to your business and offer two options. The first would be to refer a company in person. The second option would be to provide a referral link that can be sent on social media, WhatsApp, email, and other channels.

The second option would certainly yield much better results and more referrals for your company. In this case, your customer can refer other companies by simply tapping their smartphone twice.

Remember that the simpler and faster the process, the greater the likelihood that your client will recommend you!

What to do to get referrals?
The simplest way is… asking your customers to refer you . There is no magic formula that will make your customers recommend companies that are aligned with their ideal profile. But there are some steps you can follow to get more referrals!

First, map out who your brand ambassadors are. Ambassadors are the customers who will recommend your business to other partners and create new sales opportunities!

Additionally, define the format of your referral program. There are a few mechanics that can be applied, such as Refer & Earn, Milestones, Ranking, and Giveaway. You can also combine each format to create a referral program with multiple rewards.

And speaking of which, B2B referral marketing is based on two pillars: offering rewards to those customers who referred you and creating incentives for those people who got to know you through a friend or family member's referral.

Rewards vs. Incentives
To increase your chances of getting qualified referrals, the first step is to define an attractive reward. It needs to win over customers who are willing to refer you and turn them into ambassadors for your brand! You can find out what your target audience would like to gain by conducting a simple survey with your contact base.

But, to help you, we have put together some ideas that will guide you when structuring your rewards.

You can offer an experience. Maybe a guided tour of your company, exclusive mentoring, a few days of immersion in a subject that is the flagship of your business, etc. The options will vary according to your segment!

Another option is to offer material prizes , which can be books, money, diaries, calendars, some personalized material…

Incentives need to encourage customers who came to you through referrals to close a deal with you more quickly. These incentives can be exclusive discounts, some benefit valid for the first purchase, exemption from fees, among others.

Regardless of the rewards and/or incentives offered, it is important that they are exclusive to those who participate in your referral program. This way, you encourage other companies to want to participate and guarantee these benefits!

Indication: a sign of trust
Referral programs are a real treasure for B2B companies because they are based on the trust that exists between the company that makes the referral and the referred company.

No one recommends something they don't like to a friend, and the same happens when we think about relationships between companies.

This is exactly why referrals are so powerful and can transform the sales funnel into an hourglass that feeds back and always generates new referrals!

This guest post was written by BuzzLead, a pioneering referral marketing company in Brazil, which helps companies boost their sales through referral programs.